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

Zacks Investment Research cut shares of Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD) from a strong-buy rating to a hold rating in a report released 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 equities analysts also recently issued reports on AJRD. BidaskClub downgraded Aerojet Rocketdyne Holdings from a hold rating to a sell rating in a research note on Tuesday, June 20th. CL King raised Aerojet Rocketdyne Holdings from a neutral rating to a buy rating in a research note on Friday, September 22nd. Finally, SunTrust Banks, Inc. reissued a buy rating on shares of Aerojet Rocketdyne Holdings in a research note on Wednesday, September 27th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $27.33.

Shares of Aerojet Rocketdyne Holdings (NYSE AJRD) opened at 35.05 on Wednesday. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of 67.93 and a beta of 1.50. Aerojet Rocketdyne Holdings has a one year low of $16.04 and a one year high of $36.25. The firm has a 50-day moving average price of $30.77 and a 200 day moving average price of $24.41.

Aerojet Rocketdyne Holdings (NYSE:AJRD) last issued its earnings results on Thursday, August 3rd. The aerospace company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.17. The business had revenue of $459.60 million during the quarter, compared to the consensus estimate of $433.71 million. Aerojet Rocketdyne Holdings had a return on equity of 153.06% and a net margin of 2.00%. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.09 EPS. Equities analysts forecast that Aerojet Rocketdyne Holdings will post $0.90 earnings per share for the current fiscal year.

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Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Advisor Group Inc. grew its holdings in shares of Aerojet Rocketdyne Holdings by 0.4% in the 2nd quarter. Advisor Group Inc. now owns 8,644 shares of the aerospace company’s stock worth $180,000 after acquiring an additional 35 shares during the period. Pinebridge Investments L.P. grew its holdings in shares of Aerojet Rocketdyne Holdings by 0.7% in the 2nd quarter. Pinebridge Investments L.P. now owns 9,824 shares of the aerospace company’s stock worth $204,000 after acquiring an additional 67 shares during the period. Texas Permanent School Fund grew its holdings in shares of Aerojet Rocketdyne Holdings by 0.5% in the 2nd quarter. Texas Permanent School Fund now owns 54,440 shares of the aerospace company’s stock worth $1,132,000 after acquiring an additional 285 shares during the period. Malaga Cove Capital LLC grew its holdings in shares of Aerojet Rocketdyne Holdings by 0.3% in the 2nd quarter. Malaga Cove Capital LLC now owns 118,351 shares of the aerospace company’s stock worth $2,474,000 after acquiring an additional 315 shares during the period. Finally, HighTower Advisors LLC grew its holdings in shares of Aerojet Rocketdyne Holdings by 1.2% in the 2nd quarter. HighTower Advisors LLC now owns 64,970 shares of the aerospace company’s stock worth $1,343,000 after acquiring an additional 759 shares during the period. Institutional investors and hedge funds own 93.31% of the company’s stock.

About Aerojet Rocketdyne Holdings

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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