Zacks Investment Research Downgrades Kemet (KEM) to Hold

Kemet (NYSE:KEM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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. “

Several other equities analysts have also recently commented on the stock. B. Riley restated a “buy” rating and set a $27.50 price target on shares of Kemet in a report on Tuesday, October 31st. TheStreet lowered shares of Kemet from a “b” rating to a “c” rating in a research note on Thursday, November 2nd. ValuEngine lowered shares of Kemet from a “buy” rating to a “hold” rating in a research note on Thursday, October 5th. BidaskClub lowered shares of Kemet from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $12.00 price objective on shares of Kemet in a research note 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 company has a consensus rating of “Hold” and a consensus target price of $22.50.

Kemet (NYSE KEM) traded up $0.62 during midday trading on Thursday, reaching $17.00. 2,190,889 shares of the company’s stock traded hands, compared to its average volume of 1,455,731. Kemet has a 12-month low of $5.12 and a 12-month high of $27.35. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.73 and a current ratio of 2.51. The stock has a market cap of $910.56, a PE ratio of 16.65 and a beta of 3.65.

Kemet (NYSE:KEM) last posted its quarterly earnings results on Thursday, November 2nd. The electronics maker reported $0.45 EPS for the quarter, beating the consensus estimate of $0.43 by $0.02. Kemet had a net margin of 31.16% and a return on equity of 21.07%. The business had revenue of $301.47 million for the quarter, compared to analysts’ expectations of $298.51 million. During the same period in the previous year, the company posted $0.13 EPS. Kemet’s revenue was up 60.9% on a year-over-year basis. equities research analysts expect that Kemet will post 1.44 earnings per share for the current fiscal year.

In other news, CFO William M. Lowe, Jr. sold 21,903 shares of the company’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $16.08, for a total transaction of $352,200.24. Following the completion of the transaction, the chief financial officer now owns 523,038 shares of the company’s stock, valued at $8,410,451.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank G. Brandenberg sold 11,525 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $23.12, for a total transaction of $266,458.00. Following the transaction, the director now directly owns 66,831 shares of the company’s stock, valued at approximately $1,545,132.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,428 shares of company stock valued at $640,968. Company insiders own 3.88% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC increased its stake in Kemet by 59.8% in the second quarter. Renaissance Technologies LLC now owns 3,789,099 shares of the electronics maker’s stock valued at $48,500,000 after acquiring an additional 1,418,000 shares during the period. Dimensional Fund Advisors LP increased its stake in Kemet by 6.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,008,032 shares of the electronics maker’s stock valued at $38,503,000 after acquiring an additional 179,841 shares during the period. Vanguard Group Inc. increased its stake in Kemet by 13.1% in the second quarter. Vanguard Group Inc. now owns 1,748,043 shares of the electronics maker’s stock valued at $22,374,000 after acquiring an additional 202,892 shares during the period. Numeric Investors LLC increased its stake in Kemet by 1,622.5% in the second quarter. Numeric Investors LLC now owns 1,111,039 shares of the electronics maker’s stock valued at $14,221,000 after acquiring an additional 1,046,539 shares during the period. Finally, State Street Corp increased its stake in Kemet by 1,972.6% in the second quarter. State Street Corp now owns 750,547 shares of the electronics maker’s stock valued at $9,606,000 after acquiring an additional 714,335 shares during the period. 69.78% of the stock is owned by institutional investors and hedge funds.

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Kemet 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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