Canaccord Genuity Reaffirms “Hold” Rating for AeroVironment (AVAV)
Canaccord Genuity reissued their hold rating on shares of AeroVironment (NASDAQ:AVAV) in a report published on Thursday morning. They currently have a $50.00 price objective on the aerospace company’s stock.
“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.”,” Canaccord Genuity’s analyst commented.
Other equities research analysts have also issued research reports about the stock. TheStreet upgraded shares of AeroVironment from a c+ rating to a b rating in a report on Friday, December 8th. Zacks Investment Research lowered shares of AeroVironment from a buy rating to a hold rating in a report on Tuesday, December 12th. Jefferies Group lifted their price objective on shares of AeroVironment from $29.00 to $37.00 and gave the stock a hold rating in a research report on Wednesday, August 30th. Robert W. Baird reaffirmed a hold rating and issued a $35.00 price objective on shares of AeroVironment in a research report on Monday, August 28th. Finally, BidaskClub downgraded shares of AeroVironment from a buy rating to a hold rating in a research report on Wednesday, August 16th. Seven analysts have rated the stock with a hold rating, The stock has an average rating of Hold and an average price target of $44.40.
AeroVironment (NASDAQ:AVAV) last posted its quarterly earnings results on Tuesday, December 5th. The aerospace company reported $0.29 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.30. AeroVironment had a net margin of 10.42% and a return on equity of 8.23%. The business had revenue of $73.83 million during the quarter, compared to analyst estimates of $63.53 million. During the same quarter in the previous year, the business posted ($0.18) EPS. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. analysts expect that AeroVironment will post 0.64 earnings per share for the current fiscal year.
In other AeroVironment news, Chairman Timothy E. Conver sold 7,600 shares of the business’s stock in a transaction that occurred on Wednesday, October 4th. The shares were sold at an average price of $54.00, for a total transaction of $410,400.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Timothy E. Conver sold 3,800 shares of the business’s stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $44.14, for a total transaction of $167,732.00. Following the sale, the chairman now directly owns 58,138 shares in the company, valued at approximately $2,566,211.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,200 shares of company stock worth $1,806,496. Insiders own 11.00% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in AVAV. Sei Investments Co. grew its position in AeroVironment by 1.8% during the 2nd 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 last quarter. Municipal Employees Retirement System of Michigan grew its position in AeroVironment by 3.2% during the 2nd 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 last quarter. PNC Financial Services Group Inc. grew its position in AeroVironment by 1.2% during the 2nd 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 last quarter. Piedmont Investment Advisors LLC purchased a new stake in AeroVironment during the 3rd quarter worth approximately $250,000. Finally, First Manhattan Co. purchased a new stake in AeroVironment during the 3rd quarter worth approximately $270,000. 74.79% of the stock is currently owned by institutional investors.
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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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