BlackRock Inc. lessened its position in Kaman Corporation (NYSE:KAMN) by 1.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,461,123 shares of the industrial products company’s stock after selling 58,353 shares during the period. BlackRock Inc. owned approximately 12.41% of Kaman Corporation worth $172,605,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in KAMN. JPMorgan Chase & Co. increased its holdings in shares of Kaman Corporation by 1,238.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 374,472 shares of the industrial products company’s stock worth $18,675,000 after acquiring an additional 346,488 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Kaman Corporation by 53.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 636,282 shares of the industrial products company’s stock worth $31,732,000 after acquiring an additional 221,360 shares during the period. Vanguard Group Inc. increased its holdings in shares of Kaman Corporation by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 2,408,989 shares of the industrial products company’s stock worth $115,945,000 after acquiring an additional 117,719 shares during the period. Bank of America Corp DE increased its holdings in shares of Kaman Corporation by 17.6% in the 1st quarter. Bank of America Corp DE now owns 680,398 shares of the industrial products company’s stock worth $32,747,000 after acquiring an additional 101,686 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in shares of Kaman Corporation by 76.5% in the 1st quarter. Renaissance Technologies LLC now owns 209,922 shares of the industrial products company’s stock worth $10,104,000 after acquiring an additional 91,000 shares during the period. 93.71% of the stock is currently owned by institutional investors and hedge funds.
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A number of analysts recently weighed in on the stock. BidaskClub raised shares of Kaman Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, October 4th. Zacks Investment Research upgraded shares of Kaman Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, October 4th. Finally, Northcoast Research assumed coverage on shares of Kaman Corporation in a research report on Tuesday, July 25th. They issued a “buy” rating and a $60.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $56.67.
In related news, Director Richard J. Swift sold 2,404 shares of Kaman Corporation stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $50.70, for a total value of $121,882.80. Following the completion of the transaction, the director now directly owns 19,937 shares of the company’s stock, valued at $1,010,805.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.38% of the company’s stock.
Kaman Corporation (KAMN) opened at 55.45 on Thursday. The company has a 50-day moving average of $51.72 and a 200-day moving average of $49.84. The company has a market cap of $1.55 billion, a price-to-earnings ratio of 29.84 and a beta of 0.70. Kaman Corporation has a 12 month low of $40.85 and a 12 month high of $56.50.
Kaman Corporation (NYSE:KAMN) last released its quarterly earnings results on Monday, July 31st. The industrial products company reported $0.48 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.01). Kaman Corporation had a net margin of 2.95% and a return on equity of 9.24%. The business had revenue of $449.00 million during the quarter, compared to the consensus estimate of $469.24 million. During the same period in the prior year, the firm earned $0.64 earnings per share. The business’s quarterly revenue was down 4.6% compared to the same quarter last year. Analysts predict that Kaman Corporation will post $2.48 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 5th. Investors of record on Tuesday, September 19th were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, September 18th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.44%. Kaman Corporation’s dividend payout ratio is 43.24%.
About Kaman Corporation
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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