Zacks Investment Research Downgrades Kaman (KAMN) to Hold

Kaman (NYSE:KAMN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.

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. “

A number of other brokerages have also recently issued reports on KAMN. ValuEngine upgraded Kaman from a “hold” rating to a “buy” rating in a report on Thursday, November 1st. TheStreet cut Kaman from a “b-” rating to a “c+” rating in a report on Monday, December 24th. Finally, JPMorgan Chase & Co. cut Kaman from a “neutral” rating to an “underweight” rating and set a $56.86 target price on the stock. in a report on Friday, December 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. Kaman presently has a consensus rating of “Hold” and a consensus target price of $61.95.

Shares of NYSE KAMN traded down $0.45 during mid-day trading on Wednesday, reaching $57.04. The company had a trading volume of 3,445 shares, compared to its average volume of 174,289. The company has a quick ratio of 1.59, a current ratio of 2.70 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of 25.58 and a beta of 0.61. Kaman has a 1-year low of $51.34 and a 1-year high of $75.08.

Kaman (NYSE:KAMN) last issued its earnings results on Thursday, November 1st. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.67 by ($0.10). The company had revenue of $443.06 million during the quarter, compared to analyst estimates of $471.01 million. Kaman had a return on equity of 11.10% and a net margin of 2.40%. The business’s revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.69 earnings per share. As a group, analysts anticipate that Kaman will post 2.59 earnings per share for the current year.

In other news, CEO Neal J. Keating bought 4,000 shares of the stock in a transaction on Tuesday, November 6th. The shares were purchased at an average price of $59.04 per share, for a total transaction of $236,160.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.38% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Schwab Charles Investment Management Inc. grew its stake in Kaman by 16.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 255,910 shares of the industrial products company’s stock valued at $17,835,000 after purchasing an additional 36,770 shares in the last quarter. Riverhead Capital Management LLC lifted its position in shares of Kaman by 23.6% in the third quarter. Riverhead Capital Management LLC now owns 6,285 shares of the industrial products company’s stock worth $420,000 after buying an additional 1,200 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Kaman by 2.5% in the third quarter. Wells Fargo & Company MN now owns 58,255 shares of the industrial products company’s stock worth $3,890,000 after buying an additional 1,406 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Kaman by 585.2% in the second quarter. PNC Financial Services Group Inc. now owns 8,168 shares of the industrial products company’s stock worth $569,000 after buying an additional 6,976 shares during the last quarter. Finally, BlackRock Inc. lifted its position in shares of Kaman by 6.6% in the second quarter. BlackRock Inc. now owns 3,821,510 shares of the industrial products company’s stock worth $266,322,000 after buying an additional 235,543 shares during the last quarter. Hedge funds and other institutional investors own 93.65% of the company’s stock.

About Kaman

Kaman Corporation operates in the aerospace and distribution markets. It operates through two segments, Distribution and Aerospace. The Distribution segment distributes electro-mechanical products; bearings; and power transmission, motion control, and electrical and fluid power components, as well as offers value-added services.

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