JPMorgan Chase & Co. raised its holdings in Raven Industries, Inc. (NASDAQ:RAVN) by 68.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,650 shares of the conglomerate’s stock after purchasing an additional 17,330 shares during the quarter. JPMorgan Chase & Co. owned 0.12% of Raven Industries worth $1,356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in the business. Stifel Financial Corp grew its stake in Raven Industries by 0.3% in the 2nd quarter. Stifel Financial Corp now owns 29,837 shares of the conglomerate’s stock valued at $993,000 after purchasing an additional 103 shares during the period. Ameritas Investment Partners Inc. lifted its position in shares of Raven Industries by 8.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,174 shares of the conglomerate’s stock valued at $106,000 after buying an additional 257 shares during the last quarter. Connors Investor Services Inc. lifted its position in shares of Raven Industries by 0.8% during the 2nd quarter. Connors Investor Services Inc. now owns 75,141 shares of the conglomerate’s stock valued at $2,502,000 after buying an additional 576 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Raven Industries by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 4,510 shares of the conglomerate’s stock valued at $150,000 after buying an additional 675 shares during the last quarter. Finally, Arlington Value Capital LLC lifted its position in shares of Raven Industries by 2.9% during the 2nd quarter. Arlington Value Capital LLC now owns 25,039 shares of the conglomerate’s stock valued at $833,000 after buying an additional 700 shares during the last quarter. Hedge funds and other institutional investors own 74.03% of the company’s stock.
RAVN has been the topic of a number of recent research reports. Zacks Investment Research raised Raven Industries from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research report on Friday, December 8th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $31.00 price target on shares of Raven Industries in a research report on Sunday, October 1st. BidaskClub cut Raven Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, December 6th. Finally, Dougherty & Co cut Raven Industries from a “buy” rating to a “neutral” rating in a research report on Tuesday, December 5th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Raven Industries presently has a consensus rating of “Hold” and an average target price of $35.00.
Raven Industries (NASDAQ:RAVN) last issued its quarterly earnings results on Monday, November 20th. The conglomerate reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.10. Raven Industries had a return on equity of 17.69% and a net margin of 11.84%. The firm had revenue of $101.35 million for the quarter, compared to analysts’ expectations of $84.54 million. analysts predict that Raven Industries, Inc. will post 1.02 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 26th. Investors 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 yield of 1.45%. Raven Industries’s dividend payout ratio (DPR) is 50.98%.
Raven Industries announced that its Board of Directors has initiated a share repurchase program on Monday, December 4th that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the conglomerate to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
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About Raven Industries
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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