Piedmont Investment Advisors LLC Buys New Position in AeroVironment, Inc. (AVAV)
Piedmont Investment Advisors LLC bought a new position in shares of AeroVironment, Inc. (NASDAQ:AVAV) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,622 shares of the aerospace company’s stock, valued at approximately $250,000.
Other hedge funds have also recently modified their holdings of the company. Alliancebernstein L.P. grew its stake in shares of AeroVironment by 30.0% during the second quarter. Alliancebernstein L.P. now owns 24,671 shares of the aerospace company’s stock worth $942,000 after purchasing an additional 5,700 shares in the last quarter. Fisher Asset Management LLC purchased a new stake in AeroVironment in the third quarter valued at $1,904,000. Citigroup Inc. lifted its position in AeroVironment by 28.9% in the second quarter. Citigroup Inc. now owns 25,980 shares of the aerospace company’s stock valued at $992,000 after acquiring an additional 5,832 shares during the last quarter. First Manhattan Co. purchased a new stake in AeroVironment in the third quarter valued at $270,000. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its position in AeroVironment by 138.0% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 41,118 shares of the aerospace company’s stock valued at $2,225,000 after acquiring an additional 23,845 shares during the last quarter. Hedge funds and other institutional investors own 74.79% of the company’s stock.
In other news, Chairman Timothy E. Conver sold 3,800 shares of the company’s stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $44.14, for a total value of $167,732.00. Following the completion of the sale, the chairman now directly owns 58,138 shares of the company’s stock, valued at $2,566,211.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Timothy E. Conver sold 7,600 shares of the company’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $51.47, for a total transaction of $391,172.00. Following the completion of the sale, the chairman now directly owns 58,138 shares of the company’s stock, valued at $2,992,362.86. The disclosure for this sale can be found here. Insiders sold 36,200 shares of company stock valued at $1,806,496 over the last ninety days. Corporate insiders own 11.00% of the company’s stock.
AeroVironment (NASDAQ:AVAV) last announced its quarterly earnings results on Tuesday, December 5th. The aerospace company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.30. AeroVironment had a net margin of 10.42% and a return on equity of 8.23%. The firm had revenue of $73.83 million during the quarter, compared to analysts’ expectations of $63.53 million. During the same period in the previous year, the company earned ($0.18) earnings per share. AeroVironment’s quarterly revenue was up 47.3% compared to the same quarter last year. analysts anticipate that AeroVironment, Inc. will post 0.64 EPS for the current fiscal year.
A number of brokerages recently weighed in on AVAV. Zacks Investment Research raised shares of AeroVironment from a “hold” rating to a “strong-buy” rating and set a $64.00 price target for the company in a research report on Friday, December 8th. Canaccord Genuity boosted their price target on shares of AeroVironment from $40.00 to $48.00 and gave the company a “hold” rating in a research report on Wednesday, October 4th. TheStreet raised shares of AeroVironment from a “c+” rating to a “b” rating in a research report on Friday, December 8th. Robert W. Baird reissued a “hold” rating and issued a $35.00 price target on shares of AeroVironment in a research report on Tuesday, October 24th. Finally, Piper Jaffray Companies reissued a “neutral” rating and issued a $36.00 price target on shares of AeroVironment in a research report on Thursday, August 31st. Seven investment analysts have rated the stock with a hold rating, The stock currently has an average rating of “Hold” and an average price target of $44.40.
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AeroVironment, Inc designs, develops, produces, supports and operates a portfolio of products and services for government agencies, businesses and consumers. The Company operates through two segments: Unmanned Aircraft Systems (UAS), which focuses primarily on the design, development, production, support and operation of UAS and tactical missile systems that provide situational awareness, multi-band communications, force protection and other mission effects, and Efficient Energy Systems (EES), which focuses primarily on the design, development, production, marketing, support and operation of electric energy systems.
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