Cadre (NYSE:CDRE) Shares Gap Down on Disappointing Earnings

Cadre Holdings, Inc. (NYSE:CDRE) gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $34.35, but opened at $31.00. Cadre shares last traded at $30.74, with a volume of 260,051 shares trading hands.

The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.07). Cadre had a net margin of 8.01% and a return on equity of 21.85%. The business had revenue of $137.86 million during the quarter, compared to analysts’ expectations of $127.99 million. During the same period in the prior year, the firm earned $0.19 EPS. Cadre’s revenue for the quarter was up 23.4% on a year-over-year basis.

Cadre Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 3rd will be issued a $0.0875 dividend. This represents a $0.35 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date of this dividend is Thursday, May 2nd. Cadre’s payout ratio is currently 34.31%.

Analyst Ratings Changes

CDRE has been the subject of a number of research reports. Raymond James cut shares of Cadre from an “outperform” rating to a “market perform” rating in a research report on Monday, January 22nd. Stephens increased their target price on Cadre from $36.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Roth Mkm restated a “buy” rating and issued a $43.00 target price (up from $38.00) on shares of Cadre in a research report on Wednesday, March 6th. B. Riley reaffirmed a “buy” rating and set a $48.00 price target (up from $40.00) on shares of Cadre in a research note on Wednesday, March 6th. Finally, Stifel Nicolaus increased their price objective on Cadre from $33.00 to $34.00 and gave the stock a “hold” rating in a research note on Wednesday, March 6th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $41.25.

Insider Activity at Cadre

In related news, CEO Warren B. Kanders sold 1,438,127 shares of the firm’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $35.00, for a total transaction of $50,334,445.00. Following the sale, the chief executive officer now directly owns 12,184,918 shares in the company, valued at $426,472,130. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 49.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Covestor Ltd increased its position in Cadre by 49,625.0% during the third quarter. Covestor Ltd now owns 1,989 shares of the company’s stock worth $53,000 after acquiring an additional 1,985 shares during the period. New York State Teachers Retirement System increased its stake in shares of Cadre by 1,640.0% in the first quarter. New York State Teachers Retirement System now owns 1,740 shares of the company’s stock valued at $63,000 after buying an additional 1,640 shares during the period. Psagot Value Holdings Ltd. Israel raised its stake in shares of Cadre by 635.3% during the fourth quarter. Psagot Value Holdings Ltd. Israel now owns 2,169 shares of the company’s stock valued at $72,000 after acquiring an additional 1,874 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Cadre by 992.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,283 shares of the company’s stock valued at $75,000 after acquiring an additional 2,074 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Cadre by 56.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,944 shares of the company’s stock valued at $105,000 after purchasing an additional 1,424 shares during the period. 43.95% of the stock is currently owned by institutional investors.

Cadre Trading Down 10.7 %

The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of 29.53, a P/E/G ratio of 1.80 and a beta of 1.35. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.73 and a current ratio of 2.58. The business has a 50 day moving average of $35.14 and a two-hundred day moving average of $33.40.

Cadre Company Profile

Cadre Holdings, Inc manufactures and distributes safety that provides protection to users in hazardous or life-threatening situations in the United States and internationally. The company operates in two segments, Products and Distribution. It offers body armor product, such as concealable, corrections, and tactical armor under the Safariland and Protech Tactical brand names; survival suits, remotely operated vehicles, specialty tools, blast sensors, accessories, and vehicle blast attenuation seats for bomb safety technicians; bomb suits; duty gear, including belts and accessories; and other protective equipment comprising communications gear, forensic and investigation products, firearms cleaning solutions, and crowd control products.