Canal Insurance CO Boosts Stake in AeroVironment, Inc. (AVAV)
Canal Insurance CO increased its position in AeroVironment, Inc. (NASDAQ:AVAV) by 66.7% during the second quarter, Holdings Channel reports. The firm owned 50,000 shares of the aerospace company’s stock after buying an additional 20,000 shares during the period. Canal Insurance CO’s holdings in AeroVironment were worth $1,910,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the company. AQR Capital Management LLC acquired a new stake in shares of AeroVironment during the fourth quarter valued at about $208,000. Comerica Bank raised its stake in shares of AeroVironment by 3.7% in the first quarter. Comerica Bank now owns 22,708 shares of the aerospace company’s stock valued at $663,000 after buying an additional 817 shares during the period. Essex Investment Management Co. LLC acquired a new stake in shares of AeroVironment during the first quarter valued at about $1,309,000. BlackRock Inc. raised its stake in shares of AeroVironment by 216,094.4% in the first quarter. BlackRock Inc. now owns 3,216,973 shares of the aerospace company’s stock valued at $90,172,000 after buying an additional 3,215,485 shares during the period. Finally, Teachers Advisors LLC raised its stake in shares of AeroVironment by 6.4% in the fourth quarter. Teachers Advisors LLC now owns 35,318 shares of the aerospace company’s stock valued at $948,000 after buying an additional 2,113 shares during the period. 82.45% of the stock is currently owned by institutional investors and hedge funds.
Shares of AeroVironment, Inc. (NASDAQ:AVAV) opened at 37.47 on Friday. The firm has a market cap of $871.81 million, a P/E ratio of 69.39 and a beta of 1.31. AeroVironment, Inc. has a 52 week low of $22.16 and a 52 week high of $40.10. The stock has a 50 day moving average of $38.28 and a 200 day moving average of $31.22.
AeroVironment (NASDAQ:AVAV) last issued its quarterly earnings results on Tuesday, June 27th. The aerospace company reported $1.30 EPS for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.31. AeroVironment had a return on equity of 3.49% and a net margin of 4.71%. The company had revenue of $125.40 million for the quarter, compared to analysts’ expectations of $122.90 million. During the same quarter last year, the business earned $0.23 earnings per share. AeroVironment’s revenue was up 47.9% on a year-over-year basis. Analysts anticipate that AeroVironment, Inc. will post $0.54 earnings per share for the current fiscal year.
Several equities research analysts have issued reports on AVAV shares. TheStreet raised shares of AeroVironment from a “c-” rating to a “b” rating in a report on Tuesday, June 27th. Piper Jaffray Companies lowered shares of AeroVironment from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $30.00 to $35.00 in a report on Monday, July 3rd. ValuEngine raised shares of AeroVironment from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Jefferies Group LLC boosted their price target on shares of AeroVironment from $27.00 to $29.00 and gave the company a “hold” rating in a report on Wednesday, June 28th. Finally, Canaccord Genuity reissued a “hold” rating and issued a $35.00 price target on shares of AeroVironment in a report on Thursday, August 10th. Eight equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $33.00.
In related news, Chairman Timothy E. Conver sold 4,000 shares of the firm’s stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $31.74, for a total value of $126,960.00. Following the transaction, the chairman now owns 66,621 shares in the company, valued at $2,114,550.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Timothy E. Conver sold 7,600 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $38.49, for a total value of $292,524.00. Following the completion of the transaction, the chairman now owns 58,138 shares in the company, valued at approximately $2,237,731.62. The disclosure for this sale can be found here. Insiders sold 71,897 shares of company stock worth $2,737,757 in the last 90 days. 12.50% of the stock is owned by company insiders.
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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