BidaskClub Upgrades Kaman Corporation (KAMN) to “Sell”
BidaskClub upgraded shares of Kaman Corporation (NYSE:KAMN) from a strong sell rating to a sell rating in a report issued on Thursday morning.
Other research analysts also recently issued reports about the company. Northcoast Research started coverage on Kaman Corporation in a research report on Tuesday, July 25th. They issued a buy rating and a $60.00 price target on the stock. Zacks Investment Research raised Kaman Corporation from a sell rating to a hold rating in a research report on Thursday, July 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $54.75.
Shares of Kaman Corporation (KAMN) opened at 52.57 on Thursday. The firm has a market cap of $1.47 billion, a P/E ratio of 28.29 and a beta of 0.70. Kaman Corporation has a 52-week low of $40.85 and a 52-week high of $53.41. The stock’s 50 day moving average is $49.59 and its 200-day moving average is $49.16.
Kaman Corporation (NYSE:KAMN) last issued its quarterly earnings results on Monday, July 31st. The industrial products company reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.01). The business had revenue of $449.00 million during the quarter, compared to the consensus estimate of $469.24 million. Kaman Corporation had a return on equity of 9.24% and a net margin of 2.95%. The business’s quarterly revenue was down 4.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.64 earnings per share. Equities analysts anticipate that Kaman Corporation will post $2.48 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 5th. Stockholders of record on Tuesday, September 19th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Monday, September 18th. Kaman Corporation’s dividend payout ratio is presently 43.24%.
In other news, Director Richard J. Swift sold 2,404 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $50.70, for a total transaction of $121,882.80. Following the sale, the director now directly owns 19,937 shares in the company, valued at $1,010,805.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.38% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in KAMN. BlackRock Inc. increased its position in shares of Kaman Corporation by 162,013.1% during the first quarter. BlackRock Inc. now owns 3,519,476 shares of the industrial products company’s stock valued at $169,392,000 after purchasing an additional 3,517,305 shares during the period. JPMorgan Chase & Co. increased its position in shares of Kaman Corporation by 1,238.2% during the second quarter. JPMorgan Chase & Co. now owns 374,472 shares of the industrial products company’s stock valued at $18,675,000 after purchasing an additional 346,488 shares during the period. Bank of New York Mellon Corp increased its position in shares of Kaman Corporation by 53.3% during the second quarter. Bank of New York Mellon Corp now owns 636,282 shares of the industrial products company’s stock valued at $31,732,000 after purchasing an additional 221,360 shares during the period. Vanguard Group Inc. increased its position in shares of Kaman Corporation by 5.1% during the first quarter. Vanguard Group Inc. now owns 2,408,989 shares of the industrial products company’s stock valued at $115,945,000 after purchasing an additional 117,719 shares during the period. Finally, Bank of America Corp DE increased its position in shares of Kaman Corporation by 17.6% during the first quarter. Bank of America Corp DE now owns 680,398 shares of the industrial products company’s stock valued at $32,747,000 after purchasing an additional 101,686 shares during the period. Institutional investors and hedge funds own 93.71% of the company’s stock.
About Kaman Corporation
Kaman Corporation conducts business in the aerospace and distribution markets. The Company operates through two segments: Distribution and Aerospace. The Company’s brands include KAflex, KAron and K-MAX. Distribution segment is a power transmission, motion control, and fluid power industrial distributor with operations throughout the United States.
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