Zacks Investment Research upgraded shares of Kaman (NYSE:KAMN) from a hold rating to a buy rating in a research note released on Wednesday morning. They currently have $69.00 price target on the industrial products company’s stock.
According to Zacks, “Kaman Corporation is in the aerospace and industrial distribution markets. The company produces and/or markets widely used proprietary aircraft bearings and components; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; aerostructure engineering design analysis and FAA certification services; safe and arm solutions for missile and bomb systems for the U.S. and allied militaries; design and supply of aftermarket parts to MRO aerospace markets; K-MAX medium to heavy lift helicopters; and support for the company’s SH-2G Super Seasprite maritime helicopters and K-MAX aircraft. Additionally, Kaman provides engineering, design and support for automation, electrical, linear, hydraulic and pneumatic systems as well as belting and rubber fabrication, customized mechanical services, hose assemblies, repair, fluid analysis and motor management. “
Separately, BidaskClub raised Kaman from a hold rating to a buy rating in a research report on Wednesday, October 4th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has an average rating of Buy and an average target price of $64.50.
Kaman (NYSE:KAMN) last announced its quarterly earnings results on Thursday, October 26th. The industrial products company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.07. Kaman had a return on equity of 9.30% and a net margin of 2.90%. The company had revenue of $447.00 million during the quarter, compared to analysts’ expectations of $461.06 million. During the same quarter in the previous year, the firm earned $0.64 earnings per share. The business’s quarterly revenue was down 1.4% compared to the same quarter last year. sell-side analysts expect that Kaman will post 2.34 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, January 4th. Shareholders of record on Tuesday, December 19th were given a $0.20 dividend. The ex-dividend date was Monday, December 18th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.28%. Kaman’s dividend payout ratio is currently 44.20%.
In other news, Director Richard J. Swift sold 1,235 shares of Kaman stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $56.00, for a total value of $69,160.00. Following the transaction, the director now directly owns 18,702 shares in the company, valued at $1,047,312. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director E Reeves Callaway III sold 2,697 shares of Kaman stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $56.41, for a total value of $152,137.77. The disclosure for this sale can be found here. 2.38% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Kaman by 0.8% in the second quarter. Vanguard Group Inc. now owns 2,427,442 shares of the industrial products company’s stock worth $121,056,000 after purchasing an additional 18,453 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Kaman by 7.9% in the third quarter. Bank of New York Mellon Corp now owns 686,500 shares of the industrial products company’s stock worth $38,293,000 after purchasing an additional 50,218 shares during the period. State Street Corp increased its stake in shares of Kaman by 3.7% in the second quarter. State Street Corp now owns 678,248 shares of the industrial products company’s stock worth $33,830,000 after purchasing an additional 24,326 shares during the period. Northern Trust Corp increased its stake in shares of Kaman by 1.8% in the second quarter. Northern Trust Corp now owns 529,041 shares of the industrial products company’s stock worth $26,383,000 after purchasing an additional 9,545 shares during the period. Finally, Westwood Holdings Group Inc. increased its stake in shares of Kaman by 35.4% in the second quarter. Westwood Holdings Group Inc. now owns 377,545 shares of the industrial products company’s stock worth $18,828,000 after purchasing an additional 98,800 shares during the period. Institutional investors and hedge funds own 92.29% of the company’s stock.
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Kaman Company Profile
Kaman Corporation conducts business in the aerospace and distribution markets. The Company operates through two segments: Distribution and Aerospace. The Company’s brands include KAflex, KAron and K-MAX. Distribution segment is a power transmission, motion control, and fluid power industrial distributor with operations throughout the United States.
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