Kemet Corporation (NYSE:KEM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, November 9th.
According to Zacks, “KEMET Corporation and its subsidiaries is the world’s largest manufacturer of solid tantalum capacitors and and one of the world’s largest manufacturer of multilayer ceramic capacitors. According to industry sources, tantalum and ceramic capacitors are the two fastest growing sectors of the United States capacitor industry. Capacitors are electronic components that store, filter and regulate electrical energy and current flow and are one of the essential passive components used on circuit boards. “
A number of other research firms also recently weighed in on KEM. TheStreet raised Kemet Corporation from a “c+” rating to a “b” rating in a research report on Wednesday, August 2nd. ValuEngine raised Kemet Corporation from a “hold” rating to a “buy” rating in a report on Friday, September 1st. BidaskClub cut Kemet Corporation from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 22nd. B. Riley restated a “buy” rating and issued a $24.25 price target on shares of Kemet Corporation in a research note on Tuesday, August 8th. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $12.00 price objective on shares of Kemet Corporation in a research report on Friday, July 14th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $22.50.
Kemet Corporation (KEM) traded down $0.55 on Thursday, reaching $16.19. 786,559 shares of the company’s stock were exchanged, compared to its average volume of 2,850,000. Kemet Corporation has a 1 year low of $4.33 and a 1 year high of $27.35. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.51 and a quick ratio of 1.73. The firm has a market capitalization of $912.82, a P/E ratio of 16.71 and a beta of 3.65.
Kemet Corporation (NYSE:KEM) last issued its quarterly earnings results on Thursday, November 2nd. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.02. The business had revenue of $301.47 million for the quarter, compared to the consensus estimate of $298.51 million. Kemet Corporation had a net margin of 31.16% and a return on equity of 21.07%. The firm’s quarterly revenue was up 60.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.13 EPS. analysts forecast that Kemet Corporation will post 1.44 earnings per share for the current fiscal year.
In related news, Director Frank G. Brandenberg sold 11,525 shares of Kemet Corporation stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $23.12, for a total transaction of $266,458.00. Following the transaction, the director now owns 66,831 shares of the company’s stock, valued at $1,545,132.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO William M. Lowe, Jr. sold 21,903 shares of Kemet Corporation stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $16.08, for a total value of $352,200.24. Following the transaction, the chief financial officer now directly owns 523,038 shares in the company, valued at approximately $8,410,451.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,428 shares of company stock valued at $640,968. 3.88% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in KEM. Renaissance Technologies LLC increased its position in shares of Kemet Corporation by 59.8% during the 2nd quarter. Renaissance Technologies LLC now owns 3,789,099 shares of the electronics maker’s stock valued at $48,500,000 after purchasing an additional 1,418,000 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Kemet Corporation by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,008,032 shares of the electronics maker’s stock worth $38,503,000 after buying an additional 179,841 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Kemet Corporation by 13.1% in the 2nd quarter. Vanguard Group Inc. now owns 1,748,043 shares of the electronics maker’s stock worth $22,374,000 after buying an additional 202,892 shares during the last quarter. Numeric Investors LLC boosted its stake in shares of Kemet Corporation by 1,622.5% in the 2nd quarter. Numeric Investors LLC now owns 1,111,039 shares of the electronics maker’s stock worth $14,221,000 after buying an additional 1,046,539 shares during the last quarter. Finally, State Street Corp lifted its position in Kemet Corporation by 1,972.6% during the second quarter. State Street Corp now owns 750,547 shares of the electronics maker’s stock valued at $9,606,000 after purchasing an additional 714,335 shares in the last quarter. Institutional investors and hedge funds own 58.59% of the company’s stock.
Kemet Corporation Company Profile
KEMET Corporation (KEMET) is a manufacturer of passive electronic components. The Company operates in two segments: Solid Capacitors, and Film and Electrolytic. The Solid Capacitors segment primarily produces tantalum, aluminum, polymer and ceramic capacitors. Solid Capacitors also produces tantalum powder used in the production of tantalum capacitors.
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