Raven Industries (NASDAQ:RAVN) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

Other equities analysts have also recently issued reports about the stock. Dougherty & Co reissued a “buy” rating on shares of Raven Industries in a research note on Friday, August 18th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $31.00 price target on shares of Raven Industries in a research note on Sunday, October 1st. Finally, SunTrust Banks began coverage on shares of Raven Industries in a research note on Friday, August 18th. They set a “hold” rating and a $36.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Raven Industries presently has a consensus rating of “Hold” and an average price target of $35.00.

Raven Industries (RAVN) traded up $0.25 during midday trading on Wednesday, reaching $33.95. 118,300 shares of the company’s stock traded hands, compared to its average volume of 157,453. Raven Industries has a 12 month low of $23.65 and a 12 month high of $38.35. The firm has a market cap of $1,204.96, a PE ratio of 33.04, a PEG ratio of 3.53 and a beta of 1.48.

Raven Industries (NASDAQ:RAVN) last released its quarterly earnings results on Monday, November 20th. The conglomerate reported $0.33 EPS for the quarter, beating the consensus estimate of $0.23 by $0.10. The firm had revenue of $101.35 million during the quarter, compared to the consensus estimate of $84.54 million. Raven Industries had a net margin of 10.56% and a return on equity of 13.88%. sell-side analysts expect that Raven Industries will post 0.95 EPS for the current year.

Raven Industries announced that its Board of Directors has approved a share buyback plan on Monday, December 4th that allows the company to repurchase $25.00 million in outstanding shares. This repurchase authorization allows the conglomerate to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. purchased a new position in Raven Industries in the 3rd quarter valued at about $100,000. Ameritas Investment Partners Inc. raised its holdings in Raven Industries by 8.8% in the second quarter. Ameritas Investment Partners Inc. now owns 3,174 shares of the conglomerate’s stock valued at $106,000 after buying an additional 257 shares during the period. Schroder Investment Management Group purchased a new position in Raven Industries in the second quarter valued at approximately $111,000. Quantbot Technologies LP raised its holdings in Raven Industries by 115.9% in the second quarter. Quantbot Technologies LP now owns 3,364 shares of the conglomerate’s stock valued at $112,000 after buying an additional 1,806 shares during the period. Finally, Oppenheimer Asset Management Inc. raised its holdings in Raven Industries by 1,450.4% in the third quarter. Oppenheimer Asset Management Inc. now owns 3,690 shares of the conglomerate’s stock valued at $120,000 after buying an additional 3,452 shares during the period. 74.10% of the stock is currently owned by hedge funds and other institutional investors.

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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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