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Raven Industries (NASDAQ:RAVN) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a report released on Thursday. They currently have a $24.00 target price on the stock. Zacks‘s price target would suggest a potential downside of 10.35% from the company’s current price.

Zacks’ analyst wrote, “We are downgrading our recommendation on Raven Industries from Neutral to Underperform with a target price of $24. Raven’s earnings declined 8.7% year over year to $0.21 per share in its fiscal second quarter. For the fiscal third quarter, Raven expects double-digit y-o-y declines in net income. Revenue growth in the quarter will also remain challenging due to transitional impact of higher-scale production of Project Loon balloons and planned runoff in contract manufacturing. Furthermore, the North American agricultural equipment environment is expected to remain sluggish for the next four quarters. Fluctuation in exchange rate, increased competition and volatile raw-material costs will also hurt Raven’s earnings. “

Shares of Raven Industries (NASDAQ:RAVN) traded up 1.08% during mid-day trading on Thursday, hitting $27.04. 26,571 shares of the company’s stock traded hands. Raven Industries has a 52 week low of $26.20 and a 52 week high of $42.99. The stock’s 50-day moving average is $28.61 and its 200-day moving average is $31.82. The company has a market cap of $986.8 million and a price-to-earnings ratio of 25.00.

Raven Industries (NASDAQ:RAVN) last posted its quarterly earnings results on Wednesday, August 20th. The company reported $0.21 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.26 by $0.05. The company had revenue of $94.50 million for the quarter. On average, analysts predict that Raven Industries will post $1.10 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Friday, October 24th. Investors of record on Friday, October 10th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Wednesday, October 8th. This is an increase from Raven Industries’s previous quarterly dividend of $0.12.

Raven Industries, Inc is an industrial manufacturer providing a variety of products. The Company markets its products worldwide and has its principal operations in the United States of America.

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