Kaman Corp. (KAMN) Downgraded by Zacks Investment Research
Kaman Corp. (NYSE:KAMN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
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) traded down 1.73% during midday trading on Tuesday, reaching $43.09. 87,424 shares of the company traded hands. Kaman Corp. has a 12-month low of $36.63 and a 12-month high of $45.62. The company has a 50-day moving average price of $44.28 and a 200-day moving average price of $42.93. The company has a market cap of $1.17 billion, a price-to-earnings ratio of 22.93 and a beta of 1.09.
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Kaman Corp. (NYSE:KAMN) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.64 earnings per share for the quarter, meeting the consensus estimate of $0.64. Kaman Corp. had a return on equity of 11.84% and a net margin of 2.89%. The company earned $470.06 million during the quarter, compared to analysts’ expectations of $459.13 million. During the same period in the prior year, the business earned $0.63 earnings per share. Kaman Corp.’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, analysts predict that Kaman Corp. will post $2.55 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, October 6th. Investors of record on Tuesday, September 20th were paid a $0.18 dividend. The ex-dividend date was Friday, September 16th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.67%. Kaman Corp.’s payout ratio is 38.30%.
In other news, CEO Neal J. Keating bought 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was acquired at an average cost of $42.65 per share, for a total transaction of $85,300.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP John J. Tedone sold 9,442 shares of the company’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $44.82, for a total value of $423,190.44. Following the completion of the transaction, the vice president now owns 19,190 shares of the company’s stock, valued at $860,095.80. The disclosure for this sale can be found here. 2.47% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of KAMN. Quantbot Technologies LP raised 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 valued at $103,000 after buying an additional 1,017 shares in the last quarter. Public Employees Retirement System of Ohio raised 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 valued at $110,000 after buying an additional 166 shares in the last quarter. Bruderman Asset Management LLC raised 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 valued at $140,000 after buying an additional 1,291 shares in the last quarter. PineBridge Investments L.P. raised 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 valued at $146,000 after buying an additional 131 shares in the last quarter. Finally, Victory Capital Management Inc. raised 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 valued at $147,000 after buying an additional 1,510 shares in the last quarter. Institutional investors and hedge funds own 97.31% of the company’s stock.
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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