Zacks Investment Research Upgrades Aerojet Rocketdyne (AJRD) to “Strong-Buy”
Zacks Investment Research upgraded shares of Aerojet Rocketdyne (NYSE:AJRD) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday. Zacks Investment Research currently has $37.00 price target on the aerospace company’s stock.
According to Zacks, “Aerojet Rocketdyne Holdings, Inc. focuses on developing military, civil and commercial systems and components for the aerospace and defense industry markets. Aerojet Rocketdyne Holdings, Inc., formerly known as GenCorp, Inc., is headquartered in Sacramento, California. “
Several other equities analysts have also recently weighed in on AJRD. SunTrust Banks reaffirmed a buy rating on shares of Aerojet Rocketdyne in a research note on Wednesday, September 27th. CL King raised shares of Aerojet Rocketdyne from a neutral rating to a buy rating in a research note on Friday, September 22nd. BidaskClub cut shares of Aerojet Rocketdyne from a strong-buy rating to a buy rating in a research note on Wednesday, September 13th. Finally, Jefferies Group cut shares of Aerojet Rocketdyne from a buy rating to a hold rating and set a $35.00 target price for the company. in a research note on Monday, October 23rd. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Aerojet Rocketdyne has an average rating of Buy and an average target price of $37.33.
Aerojet Rocketdyne (NYSE:AJRD) opened at $31.81 on Wednesday. The firm has a market cap of $2,388.93, a price-to-earnings ratio of 38.79, a P/E/G ratio of 4.83 and a beta of 1.41. Aerojet Rocketdyne has a 52 week low of $17.69 and a 52 week high of $36.25. The company has a debt-to-equity ratio of 3.94, a quick ratio of 1.38 and a current ratio of 1.66.
Aerojet Rocketdyne (NYSE:AJRD) last posted its earnings results on Thursday, November 2nd. The aerospace company reported $0.17 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.03). The company had revenue of $484.00 million for the quarter, compared to analysts’ expectations of $487.48 million. Aerojet Rocketdyne had a net margin of 3.24% and a return on equity of 60.91%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. equities analysts predict that Aerojet Rocketdyne will post 0.84 EPS for the current fiscal year.
In other Aerojet Rocketdyne news, Director James R. Henderson sold 53,234 shares of the stock in a transaction on Friday, November 10th. The shares were sold at an average price of $29.97, for a total transaction of $1,595,422.98. Following the completion of the transaction, the director now owns 113,341 shares in the company, valued at $3,396,829.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Martin Turchin sold 10,000 shares of the stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $30.73, for a total transaction of $307,300.00. The disclosure for this sale can be found here. Insiders have sold 88,235 shares of company stock valued at $2,652,753 over the last ninety days. 2.70% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in Aerojet Rocketdyne by 6.8% during the second quarter. BlackRock Inc. now owns 10,372,466 shares of the aerospace company’s stock valued at $215,747,000 after purchasing an additional 659,778 shares during the last quarter. Vanguard Group Inc. lifted its position in Aerojet Rocketdyne by 7.1% during the second quarter. Vanguard Group Inc. now owns 3,740,974 shares of the aerospace company’s stock valued at $77,813,000 after purchasing an additional 246,605 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Aerojet Rocketdyne by 1.6% during the third quarter. Dimensional Fund Advisors LP now owns 2,218,990 shares of the aerospace company’s stock valued at $77,687,000 after purchasing an additional 34,676 shares during the last quarter. State Street Corp lifted its position in Aerojet Rocketdyne by 25.4% during the second quarter. State Street Corp now owns 2,139,438 shares of the aerospace company’s stock valued at $44,504,000 after purchasing an additional 433,398 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in Aerojet Rocketdyne by 2.9% during the second quarter. Renaissance Technologies LLC now owns 1,809,895 shares of the aerospace company’s stock valued at $37,646,000 after purchasing an additional 51,600 shares during the last quarter. Institutional investors and hedge funds own 97.76% of the company’s stock.
Aerojet Rocketdyne Company Profile
GenCorp Inc, incorporated in 1915, is a manufacturer of aerospace and defense products and systems with a real estate segment that includes activities related to the re-zoning, entitlement, sale, and leasing of its excess real estate assets. The Company develops and manufactures propulsion systems for defense and space applications, and armaments for precision tactical and long range weapon systems applications.
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