Kemet Corporation (KEM) Shares Down 5.3%
Kemet Corporation (NYSE:KEM) shares dropped 5.3% during trading on Wednesday . The company traded as low as $22.53 and last traded at $23.07. Approximately 2,283,399 shares traded hands during trading, an increase of 59% from the average daily volume of 1,432,530 shares. The stock had previously closed at $24.35.
KEM has been the topic of a number of recent research reports. TheStreet upgraded Kemet Corporation from a “c+” rating to a “b” rating in a research note on Wednesday, August 2nd. B. Riley restated a “buy” rating and set a $24.25 price objective on shares of Kemet Corporation in a research note on Thursday, August 3rd. BidaskClub cut Kemet Corporation from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. ValuEngine upgraded Kemet Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, Stifel Nicolaus restated a “hold” rating on shares of Kemet Corporation in a research note on Monday, August 7th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $18.08.
The company has a 50-day moving average price of $19.28 and a 200 day moving average price of $14.20. The company has a market cap of $1.10 billion, a P/E ratio of 4.79 and a beta of 3.55.
Kemet Corporation (NYSE:KEM) last posted its earnings results on Wednesday, August 2nd. The electronics maker reported $0.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.15. The firm had revenue of $274 million for the quarter, compared to the consensus estimate of $282.52 million. Kemet Corporation had a net margin of 33.25% and a return on equity of 20.21%. The business’s quarterly revenue was up 48.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.06 earnings per share. On average, equities analysts expect that Kemet Corporation will post $1.57 EPS for the current year.
In other Kemet Corporation news, Director Frank G. Brandenberg sold 11,525 shares of the stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $23.12, for a total transaction of $266,458.00. Following the transaction, the director now directly owns 66,831 shares of the company’s stock, valued at $1,545,132.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Ronald James Assaf sold 9,334 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $17.73, for a total transaction of $165,491.82. Following the transaction, the senior vice president now directly owns 114,225 shares in the company, valued at $2,025,209.25. The disclosure for this sale can be found here. Insiders have sold 79,859 shares of company stock worth $1,576,350 over the last three months. Company insiders own 3.88% of the company’s stock.
Large investors have recently modified their holdings of the company. Morgan Stanley grew its position in shares of Kemet Corporation by 117.6% in the first quarter. Morgan Stanley now owns 647,649 shares of the electronics maker’s stock valued at $7,771,000 after purchasing an additional 350,056 shares during the last quarter. Dialectic Capital Management LP acquired a new stake in shares of Kemet Corporation in the first quarter valued at about $501,000. Acadian Asset Management LLC grew its position in shares of Kemet Corporation by 78.0% in the second quarter. Acadian Asset Management LLC now owns 259,279 shares of the electronics maker’s stock valued at $3,318,000 after purchasing an additional 113,620 shares during the last quarter. Systematic Financial Management LP acquired a new stake in shares of Kemet Corporation in the first quarter valued at about $1,907,000. Finally, Founders Capital Management acquired a new stake in shares of Kemet Corporation in the first quarter valued at about $108,000. 68.87% of the stock is currently owned by institutional investors.
About Kemet Corporation
KEMET Corporation (KEMET) is a manufacturer of passive electronic components. The Company operates in two segments: Solid Capacitors, and Film and Electrolytic. The Solid Capacitors segment primarily produces tantalum, aluminum, polymer and ceramic capacitors. Solid Capacitors also produces tantalum powder used in the production of tantalum capacitors.
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