Karman (NYSE:KRMN) Stock Price Down 6.3% After Analyst Downgrade

Shares of Karman Holdings Inc. (NYSE:KRMN) fell 6.3% during trading on Monday after Royal Bank Of Canada lowered their price target on the stock from $85.00 to $70.00. Royal Bank Of Canada currently has an outperform rating on the stock. Karman traded as low as $33.52 and last traded at $33.4360. Approximately 1,101,040 shares changed hands during trading, a decline of 61% from the average session volume of 2,800,964 shares. The stock had previously closed at $35.69.

Several other research analysts have also issued reports on the stock. Piper Sandler reiterated an “overweight” rating and issued a $91.00 price target (down from $114.00) on shares of Karman in a research note on Friday, August 7th. Citigroup upped their price objective on shares of Karman from $76.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Guggenheim began coverage on shares of Karman in a research note on Monday, September 14th. They set a “buy” rating and a $63.00 target price for the company. Weiss Ratings lowered shares of Karman from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, September 10th. Finally, Truist Financial lowered their target price on shares of Karman from $118.00 to $85.00 and set a “buy” rating for the company in a report on Thursday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Karman has an average rating of “Moderate Buy” and an average target price of $88.09.

Insider Buying and Selling

In other news, Director David Stinnett acquired 27,000 shares of Karman stock in a transaction on Wednesday, September 16th. The stock was acquired at an average cost of $37.32 per share, for a total transaction of $1,007,640.00. Following the purchase, the director owned 3,530,395 shares in the company, valued at $131,754,341.40. This trade represents a 0.77% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.77% of the company’s stock.

Institutional Investors Weigh In On Karman

A number of institutional investors have recently made changes to their positions in KRMN. First Trust Advisors LP increased its position in shares of Karman by 3.3% during the first quarter. First Trust Advisors LP now owns 2,891,687 shares of the company’s stock valued at $231,480,000 after acquiring an additional 93,565 shares in the last quarter. Van ECK Associates Corp raised its holdings in Karman by 125.3% in the 4th quarter. Van ECK Associates Corp now owns 2,867,379 shares of the company’s stock worth $209,806,000 after acquiring an additional 1,594,518 shares during the last quarter. Falcon Wealth Planning bought a new position in Karman in the 1st quarter valued at approximately $205,684,000. Bank of New York Mellon Corp boosted its stake in Karman by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 1,495,619 shares of the company’s stock valued at $109,434,000 after purchasing an additional 184,099 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Karman by 17.8% during the 4th quarter. Geode Capital Management LLC now owns 1,156,163 shares of the company’s stock valued at $84,620,000 after purchasing an additional 174,561 shares during the last quarter.

Karman Trading Down 6.3%

The firm has a market cap of $4.43 billion, a P/E ratio of 115.54 and a beta of 0.47. The stock has a fifty day simple moving average of $46.61 and a 200 day simple moving average of $60.66. The company has a debt-to-equity ratio of 2.01, a quick ratio of 3.40 and a current ratio of 3.56.

Karman (NYSE:KRMN) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. Karman had a return on equity of 15.54% and a net margin of 6.31%.The firm had revenue of $182.06 million for the quarter. During the same period in the previous year, the company earned $0.10 earnings per share. The company’s revenue for the quarter was up 58.2% compared to the same quarter last year. On average, research analysts expect that Karman Holdings Inc. will post 0.59 earnings per share for the current fiscal year.

About Karman

Karman is an aerospace and defense company that develops and manufactures mission-critical components, structures and systems for space and defense applications. Its offerings support launch vehicles, satellites, hypersonic systems and other advanced aerospace platforms.

The company provides capabilities across engineered metallic and composite structures, precision components, propulsion-related products and other specialized assemblies. Karman serves government and commercial aerospace customers involved in space launch, national security and defense programs.

Operating through a portfolio of aerospace and defense businesses, Karman combines design, engineering and manufacturing capabilities for complex, high-performance applications.