Raven Industries, Inc. (RAVN) Stake Lowered by Comerica Bank
Comerica Bank cut its stake in Raven Industries, Inc. (NASDAQ:RAVN) by 5.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,818 shares of the conglomerate’s stock after selling 2,045 shares during the quarter. Comerica Bank owned 0.10% of Raven Industries worth $1,322,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in RAVN. Teachers Advisors LLC increased its stake in shares of Raven Industries by 2.3% in the 4th quarter. Teachers Advisors LLC now owns 59,583 shares of the conglomerate’s stock valued at $1,501,000 after acquiring an additional 1,345 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Raven Industries by 1.4% in the 1st quarter. Louisiana State Employees Retirement System now owns 14,700 shares of the conglomerate’s stock valued at $427,000 after acquiring an additional 200 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Raven Industries in the 1st quarter valued at about $241,000. Strs Ohio bought a new stake in shares of Raven Industries in the 1st quarter valued at about $880,000. Finally, Great West Life Assurance Co. Can increased its stake in shares of Raven Industries by 2.4% in the 1st quarter. Great West Life Assurance Co. Can now owns 49,661 shares of the conglomerate’s stock valued at $1,442,000 after acquiring an additional 1,187 shares during the last quarter. 73.06% of the stock is owned by institutional investors.
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Shares of Raven Industries, Inc. (NASDAQ:RAVN) opened at 31.20 on Friday. The company has a market capitalization of $1.13 billion, a PE ratio of 37.10 and a beta of 1.42. The stock has a 50 day moving average price of $31.38 and a 200-day moving average price of $31.88. Raven Industries, Inc. has a 52 week low of $20.21 and a 52 week high of $37.40.
Raven Industries (NASDAQ:RAVN) last issued its quarterly earnings data on Wednesday, August 23rd. The conglomerate reported $0.23 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.23. Raven Industries had a return on equity of 11.67% and a net margin of 9.57%. The company had revenue of $86.61 million during the quarter, compared to the consensus estimate of $81.48 million. Equities research analysts expect that Raven Industries, Inc. will post $0.97 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 13th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.67%. Raven Industries’s dividend payout ratio (DPR) is 61.18%.
In related news, Director Marc E. Lebaron acquired 1,457 shares of the stock in a transaction dated Monday, August 28th. The stock was bought at an average cost of $27.55 per share, for a total transaction of $40,140.35. Following the completion of the transaction, the director now directly owns 3,457 shares of the company’s stock, valued at $95,240.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by company insiders.
A number of brokerages have recently commented on RAVN. BidaskClub cut Raven Industries from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 16th. Piper Jaffray Companies set a $33.00 price target on Raven Industries and gave the company a “hold” rating in a research note on Thursday, July 27th. SunTrust Banks, Inc. began coverage on Raven Industries in a research note on Friday, August 18th. They issued a “hold” rating and a $36.00 price target for the company. Finally, Dougherty & Co reaffirmed a “buy” rating on shares of Raven Industries in a research note on Friday, August 18th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $30.67.
Raven Industries Company Profile
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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