State Board of Administration of Florida Retirement System cut its holdings in AeroVironment, Inc. (NASDAQ:AVAV) by 14.2% in the 3rd quarter, Holdings Channel reports. The fund owned 12,170 shares of the aerospace company’s stock after selling 2,010 shares during the period. State Board of Administration of Florida Retirement System’s holdings in AeroVironment were worth $1,365,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of AVAV. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in AeroVironment in the 2nd quarter valued at $15,981,000. Pinnacle Associates Ltd. acquired a new position in AeroVironment in the 2nd quarter valued at $12,777,000. Eagle Asset Management Inc. acquired a new position in AeroVironment in the 2nd quarter valued at $9,261,000. Global X Management Co LLC raised its holdings in AeroVironment by 15.2% in the 2nd quarter. Global X Management Co LLC now owns 482,723 shares of the aerospace company’s stock valued at $34,481,000 after acquiring an additional 63,811 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in AeroVironment in the 2nd quarter valued at $4,310,000. Institutional investors own 82.44% of the company’s stock.

AVAV has been the subject of several analyst reports. BidaskClub downgraded AeroVironment from a “strong-buy” rating to a “buy” rating in a report on Saturday, September 22nd. Zacks Investment Research downgraded AeroVironment from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 6th. Canaccord Genuity boosted their price target on AeroVironment from $60.00 to $80.00 and gave the company a “hold” rating in a report on Thursday, September 6th. Robert W. Baird boosted their price target on AeroVironment from $52.00 to $74.00 and gave the company a “neutral” rating in a report on Tuesday, August 28th. Finally, Piper Jaffray Companies reiterated a “neutral” rating and issued a $77.00 price target on shares of AeroVironment in a report on Thursday, September 6th. Six investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. AeroVironment currently has a consensus rating of “Hold” and a consensus price target of $83.20.

Shares of NASDAQ AVAV opened at $88.98 on Wednesday. AeroVironment, Inc. has a 52-week low of $41.60 and a 52-week high of $121.32. The firm has a market cap of $2.24 billion, a PE ratio of 82.39, a P/E/G ratio of 4.28 and a beta of 1.31.

AeroVironment (NASDAQ:AVAV) last announced its quarterly earnings data on Wednesday, September 5th. The aerospace company reported $0.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.79. AeroVironment had a net margin of 15.56% and a return on equity of 10.71%. The company had revenue of $78.04 million during the quarter, compared to analysts’ expectations of $73.65 million. During the same period in the previous year, the company earned ($0.19) EPS. The business’s quarterly revenue was up 127.1% compared to the same quarter last year. As a group, sell-side analysts predict that AeroVironment, Inc. will post 1.1 earnings per share for the current fiscal year.

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About AeroVironment

AeroVironment, Inc designs, develops, produces, supports, and operates a portfolio of products and services for government agencies and businesses. The company offers unmanned aircraft systems (UAS) and related services primarily to organizations within the U.S. Department of Defense and to international allied governments; and tactical missile systems and related services to organizations within the U.S.

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Institutional Ownership by Quarter for AeroVironment (NASDAQ:AVAV)

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