AeroVironment, Inc. (NASDAQ:AVAV) Position Cut by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in shares of AeroVironment, Inc. (NASDAQ:AVAV) by 20.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 770,177 shares of the aerospace company’s stock after selling 203,864 shares during the quarter. Bank of New York Mellon Corp owned 3.23% of AeroVironment worth $41,681,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in AVAV. Sei Investments Co. grew its position in shares of AeroVironment by 1.8% in the 2nd quarter. Sei Investments Co. now owns 3,450 shares of the aerospace company’s stock valued at $132,000 after buying an additional 61 shares during the last quarter. State of Alaska Department of Revenue grew its position in shares of AeroVironment by 78.6% in the 2nd quarter. State of Alaska Department of Revenue now owns 4,073 shares of the aerospace company’s stock valued at $155,000 after buying an additional 1,793 shares during the last quarter. Municipal Employees Retirement System of Michigan grew its position in shares of AeroVironment by 3.2% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 4,850 shares of the aerospace company’s stock valued at $185,000 after buying an additional 150 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of AeroVironment by 1.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 4,916 shares of the aerospace company’s stock valued at $187,000 after buying an additional 56 shares during the last quarter. Finally, First Manhattan Co. purchased a new position in shares of AeroVironment in the 3rd quarter valued at $270,000. Institutional investors own 74.04% of the company’s stock.

In other news, Chairman Timothy E. Conver sold 7,600 shares of AeroVironment stock in a transaction dated Thursday, December 28th. The shares were sold at an average price of $57.10, for a total transaction of $433,960.00. Following the completion of the sale, the chairman now directly owns 58,138 shares in the company, valued at $3,319,679.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Timothy E. Conver sold 3,800 shares of AeroVironment stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $44.14, for a total transaction of $167,732.00. Following the sale, the chairman now owns 58,138 shares of the company’s stock, valued at $2,566,211.32. The disclosure for this sale can be found here. Insiders have sold a total of 43,800 shares of company stock valued at $2,269,336 over the last 90 days. 11.00% of the stock is currently owned by insiders.

A number of research firms recently commented on AVAV. BidaskClub downgraded shares of AeroVironment from a “sell” rating to a “strong sell” rating in a research report on Wednesday. Canaccord Genuity raised their price objective on shares of AeroVironment from $40.00 to $48.00 and gave the stock a “hold” rating in a research report on Wednesday, October 4th. Zacks Investment Research downgraded shares of AeroVironment from a “buy” rating to a “hold” rating in a research report on Tuesday, December 12th. Robert W. Baird reissued a “hold” rating and set a $35.00 price objective on shares of AeroVironment in a research report on Tuesday, October 24th. Finally, TheStreet raised shares of AeroVironment from a “c+” rating to a “b” rating in a research report on Friday, December 8th. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company. AeroVironment presently has a consensus rating of “Hold” and an average price target of $44.40.

Shares of AeroVironment, Inc. (NASDAQ AVAV) traded down $1.22 during midday trading on Friday, hitting $56.16. 314,884 shares of the company traded hands, compared to its average volume of 679,738. AeroVironment, Inc. has a 12-month low of $24.70 and a 12-month high of $58.99. The firm has a market capitalization of $1,369.67, a PE ratio of 42.87, a price-to-earnings-growth ratio of 5.98 and a beta of 1.16.

AeroVironment (NASDAQ:AVAV) last announced its quarterly earnings data on Tuesday, December 5th. The aerospace company reported $0.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.30. AeroVironment had a net margin of 10.42% and a return on equity of 8.23%. The firm had revenue of $73.83 million during the quarter, compared to analysts’ expectations of $63.53 million. During the same quarter last year, the business earned ($0.18) earnings per share. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. sell-side analysts predict that AeroVironment, Inc. will post 0.64 earnings per share for the current year.

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AeroVironment Profile

AeroVironment, Inc designs, develops, produces, supports and operates a portfolio of products and services for government agencies, businesses and consumers. The Company operates through two segments: Unmanned Aircraft Systems (UAS), which focuses primarily on the design, development, production, support and operation of UAS and tactical missile systems that provide situational awareness, multi-band communications, force protection and other mission effects, and Efficient Energy Systems (EES), which focuses primarily on the design, development, production, marketing, support and operation of electric energy systems.

Institutional Ownership by Quarter for AeroVironment (NASDAQ:AVAV)

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