Kaman Corp. (NYSE:KAMN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $49.00 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 12.36% from the company’s previous close.
According to Zacks, “Kaman Corporation is in the following business segments: Aerospace, Industrial Distribution, and Music Distribution. The Aerospace segment serves commercial, U.S. defense and foreign government markets. The Industrial Distribution segment serves nearly every sector of U.S. industry with industrial replacement parts as well as support services. The Music Distribution segment serves domestic and foreign markets with a wide variety of music instruments and accessories and manufactures guitars and other music products for professional and amateur musicians. “
Kaman Corp. (NYSE:KAMN) opened at 43.61 on Wednesday. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of 23.21 and a beta of 1.21. Kaman Corp. has a 12 month low of $35.09 and a 12 month high of $45.62. The firm’s 50-day moving average price is $44.36 and its 200 day moving average price is $42.82.
Kaman Corp. (NYSE:KAMN) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.64 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.64. The company had revenue of $470.06 million for the quarter, compared to the consensus estimate of $459.13 million. Kaman Corp. had a return on equity of 11.84% and a net margin of 2.89%. During the same quarter in the prior year, the company posted $0.63 EPS. Kaman Corp.’s quarterly revenue was up 5.3% on a year-over-year basis. On average, analysts anticipate that Kaman Corp. will post $2.55 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 6th. Stockholders of record on Tuesday, September 20th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Friday, September 16th. Kaman Corp.’s payout ratio is 38.30%.
In other news, CEO Neal J. Keating purchased 2,000 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were acquired at an average price of $42.65 per share, with a total value of $85,300.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP John J. Tedone sold 9,442 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $44.82, for a total value of $423,190.44. Following the transaction, the vice president now directly owns 19,190 shares in the company, valued at approximately $860,095.80. The disclosure for this sale can be found here. Insiders own 2.47% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Quantbot Technologies LP increased its position in Kaman Corp. by 71.7% in the second quarter. Quantbot Technologies LP now owns 2,436 shares of the company’s stock worth $103,000 after buying an additional 1,017 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in Kaman Corp. by 6.9% in the second quarter. Public Employees Retirement System of Ohio now owns 2,588 shares of the company’s stock worth $110,000 after buying an additional 166 shares during the last quarter. Bruderman Asset Management LLC increased its position in Kaman Corp. by 64.7% in the second quarter. Bruderman Asset Management LLC now owns 3,287 shares of the company’s stock worth $140,000 after buying an additional 1,291 shares during the last quarter. PineBridge Investments L.P. increased its position in Kaman Corp. by 4.0% in the second quarter. PineBridge Investments L.P. now owns 3,432 shares of the company’s stock worth $146,000 after buying an additional 131 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in Kaman Corp. by 77.2% in the second quarter. Victory Capital Management Inc. now owns 3,465 shares of the company’s stock worth $147,000 after buying an additional 1,510 shares during the last quarter. 97.31% of the stock is currently owned by institutional investors and hedge funds.
Kaman Corp. Company Profile
Kaman Corporation conducts business in the aerospace and distribution markets. The Company operates through two segments: Distribution and Aerospace. Its Distribution segment is a power transmission, motion control, electrical and automation, and fluid power industrial distributor. It provides products, including bearings, mechanical and electrical power transmission, fluid power, motion control, automation, material handling components, electrical control and power distribution, and maintenance, repair and overhaul (MRO) supplies to a spectrum of industrial markets.
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