Municipal Employees Retirement System of Michigan raised its position in Raven Industries, Inc. (NASDAQ:RAVN) by 58.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 13,540 shares of the conglomerate’s stock after acquiring an additional 5,020 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Raven Industries were worth $439,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in RAVN. Teachers Advisors LLC lifted its stake in shares of Raven Industries by 3.2% in the first quarter. Teachers Advisors LLC now owns 61,460 shares of the conglomerate’s stock valued at $1,785,000 after purchasing an additional 1,877 shares during the period. Capstone Asset Management Co. acquired a new stake in shares of Raven Industries in the second quarter valued at about $201,000. Aperio Group LLC lifted its stake in shares of Raven Industries by 13.5% in the second quarter. Aperio Group LLC now owns 10,644 shares of the conglomerate’s stock valued at $354,000 after purchasing an additional 1,264 shares during the period. Great West Life Assurance Co. Can lifted its stake in shares of Raven Industries by 6.4% in the second quarter. Great West Life Assurance Co. Can now owns 52,826 shares of the conglomerate’s stock valued at $1,757,000 after purchasing an additional 3,165 shares during the period. Finally, Texas Permanent School Fund lifted its stake in shares of Raven Industries by 0.9% in the second quarter. Texas Permanent School Fund now owns 26,350 shares of the conglomerate’s stock valued at $877,000 after purchasing an additional 231 shares during the period. Hedge funds and other institutional investors own 74.10% of the company’s stock.
Raven Industries, Inc. (NASDAQ:RAVN) opened at $33.70 on Thursday. Raven Industries, Inc. has a twelve month low of $23.65 and a twelve month high of $38.35. The firm has a market cap of $1,219.27, a PE ratio of 33.43, a price-to-earnings-growth ratio of 3.58 and a beta of 1.48.
Raven Industries (NASDAQ:RAVN) last posted its earnings results on Monday, November 20th. The conglomerate reported $0.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.10. Raven Industries had a net margin of 10.56% and a return on equity of 13.88%. The firm had revenue of $101.35 million during the quarter, compared to the consensus estimate of $84.54 million. analysts forecast that Raven Industries, Inc. will post 0.95 EPS for the current year.
Raven Industries declared that its board has authorized a stock buyback plan on Monday, December 4th that allows the company to buyback $25.00 million in shares. This buyback authorization allows the conglomerate to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 26th. Shareholders of record on Friday, January 12th will be issued a dividend of $0.13 per share. The ex-dividend date is Thursday, January 11th. This represents a $0.52 annualized dividend and a yield of 1.54%. Raven Industries’s dividend payout ratio (DPR) is currently 50.98%.
Several analysts recently commented on RAVN shares. Dougherty & Co reiterated a “buy” rating on shares of Raven Industries in a research note on Friday, August 18th. SunTrust Banks started coverage on shares of Raven Industries in a report on Friday, August 18th. They set a “hold” rating and a $36.00 target price for the company. Piper Jaffray Companies restated a “hold” rating and set a $31.00 target price on shares of Raven Industries in a report on Sunday, October 1st. Finally, BidaskClub downgraded shares of Raven Industries from a “buy” rating to a “hold” rating in a report on Wednesday. Four analysts have rated the stock with a hold rating, The company presently has a consensus rating of “Hold” and a consensus price target of $33.50.
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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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