Zacks Investment Research Upgrades Kaman (NYSE:KAMN) to Buy

Kaman (NYSE:KAMN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday, Zacks.com reports. The firm currently has a $62.00 price target on the industrial products company’s stock. Zacks Investment Research‘s target price points to a potential upside of 13.39% from the company’s previous close.

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. “

NYSE KAMN traded down $0.60 during trading hours on Thursday, hitting $54.68. 84,247 shares of the company’s stock were exchanged, compared to its average volume of 135,696. The stock has a 50 day simple moving average of $53.25. Kaman has a 12-month low of $37.38 and a 12-month high of $59.79. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of -24.52 and a beta of 1.35. The company has a quick ratio of 2.25, a current ratio of 3.49 and a debt-to-equity ratio of 0.24.

Kaman (NYSE:KAMN) last released its earnings results on Tuesday, May 4th. The industrial products company reported $0.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.10. Kaman had a positive return on equity of 6.30% and a negative net margin of 8.29%. The firm had revenue of $171.60 million for the quarter, compared to the consensus estimate of $167.90 million. During the same period in the prior year, the business posted $0.48 earnings per share. The firm’s revenue for the quarter was down 17.2% compared to the same quarter last year. On average, research analysts anticipate that Kaman will post 1.84 EPS for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its stake in shares of Kaman by 4.7% in the first quarter. BlackRock Inc. now owns 4,677,998 shares of the industrial products company’s stock valued at $239,935,000 after buying an additional 209,847 shares in the last quarter. Cardinal Capital Management LLC CT grew its stake in Kaman by 14.3% during the 4th quarter. Cardinal Capital Management LLC CT now owns 1,266,453 shares of the industrial products company’s stock valued at $72,352,000 after purchasing an additional 158,436 shares in the last quarter. Westwood Holdings Group Inc. grew its stake in Kaman by 27.6% during the 1st quarter. Westwood Holdings Group Inc. now owns 832,265 shares of the industrial products company’s stock valued at $42,687,000 after purchasing an additional 180,249 shares in the last quarter. Investment Counselors of Maryland LLC grew its stake in Kaman by 56.0% during the 1st quarter. Investment Counselors of Maryland LLC now owns 753,026 shares of the industrial products company’s stock valued at $38,623,000 after purchasing an additional 270,248 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Kaman by 11.2% during the 1st quarter. Geode Capital Management LLC now owns 445,873 shares of the industrial products company’s stock valued at $22,868,000 after purchasing an additional 44,746 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

About Kaman

Kaman Corporation, together with its subsidiaries, operates in the aerospace, medical, and industrial markets. The company produces and markets aircraft bearings and components; super precision miniature ball bearings; spring energized seals, springs, and contacts; and metallic and composite aero structures for commercial, military, and general aviation fixed and rotary wing aircrafts.

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