AeroVironment’s (AVAV) Hold Rating Reaffirmed at Canaccord Genuity
AeroVironment (NASDAQ:AVAV)‘s stock had its “hold” rating reissued by equities research analysts at Canaccord Genuity in a research note issued to investors on Thursday. They presently have a $50.00 target price on the aerospace company’s stock. Canaccord Genuity’s price objective points to a potential downside of 8.91% from the stock’s previous close.
The analysts wrote, “We recently spent a day on the road with management of AeroVironment (AVAV). After the stock’s recent strong performance, interest in the story is high, and confidence in the longer-term upside is increasing. However, the fact that management is sticking to its full year FY18 outlook does raise questions about the sustainability of the recent strength in the defense business even with the signing today of a ~$700B FY18 defense authorization. The current FY18 guidance implies H2/18 sales and EPS down 3% and 60%, respectively (and the Q4/18 comp is very difficult). And while management may well continue its better-than-expected run, we believe the company has benefitted near term from a surge in op-tempo troop activity, and we will wait for a better entry point to get more bullish. We are maintaining our HOLD rating and our $50 price target.””
Other equities research analysts also recently issued reports about the company. Robert W. Baird reaffirmed a “hold” rating and issued a $35.00 price target on shares of AeroVironment in a research report on Monday, August 28th. ValuEngine downgraded AeroVironment from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. TheStreet raised AeroVironment from a “c+” rating to a “b” rating in a research report on Friday, December 8th. Zacks Investment Research raised AeroVironment from a “hold” rating to a “strong-buy” rating and set a $64.00 price target on the stock in a research report on Friday, December 8th. Finally, Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $36.00 price target on shares of AeroVironment in a research report on Thursday, August 31st. Seven analysts have rated the stock with a hold rating, The stock presently has a consensus rating of “Hold” and a consensus target price of $44.40.
AeroVironment (NASDAQ:AVAV) last posted its earnings results on Tuesday, December 5th. The aerospace company reported $0.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.30. The firm had revenue of $73.83 million for the quarter, compared to the consensus estimate of $63.53 million. AeroVironment had a net margin of 10.42% and a return on equity of 8.23%. The business’s quarterly revenue was up 47.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.18) earnings per share. equities analysts expect that AeroVironment will post 0.64 earnings per share for the current fiscal year.
In related news, Chairman Timothy E. Conver sold 7,600 shares of AeroVironment stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $44.85, for a total transaction of $340,860.00. Following the sale, the chairman now directly owns 58,138 shares of the company’s stock, valued at $2,607,489.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Timothy E. Conver sold 3,800 shares of AeroVironment stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $44.14, for a total value of $167,732.00. Following the sale, the chairman now directly owns 58,138 shares in the company, valued at $2,566,211.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,200 shares of company stock worth $1,806,496. 11.00% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in AVAV. Sei Investments Co. lifted its stake in AeroVironment by 1.8% during the second quarter. Sei Investments Co. now owns 3,450 shares of the aerospace company’s stock worth $132,000 after purchasing an additional 61 shares during the period. Piedmont Investment Advisors LLC bought a new position in AeroVironment during the third quarter worth about $250,000. Municipal Employees Retirement System of Michigan lifted its stake in AeroVironment by 3.2% during the second quarter. Municipal Employees Retirement System of Michigan now owns 4,850 shares of the aerospace company’s stock worth $185,000 after purchasing an additional 150 shares during the period. PNC Financial Services Group Inc. lifted its stake in AeroVironment by 1.2% during the second quarter. PNC Financial Services Group Inc. now owns 4,916 shares of the aerospace company’s stock worth $187,000 after purchasing an additional 56 shares during the period. Finally, First Manhattan Co. bought a new position in AeroVironment during the third quarter worth about $270,000. 74.79% of the stock is currently owned by institutional investors and hedge funds.
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AeroVironment Company Profile
AeroVironment, Inc designs, develops, produces, supports and operates a portfolio of products and services for government agencies, businesses and consumers. The Company operates through two segments: Unmanned Aircraft Systems (UAS), which focuses primarily on the design, development, production, support and operation of UAS and tactical missile systems that provide situational awareness, multi-band communications, force protection and other mission effects, and Efficient Energy Systems (EES), which focuses primarily on the design, development, production, marketing, support and operation of electric energy systems.
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