Bank of America Reaffirms Underperform Rating for Cadre (NYSE:CDRE)

Cadre (NYSE:CDRE)‘s stock had its “underperform” rating restated by equities research analysts at Bank of America in a note issued to investors on Wednesday, Marketbeat reports. They presently have a $26.00 price objective on the stock, down from their prior price objective of $38.00. Bank of America‘s price target suggests a potential downside of 10.50% from the stock’s previous close.

Separately, Wall Street Zen lowered shares of Cadre from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th.

Cadre Trading Down 0.6%

Cadre stock opened at $29.05 on Wednesday. The business has a 50 day moving average price of $32.57 and a two-hundred day moving average price of $32.66. The company has a quick ratio of 2.56, a current ratio of 3.59 and a debt-to-equity ratio of 0.90. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of 30.90, a price-to-earnings-growth ratio of 1.07 and a beta of 1.31. Cadre has a 12 month low of $27.07 and a 12 month high of $40.28.

Cadre (NYSE:CDRE) last issued its earnings results on Tuesday, August 5th. The company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.05. Cadre had a net margin of 6.65% and a return on equity of 12.08%. The business had revenue of $157.11 million for the quarter, compared to analyst estimates of $153.23 million. During the same period in the previous year, the business earned $0.31 EPS. The firm’s revenue was up 8.9% on a year-over-year basis. As a group, equities analysts forecast that Cadre will post 1.05 EPS for the current year.

Insider Buying and Selling at Cadre

In other news, CEO Warren B. Kanders sold 25,000 shares of Cadre stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $32.78, for a total transaction of $819,500.00. Following the sale, the chief executive officer directly owned 10,216,192 shares in the company, valued at approximately $334,886,773.76. The trade was a 0.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders have sold 275,000 shares of company stock worth $9,309,000. 31.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cadre

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Greenhouse Funds LLLP boosted its position in Cadre by 8.4% in the second quarter. Greenhouse Funds LLLP now owns 2,743,265 shares of the company’s stock valued at $87,373,000 after buying an additional 213,298 shares in the last quarter. Capital International Investors grew its position in Cadre by 118.4% during the 4th quarter. Capital International Investors now owns 1,981,602 shares of the company’s stock worth $64,006,000 after acquiring an additional 1,074,471 shares during the last quarter. Vanguard Group Inc. grew its position in Cadre by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 1,432,441 shares of the company’s stock worth $42,415,000 after acquiring an additional 41,476 shares during the last quarter. Fred Alger Management LLC grew its position in Cadre by 20.9% during the 1st quarter. Fred Alger Management LLC now owns 826,528 shares of the company’s stock worth $24,473,000 after acquiring an additional 143,119 shares during the last quarter. Finally, Ophir Asset Management Pty Ltd bought a new stake in Cadre during the 2nd quarter worth approximately $21,872,000. 43.95% of the stock is currently owned by institutional investors and hedge funds.

About Cadre

Cadre Holdings, Inc manufactures and distributes safety that provides protection to users in hazardous or life-threatening situations in the United States and internationally. The company operates in two segments, Products and Distribution. It offers body armor product, such as concealable, corrections, and tactical armor under the Safariland and Protech Tactical brand names; survival suits, remotely operated vehicles, specialty tools, blast sensors, accessories, and vehicle blast attenuation seats for bomb safety technicians; bomb suits; duty gear, including belts and accessories; and other protective equipment comprising communications gear, forensic and investigation products, firearms cleaning solutions, and crowd control products.