Kaman Corp. (KAMN) Hits New 52-Week High Following Dividend Announcement
Shares of Kaman Corp. (NYSE:KAMN) hit a new 52-week high during trading on Wednesday after the company announced a dividend. The stock traded as high as $48.48 and last traded at $48.50, with a volume of 179,240 shares. The stock had previously closed at $48.27.
The newly announced dividend which will be paid on Thursday, January 5th. Shareholders of record on Tuesday, December 20th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Friday, December 16th. This represents a $0.72 annualized dividend and a dividend yield of 1.48%. Kaman Corp.’s dividend payout ratio (DPR) is currently 38.30%.
Separately, Zacks Investment Research upgraded Kaman Corp. from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Wednesday, September 28th.
The firm has a market cap of $1.32 billion, a PE ratio of 25.89 and a beta of 0.92. The firm’s 50 day moving average price is $43.69 and its 200-day moving average price is $43.24.
Kaman Corp. (NYSE:KAMN) last released its quarterly earnings results on Thursday, October 27th. The company reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.04. Kaman Corp. had a return on equity of 11.86% and a net margin of 2.87%. The business had revenue of $453.50 million for the quarter, compared to analysts’ expectations of $451.03 million. During the same quarter in the previous year, the firm posted $0.62 earnings per share. The company’s revenue was up 4.6% compared to the same quarter last year. Analysts anticipate that Kaman Corp. will post $2.39 EPS for the current year.
In other news, VP John J. Tedone sold 9,442 shares of the stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $44.82, for a total transaction of $423,190.44. Following the sale, the vice president now directly owns 19,190 shares in the company, valued at approximately $860,095.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Neal J. Keating purchased 2,000 shares of the company’s stock in a transaction dated Tuesday, November 1st. The shares were bought at an average price of $43.64 per share, for a total transaction of $87,280.00. The disclosure for this purchase can be found here. 2.47% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in KAMN. Quantbot Technologies LP boosted its stake in shares of Kaman Corp. by 71.7% in the second quarter. Quantbot Technologies LP now owns 2,436 shares of the company’s stock worth $103,000 after buying an additional 1,017 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of 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 worth $110,000 after buying an additional 166 shares during the last quarter. Bruderman Asset Management LLC boosted its stake in shares of Kaman Corp. by 64.7% in the second quarter. Bruderman Asset Management LLC now owns 3,287 shares of the company’s stock worth $140,000 after buying an additional 1,291 shares during the last quarter. PineBridge Investments L.P. boosted its stake in shares of Kaman Corp. by 4.0% in the second quarter. PineBridge Investments L.P. now owns 3,432 shares of the company’s stock worth $146,000 after buying an additional 131 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Kaman Corp. by 77.2% in the second quarter. Victory Capital Management Inc. now owns 3,465 shares of the company’s stock worth $147,000 after buying an additional 1,510 shares during the last quarter. Institutional investors and hedge funds own 97.52% 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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