Kaydon Corp. Rating Increased to Neutral at Goldman Sachs Group Inc. (KDN)
Kaydon Corp. (NYSE:KDN) was upgraded by equities research analysts at Goldman Sachs Group Inc. from a “sell” rating to a “neutral” rating in a research note issued to investors on Thursday, TheFlyOnTheWall.com reports. The firm currently has a $33.00 price objective on the stock, up from their previous price objective of $25.00. Goldman Sachs Group Inc.’s target price points to a potential downside of 7.17% from the company’s current price.
The analysts wrote, “We are upgrading shares of Kaydon to Neutral following the company’s announcement that it is being acquired by SKF. We raise our 12-month price target to $33 (from $25) to incorporate M&A value into our methodology. Since being added to the Sell List on July 1, 2013, KDN shares have increased 4.1% vs. the S&P 500 2.4%. On an LTM basis, shares have increased 31.5% vs. the S&P of 17.7%. In our view, our call that shares would revalue lower to our target P/E multiple of 14x 2014E did not come to fruition as the company has agreed to be purchased.”
Separately, analysts at Sidoti downgraded shares of Kaydon Corp. (NYSE:KDN) from a “buy” rating to a “neutral” rating in a research note to investors on Thursday.
Shares of Kaydon Corp. (NYSE:KDN) opened at 35.55 on Thursday. Kaydon Corp. has a 52 week low of $20.95 and a 52 week high of $35.58. The stock has a 50-day moving average of $29.46 and a 200-day moving average of $26.79. The company’s market cap is $1.145 billion.
Kaydon Corp. (NYSE:KDN) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.42 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.38 by $0.04. The company had revenue of $117.30 million for the quarter, compared to the consensus estimate of $114.79 million. During the same quarter in the previous year, the company posted $0.42 earnings per share. The company’s revenue for the quarter was down 5.7% on a year-over-year basis. On average, analysts predict that Kaydon Corp. will post $1.68 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, September 27th. Shareholders of record on Monday, September 9th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Thursday, September 5th.
Kaydon Corporation is a designer and manufacturer of engineered, performance-critical products supplying a diverse customer base.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.