Zacks Investment Research Upgrades Aerojet Rocketdyne (NYSE:AJRD) to Hold

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Zacks Investment Research upgraded shares of Aerojet Rocketdyne (NYSE:AJRD) from a sell rating to a hold rating in a report issued on Friday morning, Zacks.com reports. They currently have $52.00 price objective on the aerospace company’s stock.

According to Zacks, “Aerojet Rocketdyne ended the second quarter of 2019 on an impressive note, with both its earnings and revenues surpassing the respective Zacks Consensus Estimate. The company has also been taking notable strategic initiatives to reduce costs and serve its customers more efficiently. Aerojet Rocketdyne is expected to win increased number of contracts related to SLS in the near future as the SLS is a top priority for the U.S. government. In the past three months, shares of the company outperformed the industry. However, of late, Aerojet Rocketdyne is facing increased competition from entrepreneurs such as SpaceX and Blue Origin. The company may lose a contract or more due to the intensifying competition. Also, the stock is highly leveraged when compared to its industry and thus bears higher chance of insolvency.”

A number of other equities research analysts also recently issued reports on the company. SunTrust Banks boosted their price target on Aerojet Rocketdyne to $55.00 and gave the company a buy rating in a research note on Thursday, August 1st. ValuEngine upgraded Aerojet Rocketdyne from a hold rating to a buy rating in a research note on Thursday, June 13th. Finally, Canaccord Genuity started coverage on Aerojet Rocketdyne in a research note on Friday, June 28th. They set a buy rating and a $50.00 price target for the company. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Aerojet Rocketdyne currently has an average rating of Buy and an average target price of $52.33.

Aerojet Rocketdyne stock opened at $48.32 on Friday. The company’s 50-day moving average price is $44.63. The company has a market cap of $3.71 billion, a P/E ratio of 25.04, a P/E/G ratio of 5.10 and a beta of 0.56. Aerojet Rocketdyne has a 52-week low of $29.40 and a 52-week high of $49.74. The company has a current ratio of 1.53, a quick ratio of 1.45 and a debt-to-equity ratio of 0.78.

Aerojet Rocketdyne (NYSE:AJRD) last released its quarterly earnings results on Wednesday, July 31st. The aerospace company reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.10. The business had revenue of $485.00 million during the quarter, compared to the consensus estimate of $473.98 million. Aerojet Rocketdyne had a return on equity of 30.58% and a net margin of 8.95%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.45 EPS. On average, equities research analysts forecast that Aerojet Rocketdyne will post 1.67 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the company. Crosspoint Capital Strategies LLC purchased a new position in shares of Aerojet Rocketdyne during the 1st quarter valued at about $1,316,000. State of Alaska Department of Revenue lifted its position in shares of Aerojet Rocketdyne by 1.3% during the 2nd quarter. State of Alaska Department of Revenue now owns 24,631 shares of the aerospace company’s stock valued at $1,102,000 after buying an additional 321 shares in the last quarter. OppenheimerFunds Inc. lifted its position in shares of Aerojet Rocketdyne by 12.1% during the 1st quarter. OppenheimerFunds Inc. now owns 605,206 shares of the aerospace company’s stock valued at $21,504,000 after buying an additional 65,126 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Aerojet Rocketdyne by 6.0% during the 4th quarter. Legal & General Group Plc now owns 171,489 shares of the aerospace company’s stock valued at $6,013,000 after buying an additional 9,705 shares in the last quarter. Finally, TD Asset Management Inc. lifted its position in shares of Aerojet Rocketdyne by 2.1% during the 1st quarter. TD Asset Management Inc. now owns 54,179 shares of the aerospace company’s stock valued at $1,925,000 after buying an additional 1,100 shares in the last quarter.

About Aerojet Rocketdyne

Aerojet Rocketdyne Holdings, Inc designs, develops, manufactures, and sells aerospace and defense products and systems in the United States. The company operates through two segments, Aerospace and Defense, and Real Estate. The Aerospace and Defense segment offers aerospace and defense products and systems for the United States government, including the Department of Defense, the National Aeronautics and Space Administration, and aerospace and defense prime contractors.

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