Kaydon (KDN) Upgraded to Buy at KeyBanc Capital Markets

Kaydon Corporation (KDN) has been upgraded downgraded today by the securities research analysts at investment firm KeyBanc Capital Markets which increased Kaydon from a “hold” rating to “buy.”  KeyBanc’s price target performance outlook for KDN is fixed at $40 dollars.  KeyBanc noted the company is debt free and offers an attractive capital structure with a commendable amount of cash.  KeyBanc further noted that KDN has potential for positive dividend increments or could go with share buybacks should the company choose to do so.  Lastly, KeyBanc is high on company management regarding their ability to integrate acquired companies.

2011 has not been kind to KDN on the market since February trading.  Shares of the company have been on a downturn since then and broke south from a triangle formation on the daily chart during May trading.  Since then a bearish gap occurred on May 23rd, 2011, and bearish momentum has proved difficult to decelerate.

Kaydon is slated to release their next earnings report on July 28th, 2011, and the current consensus EPS estimate is expected to be 45 cents.  Kaydon’s last earnings report was released on May 6th, 2011, and announced EPS of 36 cents with revenue totaling $108.3 million which was down -9.1 % year to year.  KDN is currently trading below its 50 & 200-day moving averages and 2011 is currently a down year for the company.

Kaydon Corporation is a leading designer and manufacturer of custom engineered, performance-critical products supplying a broad and diverse customer base.  The company has market capitalization of $1,105,466,000 and 32,600,000 shares outstanding.  KDN has a 52-week high of $41.71 with the low being $31.25 dollars.

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