Cadre (NYSE:CDRE) Shares Gap Down After Earnings Miss

Cadre Holdings, Inc. (NYSE:CDRE)’s stock price gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $34.35, but opened at $31.00. Cadre shares last traded at $30.74, with a volume of 260,051 shares trading hands.

The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.07). Cadre had a return on equity of 21.85% and a net margin of 8.01%. The business had revenue of $137.86 million during the quarter, compared to analyst estimates of $127.99 million. During the same period last year, the business earned $0.19 EPS. The business’s quarterly revenue was up 23.4% on a year-over-year basis.

Cadre Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 3rd will be paid a $0.0875 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.35 dividend on an annualized basis and a dividend yield of 1.14%. Cadre’s payout ratio is presently 34.31%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Stifel Nicolaus increased their target price on shares of Cadre from $33.00 to $34.00 and gave the company a “hold” rating in a research note on Wednesday, March 6th. Stephens lifted their price target on shares of Cadre from $36.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, February 16th. B. Riley reaffirmed a “buy” rating and set a $48.00 price objective (up from $40.00) on shares of Cadre in a report on Wednesday, March 6th. Roth Mkm reissued a “buy” rating and issued a $43.00 price target (up previously from $38.00) on shares of Cadre in a research report on Wednesday, March 6th. Finally, Raymond James downgraded Cadre from an “outperform” rating to a “market perform” rating in a report on Monday, January 22nd. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $41.25.

Insider Transactions at Cadre

In related news, CEO Warren B. Kanders sold 1,438,127 shares of Cadre stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $35.00, for a total transaction of $50,334,445.00. Following the transaction, the chief executive officer now owns 12,184,918 shares of the company’s stock, valued at approximately $426,472,130. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 49.20% of the stock is owned by corporate 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 stock. Legato Capital Management LLC acquired a new stake in Cadre in the 4th quarter valued at approximately $245,000. FMR LLC raised its holdings in Cadre by 12.4% during the third quarter. FMR LLC now owns 5,637,904 shares of the company’s stock worth $150,250,000 after acquiring an additional 621,116 shares in the last quarter. Oak Ridge Investments LLC acquired a new position in Cadre during the fourth quarter valued at approximately $1,930,000. Vanguard Group Inc. increased its position in shares of Cadre by 2.0% during the 3rd quarter. Vanguard Group Inc. now owns 931,296 shares of the company’s stock worth $24,819,000 after purchasing an additional 18,173 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Cadre during the 4th quarter worth approximately $229,000. 43.95% of the stock is owned by institutional investors and hedge funds.

Cadre Stock Performance

The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of 29.53, a P/E/G ratio of 1.80 and a beta of 1.35. The company has a quick ratio of 1.73, a current ratio of 2.58 and a debt-to-equity ratio of 0.65. The stock’s fifty day moving average is $35.14 and its two-hundred day moving average is $33.40.

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.