GSA Capital Partners LLP cut its stake in Raven Industries, Inc. (NASDAQ:RAVN) by 33.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,344 shares of the conglomerate’s stock after selling 12,651 shares during the quarter. GSA Capital Partners LLP owned approximately 0.07% of Raven Industries worth $821,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the stock. California Public Employees Retirement System lifted its stake in Raven Industries by 10.7% in the 3rd quarter. California Public Employees Retirement System now owns 139,872 shares of the conglomerate’s stock valued at $4,532,000 after buying an additional 13,472 shares in the last quarter. Vident Investment Advisory LLC lifted its stake in Raven Industries by 97.9% in the 3rd quarter. Vident Investment Advisory LLC now owns 778,211 shares of the conglomerate’s stock valued at $25,214,000 after buying an additional 385,032 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its stake in Raven Industries by 1,450.4% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 3,690 shares of the conglomerate’s stock valued at $120,000 after buying an additional 3,452 shares in the last quarter. Allianz Asset Management GmbH lifted its stake in Raven Industries by 106.6% in the 3rd quarter. Allianz Asset Management GmbH now owns 13,972 shares of the conglomerate’s stock valued at $453,000 after buying an additional 7,209 shares in the last quarter. Finally, KBC Group NV acquired a new stake in Raven Industries in the 3rd quarter valued at about $271,000. 74.03% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have commented on RAVN. Zacks Investment Research upgraded shares of Raven Industries from a “hold” rating to a “buy” rating and set a $38.00 price objective for the company in a report on Friday, December 8th. BidaskClub downgraded shares of Raven Industries from a “buy” rating to a “hold” rating in a report on Wednesday, December 6th. Dougherty & Co downgraded shares of Raven Industries from a “buy” rating to a “neutral” rating in a report on Tuesday, December 5th. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $31.00 price objective on shares of Raven Industries in a report on Sunday, October 1st. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $35.00.
Raven Industries (NASDAQ:RAVN) last announced its quarterly earnings results on Monday, November 20th. The conglomerate reported $0.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.10. The business had revenue of $101.35 million during the quarter, compared to the consensus estimate of $84.54 million. Raven Industries had a net margin of 10.56% and a return on equity of 13.88%. research analysts expect that Raven Industries, Inc. will post 1.02 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 26th. Stockholders of record on Friday, January 12th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, January 11th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.51%. Raven Industries’s dividend payout ratio is currently 50.98%.
Raven Industries announced that its Board of Directors has initiated a share buyback program on Monday, December 4th that permits the company to buyback $25.00 million in shares. This buyback authorization permits the conglomerate to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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Raven Industries 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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