Zacks Investment Research downgraded shares of Kaman Corporation (NYSE:KAMN) from a hold rating to a sell rating in a research report released on Tuesday morning.
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. “
A number of other equities analysts have also recently issued reports on KAMN. BidaskClub upgraded Kaman Corporation from a strong sell rating to a sell rating in a report on Saturday, June 10th. Northcoast Research started coverage on Kaman Corporation in a report on Tuesday, July 25th. They issued a buy rating and a $60.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $54.75.
Shares of Kaman Corporation (KAMN) opened at 50.12 on Tuesday. The stock has a 50 day moving average price of $49.59 and a 200 day moving average price of $49.19. Kaman Corporation has a 12 month low of $40.85 and a 12 month high of $53.41. The stock has a market capitalization of $1.40 billion, a P/E ratio of 26.98 and a beta of 0.70.
Kaman Corporation (NYSE:KAMN) last issued its quarterly earnings results on Monday, July 31st. The industrial products company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.01). Kaman Corporation had a net margin of 2.95% and a return on equity of 9.24%. The firm had revenue of $449.00 million for the quarter, compared to analyst estimates of $469.24 million. During the same quarter last year, the business posted $0.64 earnings per share. The firm’s revenue for the quarter was down 4.6% compared to the same quarter last year. On average, analysts anticipate that Kaman Corporation will post $2.48 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Thursday, October 5th. Investors of record on Tuesday, September 19th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date is Monday, September 18th. Kaman Corporation’s payout ratio is 43.24%.
In related news, Director Richard J. Swift sold 2,404 shares of Kaman Corporation stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $50.70, for a total value of $121,882.80. Following the transaction, the director now directly owns 19,937 shares in the company, valued at approximately $1,010,805.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.38% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio grew its holdings in shares of Kaman Corporation by 5.8% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,652 shares of the industrial products company’s stock worth $132,000 after acquiring an additional 145 shares during the last quarter. Dean Capital Management acquired a new position in shares of Kaman Corporation in the 2nd quarter worth $3,600,000. Westwood Holdings Group Inc. grew its holdings in shares of Kaman Corporation by 35.4% in the 2nd quarter. Westwood Holdings Group Inc. now owns 377,545 shares of the industrial products company’s stock worth $18,828,000 after acquiring an additional 98,800 shares during the last quarter. State Street Corp grew its holdings in shares of Kaman Corporation by 3.7% in the 2nd quarter. State Street Corp now owns 678,248 shares of the industrial products company’s stock worth $33,830,000 after acquiring an additional 24,326 shares during the last quarter. Finally, Flinton Capital Management LLC grew its holdings in shares of Kaman Corporation by 67.7% in the 2nd quarter. Flinton Capital Management LLC now owns 3,706 shares of the industrial products company’s stock worth $185,000 after acquiring an additional 1,496 shares during the last quarter. 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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