Zacks Investment Research Upgrades Kaman Corp. (KAMN) to Buy
Kaman Corp. (NYSE:KAMN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage presently has a $49.00 price target on the stock. Zacks Investment Research’s price objective points to a potential upside of 12.36% from the stock’s previous close.
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) opened at 43.61 on Wednesday. Kaman Corp. has a 12 month low of $35.09 and a 12 month high of $45.62. The stock has a 50 day moving average of $44.36 and a 200-day moving average of $42.82. The firm has a market cap of $1.18 billion, a P/E ratio of 23.21 and a beta of 1.21.
Kaman Corp. (NYSE:KAMN) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.64 EPS for the quarter, meeting analysts’ consensus estimates of $0.64. Kaman Corp. had a net margin of 2.89% and a return on equity of 11.84%. The business had revenue of $470.06 million for the quarter, compared to analysts’ expectations of $459.13 million. During the same period last year, the business earned $0.63 earnings per share. The business’s quarterly revenue was up 5.3% on a year-over-year basis. Equities research analysts predict that Kaman Corp. will post $2.55 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 6th. Investors of record on Tuesday, September 20th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend is Friday, September 16th. Kaman Corp.’s dividend payout ratio (DPR) is currently 38.30%.
In related news, VP John J. Tedone sold 9,442 shares of Kaman Corp. 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 sale, the vice president now owns 19,190 shares in the company, valued at $860,095.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Neal J. Keating purchased 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was bought at an average price of $42.65 per share, for a total transaction of $85,300.00. The disclosure for this purchase can be found here. 2.47% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Mason Street Advisors LLC bought a new stake in Kaman Corp. during the second quarter valued at $225,000. Public Employees Retirement System of Ohio boosted its stake 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 during the period. Schwab Charles Investment Management Inc. boosted its stake in Kaman Corp. by 8.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 137,492 shares of the company’s stock valued at $5,847,000 after buying an additional 11,004 shares during the period. Arizona State Retirement System boosted its stake in Kaman Corp. by 1.4% in the second quarter. Arizona State Retirement System now owns 14,027 shares of the company’s stock valued at $596,000 after buying an additional 200 shares during the period. Finally, Westwood Holdings Group Inc. boosted its stake in Kaman Corp. by 7.4% in the second quarter. Westwood Holdings Group Inc. now owns 211,735 shares of the company’s stock valued at $9,003,000 after buying an additional 14,548 shares during the period. 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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