PNC Financial Services Group Inc. Raises Stake in AeroVironment, Inc. $AVAV

PNC Financial Services Group Inc. grew its holdings in AeroVironment, Inc. (NASDAQ:AVAV) by 7.2% in the second quarter, Holdings Channel.com reports. The institutional investor owned 3,326 shares of the aerospace company’s stock after acquiring an additional 223 shares during the quarter. PNC Financial Services Group Inc.’s holdings in AeroVironment were worth $948,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. ORG Partners LLC grew its holdings in shares of AeroVironment by 296.0% during the second quarter. ORG Partners LLC now owns 99 shares of the aerospace company’s stock worth $27,000 after buying an additional 74 shares during the last quarter. RMG Wealth Management LLC acquired a new stake in AeroVironment during the 2nd quarter worth approximately $28,000. Bessemer Group Inc. grew its stake in shares of AeroVironment by 60.3% in the 2nd quarter. Bessemer Group Inc. now owns 117 shares of the aerospace company’s stock valued at $33,000 after purchasing an additional 44 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of AeroVironment in the 1st quarter valued at approximately $40,000. Finally, Cullen Frost Bankers Inc. acquired a new position in shares of AeroVironment in the second quarter valued at approximately $46,000. Institutional investors and hedge funds own 86.38% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on AVAV shares. BNP Paribas raised shares of AeroVironment to a “strong-buy” rating in a research note on Tuesday. Canaccord Genuity Group lifted their target price on shares of AeroVironment from $305.00 to $430.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. BTIG Research boosted their price target on shares of AeroVironment from $300.00 to $415.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Citizens Jmp assumed coverage on shares of AeroVironment in a research report on Monday, August 4th. They issued a “strong-buy” rating and a $325.00 price objective for the company. Finally, Raymond James Financial lifted their price objective on AeroVironment from $300.00 to $348.00 and gave the company a “strong-buy” rating in a report on Monday, September 29th. Three equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $358.19.

AeroVironment Stock Performance

Shares of AVAV opened at $272.54 on Friday. The company has a quick ratio of 5.12, a current ratio of 5.96 and a debt-to-equity ratio of 0.16. AeroVironment, Inc. has a 52-week low of $102.25 and a 52-week high of $417.86. The company has a 50-day simple moving average of $337.47 and a 200-day simple moving average of $263.37. The company has a market capitalization of $13.61 billion, a PE ratio of -425.84, a P/E/G ratio of 5.37 and a beta of 1.09.

AeroVironment (NASDAQ:AVAV) last released its quarterly earnings data on Monday, August 28th. The aerospace company reported $0.12 EPS for the quarter. AeroVironment had a negative net margin of 4.14% and a positive return on equity of 4.67%. The firm had revenue of $132.62 million for the quarter. Equities research analysts predict that AeroVironment, Inc. will post 3.38 earnings per share for the current fiscal year.

Insider Activity at AeroVironment

In related news, CFO Kevin Patrick Mcdonnell sold 513 shares of AeroVironment stock in a transaction on Monday, November 10th. The stock was sold at an average price of $331.46, for a total transaction of $170,038.98. Following the completion of the transaction, the chief financial officer directly owned 18,811 shares of the company’s stock, valued at approximately $6,235,094.06. The trade was a 2.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Trace E. Stevenson sold 1,717 shares of the business’s stock in a transaction on Monday, October 6th. The stock was sold at an average price of $381.00, for a total value of $654,177.00. Following the sale, the insider owned 4,907 shares in the company, valued at approximately $1,869,567. The trade was a 25.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,228 shares of company stock worth $1,223,157 in the last three months. Corporate insiders own 0.81% of the company’s stock.

About AeroVironment

AeroVironment, Inc designs, develops, produces, delivers, and supports a portfolio of robotic systems and related services for government agencies and businesses in the United States and internationally. It operates through Small Unmanned Aircraft Systems (SUAS), Tactical Missile System (TMS), Medium Unmanned Aircraft Systems (MUAS), and High Altitude Pseudo-Satellite Systems (HAPS) segments.