Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD – Get Rating) was the target of a large decline in short interest in August. As of August 31st, there was short interest totalling 3,150,000 shares, a decline of 9.5% from the August 15th total of 3,480,000 shares. Based on an average daily volume of 774,300 shares, the short-interest ratio is currently 4.1 days. Currently, 4.2% of the company's stock are short sold.
Analyst Upgrades and Downgrades
Separately, StockNews.com downgraded Aerojet Rocketdyne from a "buy" rating to a "hold" rating in a research note on Saturday, July 23rd.
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Shares of AJRD traded up $0.55 during mid-day trading on Wednesday, reaching $43.93. The company had a trading volume of 1,837 shares, compared to its average volume of 698,534. The stock has a market capitalization of $3.53 billion, a P/E ratio of 28.73 and a beta of 0.48. The stock has a 50 day moving average of $42.82 and a two-hundred day moving average of $41.08. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.48. Aerojet Rocketdyne has a 52-week low of $35.47 and a 52-week high of $47.35.
Aerojet Rocketdyne (NYSE:AJRD – Get Rating) last issued its quarterly earnings results on Monday, August 1st. The aerospace company reported $0.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.47 by ($0.27). The business had revenue of $528.50 million for the quarter, compared to analysts' expectations of $570.53 million. Aerojet Rocketdyne had a return on equity of 26.51% and a net margin of 5.74%. The business's revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.59 EPS. On average, analysts expect that Aerojet Rocketdyne will post 1.68 earnings per share for the current year.Insider Buying and Selling at Aerojet Rocketdyne
In other news, CEO Eileen P. Drake sold 39,711 shares of the business's stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $41.60, for a total value of $1,651,977.60. Following the completion of the transaction, the chief executive officer now directly owns 214,000 shares of the company's stock, valued at approximately $8,902,400. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 2.20% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Aerojet Rocketdyne
A number of hedge funds have recently bought and sold shares of AJRD. BlackRock Inc. raised its holdings in shares of Aerojet Rocketdyne by 8.9% during the first quarter. BlackRock Inc. now owns 13,381,966 shares of the aerospace company's stock valued at $526,579,000 after acquiring an additional 1,095,899 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Aerojet Rocketdyne by 1.4% in the first quarter. Vanguard Group Inc. now owns 8,182,754 shares of the aerospace company's stock valued at $321,991,000 after purchasing an additional 111,030 shares during the last quarter. State Street Corp increased its holdings in shares of Aerojet Rocketdyne by 20.9% in the first quarter. State Street Corp now owns 4,135,632 shares of the aerospace company's stock valued at $162,737,000 after purchasing an additional 715,758 shares during the last quarter. Gamco Investors INC. ET AL increased its holdings in shares of Aerojet Rocketdyne by 2.1% in the second quarter. Gamco Investors INC. ET AL now owns 2,769,860 shares of the aerospace company's stock valued at $112,456,000 after purchasing an additional 57,852 shares during the last quarter. Finally, Nuance Investments LLC increased its holdings in shares of Aerojet Rocketdyne by 119.3% in the first quarter. Nuance Investments LLC now owns 2,351,552 shares of the aerospace company's stock valued at $92,534,000 after purchasing an additional 1,279,208 shares during the last quarter. Hedge funds and other institutional investors own 94.77% of the company's stock.
Aerojet Rocketdyne Company Profile
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Aerojet Rocketdyne Holdings, Inc designs, develops, manufactures, and sells aerospace and defense products and systems in the United States. It operates in 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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