Zacks Investment Research upgraded shares of Kaman Corp. (NYSE:KAMN) from a hold rating to a buy rating in a research report report published on Wednesday. The brokerage currently has $49.00 price objective on the stock.
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. “
Shares of Kaman Corp. (NYSE:KAMN) opened at 43.95 on Wednesday. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 23.39 and a beta of 1.09. Kaman Corp. has a 12-month low of $36.63 and a 12-month high of $45.62. The company’s 50-day moving average is $44.36 and its 200-day moving average is $42.89.
Kaman Corp. (NYSE:KAMN) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.64 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.64. The firm had revenue of $470.06 million for the quarter, compared to the consensus estimate of $459.13 million. Kaman Corp. had a net margin of 2.89% and a return on equity of 11.84%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.63 EPS. Equities research analysts predict that Kaman Corp. will post $2.55 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 6th. Stockholders of record on Tuesday, September 20th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date is Friday, September 16th. Kaman Corp.’s payout ratio is presently 38.30%.
In other news, VP Gregory L. Steiner sold 4,005 shares of the firm’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $44.10, for a total transaction of $176,620.50. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Neal J. Keating purchased 2,000 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were bought at an average cost of $42.65 per share, for a total transaction of $85,300.00. The disclosure for this purchase can be found here. Insiders own 2.47% of the company’s stock.
Several hedge funds have recently made changes to their positions in KAMN. Norges Bank bought a new stake in shares of Kaman Corp. during the fourth quarter worth about $14,671,000. Aperio Group LLC increased its position in Kaman Corp. by 26.0% in the first quarter. Aperio Group LLC now owns 9,479 shares of the company’s stock worth $405,000 after buying an additional 1,953 shares during the last quarter. Virginia Retirement System acquired a new position in Kaman Corp. during the first quarter worth about $820,000. Los Angeles Capital Management & Equity Research Inc. increased its position in Kaman Corp. by 5.4% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 9,005 shares of the company’s stock worth $384,000 after buying an additional 465 shares during the last quarter. Finally, BlackRock Group LTD increased its position in Kaman Corp. by 5.9% in the first quarter. BlackRock Group LTD now owns 32,387 shares of the company’s stock worth $1,382,000 after buying an additional 1,797 shares during the last quarter. 97.31% of the stock is currently owned by hedge funds and other institutional investors.
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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