Zacks Investment Research Downgrades Aerojet Rocketdyne Holdings, Inc. (AJRD) to Hold

Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “Aerojet Rocketdyne Holdings, Inc. focuses on developing military, civil and commercial systems and components for the aerospace and defense industry markets. Aerojet Rocketdyne Holdings, Inc., formerly known as GenCorp, Inc., is headquartered in Sacramento, California. “

A number of other research analysts also recently commented on AJRD. BidaskClub raised shares of Aerojet Rocketdyne Holdings from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 24th. SunTrust Banks, Inc. reissued a “buy” rating on shares of Aerojet Rocketdyne Holdings in a research report on Wednesday, September 27th. Finally, CL King raised shares of Aerojet Rocketdyne Holdings from a “neutral” rating to a “buy” rating in a research report on Friday, September 22nd. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Aerojet Rocketdyne Holdings currently has a consensus rating of “Buy” and an average target price of $27.33.

Shares of Aerojet Rocketdyne Holdings (NYSE:AJRD) traded down 0.49% during trading on Wednesday, hitting $34.81. 615,913 shares of the company’s stock were exchanged. The firm has a market capitalization of $2.61 billion, a PE ratio of 67.46 and a beta of 1.50. The stock’s 50 day moving average is $30.11 and its 200 day moving average is $24.17. Aerojet Rocketdyne Holdings has a 1-year low of $16.04 and a 1-year high of $36.25.

Aerojet Rocketdyne Holdings (NYSE:AJRD) last announced its quarterly earnings data on Thursday, August 3rd. The aerospace company reported $0.32 EPS for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.17. Aerojet Rocketdyne Holdings had a net margin of 2.00% and a return on equity of 153.06%. The firm had revenue of $459.60 million for the quarter, compared to the consensus estimate of $433.71 million. During the same period in the previous year, the firm posted $0.09 earnings per share. The firm’s revenue was up 12.5% on a year-over-year basis. On average, equities research analysts forecast that Aerojet Rocketdyne Holdings will post $0.90 earnings per share for the current year.

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A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. grew its position in Aerojet Rocketdyne Holdings by 6.8% in the second quarter. BlackRock Inc. now owns 10,372,466 shares of the aerospace company’s stock worth $215,747,000 after acquiring an additional 659,778 shares in the last quarter. Vanguard Group Inc. grew its position in Aerojet Rocketdyne Holdings by 7.1% in the second quarter. Vanguard Group Inc. now owns 3,740,974 shares of the aerospace company’s stock worth $77,813,000 after acquiring an additional 246,605 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Aerojet Rocketdyne Holdings by 5.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,184,314 shares of the aerospace company’s stock worth $45,434,000 after acquiring an additional 121,334 shares in the last quarter. State Street Corp grew its position in Aerojet Rocketdyne Holdings by 25.4% in the second quarter. State Street Corp now owns 2,139,438 shares of the aerospace company’s stock worth $44,504,000 after acquiring an additional 433,398 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in Aerojet Rocketdyne Holdings by 2.9% in the second quarter. Renaissance Technologies LLC now owns 1,809,895 shares of the aerospace company’s stock worth $37,646,000 after acquiring an additional 51,600 shares in the last quarter. 93.31% of the stock is owned by institutional investors.

Aerojet Rocketdyne Holdings Company Profile

GenCorp Inc, incorporated in 1915, is a manufacturer of aerospace and defense products and systems with a real estate segment that includes activities related to the re-zoning, entitlement, sale, and leasing of its excess real estate assets. The Company develops and manufactures propulsion systems for defense and space applications, and armaments for precision tactical and long range weapon systems applications.

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