Zacks Investment Research downgraded shares of Raven Industries Inc. (NASDAQ:RAVN) from a buy rating to a hold rating in a report published on Tuesday.

According to Zacks, “Raven expects to surpass prior year sales and adjusted operating income in fiscal year 2017. The company is poised to benefit from focus on technological advancements, new product introduction and share repurchases. Raven remains buoyant with the market potential for its core technology. Further, strong pipeline in the Aerostar segment bodes well for the company. However, the weak U.S. agricultural market will affect its results. Raven will also continue to be impacted by suppressed oil and gas sector due to curtailed capital spending. Further, foreign currency volatility and increased competition also pose threats for Raven. The company has a mixed record of earnings surprises in the past few quarters.”

Raven Industries (NASDAQ:RAVN) traded down 0.82% during mid-day trading on Tuesday, hitting $24.25. 93,237 shares of the company’s stock were exchanged. Raven Industries has a 52 week low of $12.88 and a 52 week high of $25.85. The firm has a 50 day moving average of $22.27 and a 200 day moving average of $20.68. The stock has a market capitalization of $878.02 million, a P/E ratio of 95.85 and a beta of 0.86.

Raven Industries (NASDAQ:RAVN) last issued its quarterly earnings results on Tuesday, August 23rd. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.03. Raven Industries had a net margin of 3.60% and a return on equity of 5.81%. The firm earned $68 million during the quarter. Equities analysts forecast that Raven Industries will post $0.50 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 28th. Stockholders of record on Friday, October 14th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date was Wednesday, October 12th. Raven Industries’s dividend payout ratio is 200.00%.

Several institutional investors have recently made changes to their positions in the stock. BlackRock Institutional Trust Company N.A. boosted its position in shares of Raven Industries by 1.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 983,737 shares of the company’s stock worth $15,759,000 after buying an additional 10,426 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Raven Industries by 157.6% in the first quarter. Goldman Sachs Group Inc. now owns 45,994 shares of the company’s stock worth $737,000 after buying an additional 28,139 shares in the last quarter. Chilton Capital Management LLC acquired a new position in shares of Raven Industries during the first quarter worth about $170,000. Confluence Investment Management LLC boosted its position in shares of Raven Industries by 6.7% in the second quarter. Confluence Investment Management LLC now owns 106,521 shares of the company’s stock worth $2,018,000 after buying an additional 6,727 shares in the last quarter. Finally, Essex Investment Management Co. LLC boosted its position in shares of Raven Industries by 27.7% in the second quarter. Essex Investment Management Co. LLC now owns 43,389 shares of the company’s stock worth $822,000 after buying an additional 9,416 shares in the last quarter. Institutional investors own 79.74% of the company’s stock.

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).

5 Day Chart for NASDAQ:RAVN

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