Profit Investment Management LLC Grows Position in Raven Industries, Inc. (RAVN)
Profit Investment Management LLC boosted its position in shares of Raven Industries, Inc. (NASDAQ:RAVN) by 6.0% in the fourth quarter, Holdings Channel reports. The firm owned 58,915 shares of the conglomerate’s stock after purchasing an additional 3,351 shares during the period. Raven Industries comprises 1.5% of Profit Investment Management LLC’s holdings, making the stock its 28th largest holding. Profit Investment Management LLC’s holdings in Raven Industries were worth $2,024,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RAVN. Schwab Charles Investment Management Inc. boosted its position in Raven Industries by 0.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 242,754 shares of the conglomerate’s stock valued at $8,084,000 after purchasing an additional 1,670 shares during the last quarter. First Trust Advisors LP acquired a new stake in Raven Industries during the second quarter valued at $369,000. Legal & General Group Plc boosted its position in Raven Industries by 13.1% during the second quarter. Legal & General Group Plc now owns 70,690 shares of the conglomerate’s stock valued at $2,355,000 after purchasing an additional 8,194 shares during the last quarter. Victory Capital Management Inc. boosted its position in Raven Industries by 17.6% during the second quarter. Victory Capital Management Inc. now owns 4,510 shares of the conglomerate’s stock valued at $150,000 after purchasing an additional 675 shares during the last quarter. Finally, Schroder Investment Management Group acquired a new stake in Raven Industries during the second quarter valued at $111,000. 74.03% of the stock is owned by hedge funds and other institutional investors.
A number of research firms recently issued reports on RAVN. Piper Jaffray Companies reissued a “hold” rating and set a $31.00 price objective on shares of Raven Industries in a research report on Sunday, October 1st. Zacks Investment Research raised Raven Industries from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a research report on Friday, December 8th. BidaskClub cut Raven Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, December 6th. Finally, Dougherty & Co cut Raven Industries from a “buy” rating to a “neutral” rating in a research report on Tuesday, December 5th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $35.00.
Raven Industries (NASDAQ:RAVN) last announced its quarterly earnings results on Monday, November 20th. The conglomerate reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.10. Raven Industries had a return on equity of 13.88% and a net margin of 10.56%. The company had revenue of $101.35 million during the quarter, compared to analysts’ expectations of $84.54 million. research analysts anticipate that Raven Industries, Inc. will post 1.02 EPS for the current year.
Raven Industries announced that its Board of Directors has authorized a share repurchase program on Monday, December 4th that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the conglomerate to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 26th. Shareholders of record on Friday, January 12th will be given a $0.13 dividend. The ex-dividend date is Thursday, January 11th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.43%. Raven Industries’s dividend payout ratio is currently 50.98%.
About Raven Industries
Raven Industries, Inc is a diversified technology company providing a range of products to customers within the industrial, agricultural, energy, construction and defense markets. The Company operates through three segments: Applied Technology Division (Applied Technology), Engineered Films Division (Engineered Films) and Aerostar Division (Aerostar).
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