Zacks Investment Research downgraded shares of CalAmp Corp. (NASDAQ:CAMP) from a buy rating to a hold rating in a report published on Wednesday morning.
According to Zacks, “CalAmp Corp. is a leading provider of wireless communications products that enable anytime/anywhere access to critical information, data and entertainment content. With comprehensive capabilities ranging from product design and development through volume production, CalAmp delivers cost-effective high quality solutions to a broad array of customers and end markets. CalAmp is the leading supplier of Direct Broadcast Satellite outdoor customer premise equipment to the U.S. satellite television market. The Company also provides wireless data communication solutions for the telemetry and asset tracking markets, private wireless networks, public safety communications and critical infrastructure and process control applications. “
Several other equities research analysts have also recently issued reports on the stock. J P Morgan Chase & Co initiated coverage on shares of CalAmp Corp. in a research report on Monday, August 28th. They issued a neutral rating and a $20.00 target price on the stock. Northland Securities reissued a buy rating and issued a $22.00 target price on shares of CalAmp Corp. in a research report on Tuesday, September 5th. Craig Hallum raised their target price on shares of CalAmp Corp. from $19.00 to $23.00 and gave the stock a buy rating in a research report on Wednesday, June 28th. BidaskClub raised shares of CalAmp Corp. from a sell rating to a hold rating in a research report on Friday, August 25th. Finally, B. Riley reissued a buy rating and issued a $22.00 target price on shares of CalAmp Corp. in a research report on Monday, June 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $23.75.
Shares of CalAmp Corp. (NASDAQ:CAMP) opened at 23.70 on Wednesday. The stock has a 50 day moving average of $19.94 and a 200-day moving average of $18.87. CalAmp Corp. has a 1-year low of $12.13 and a 1-year high of $24.69. The stock has a market capitalization of $843.74 million, a P/E ratio of 219.44 and a beta of 1.60.
CalAmp Corp. (NASDAQ:CAMP) last released its earnings results on Thursday, September 28th. The Wireless communications provider reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.01. CalAmp Corp. had a net margin of 1.31% and a return on equity of 18.18%. The business had revenue of $89.80 million for the quarter, compared to analysts’ expectations of $88.72 million. During the same period last year, the company earned $0.27 earnings per share. The company’s quarterly revenue was down .8% on a year-over-year basis. Equities research analysts predict that CalAmp Corp. will post $1.17 earnings per share for the current fiscal year.
In other CalAmp Corp. news, SVP Garo Sarkis Sarkissian sold 9,833 shares of CalAmp Corp. stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $23.89, for a total transaction of $234,910.37. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael J. Burdiek sold 9,000 shares of CalAmp Corp. stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $23.99, for a total transaction of $215,910.00. The disclosure for this sale can be found here. Insiders own 5.30% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. US Bancorp DE lifted its position in CalAmp Corp. by 101.3% during the second quarter. US Bancorp DE now owns 5,284 shares of the Wireless communications provider’s stock valued at $108,000 after buying an additional 2,659 shares in the last quarter. Mason Street Advisors LLC lifted its position in CalAmp Corp. by 4.3% during the first quarter. Mason Street Advisors LLC now owns 8,280 shares of the Wireless communications provider’s stock valued at $139,000 after buying an additional 341 shares in the last quarter. State of Alaska Department of Revenue lifted its position in CalAmp Corp. by 77.1% during the second quarter. State of Alaska Department of Revenue now owns 6,941 shares of the Wireless communications provider’s stock valued at $141,000 after buying an additional 3,021 shares in the last quarter. Stifel Financial Corp acquired a new position in CalAmp Corp. during the first quarter valued at approximately $171,000. Finally, Karp Capital Management Corp acquired a new position in CalAmp Corp. during the first quarter valued at approximately $176,000. 72.88% of the stock is currently owned by hedge funds and other institutional investors.
CalAmp Corp. Company Profile
CalAmp Corp. (CalAmp) is a provider of wireless communications solutions for a range of applications to customers globally. The Company operates through two business segments: Wireless DataCom and Satellite. The Company’s Wireless DataCom segment offers solutions for mobile resource management (MRM) applications, the machine-to-machine (M2M) communications space and other markets that require connectivity anytime and anywhere.
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