Cadre (NYSE:CDRE) Shares Gap Down on Disappointing Earnings

Cadre Holdings, Inc. (NYSE:CDRE)’s stock price gapped down before the market opened on Wednesday following a dissappointing earnings announcement. 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 traded.

The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.07). The business had revenue of $137.86 million during the quarter, compared to analysts’ expectations of $127.99 million. Cadre had a net margin of 8.01% and a return on equity of 21.85%. The company’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same period last year, the business posted $0.19 earnings per share.

Cadre Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 3rd will be issued a $0.0875 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.35 dividend on an annualized basis and a dividend yield of 1.13%. Cadre’s dividend payout ratio (DPR) is presently 34.31%.

Analyst Ratings Changes

A number of research analysts recently commented on CDRE shares. Roth Mkm reaffirmed a “buy” rating and issued a $43.00 price target (up previously from $38.00) on shares of Cadre in a report on Wednesday, March 6th. Stephens raised their price objective on Cadre from $36.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. Raymond James downgraded Cadre from an “outperform” rating to a “market perform” rating in a research report on Monday, January 22nd. Stifel Nicolaus raised their price target on Cadre from $33.00 to $34.00 and gave the stock a “hold” rating in a research report on Wednesday, March 6th. Finally, B. Riley reiterated a “buy” rating and set a $48.00 price objective (up previously from $40.00) on shares of Cadre in a research report on Wednesday, March 6th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Cadre presently has an average rating of “Moderate Buy” and an average target price of $41.25.

Insider Activity

In related news, CEO Warren B. Kanders sold 1,438,127 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $35.00, for a total transaction of $50,334,445.00. Following the completion of the sale, the chief executive officer now directly owns 12,184,918 shares of the company’s stock, valued at approximately $426,472,130. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 49.20% of the company’s stock.

Hedge Funds Weigh In On Cadre

Hedge funds have recently added to or reduced their stakes in the stock. Covestor Ltd boosted its holdings in shares of Cadre by 49,625.0% in the third quarter. Covestor Ltd now owns 1,989 shares of the company’s stock valued at $53,000 after purchasing an additional 1,985 shares during the period. New York State Teachers Retirement System raised its position in Cadre by 1,640.0% during the 1st quarter. New York State Teachers Retirement System now owns 1,740 shares of the company’s stock valued at $63,000 after purchasing an additional 1,640 shares in the last quarter. Psagot Value Holdings Ltd. Israel lifted its holdings in shares of Cadre by 635.3% in the 4th quarter. Psagot Value Holdings Ltd. Israel now owns 2,169 shares of the company’s stock worth $72,000 after buying an additional 1,874 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Cadre by 992.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,283 shares of the company’s stock worth $75,000 after buying an additional 2,074 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Cadre by 56.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,944 shares of the company’s stock valued at $105,000 after buying an additional 1,424 shares during the period. 43.95% of the stock is currently owned by institutional investors.

Cadre Price Performance

The firm has a fifty day moving average of $34.93 and a two-hundred day moving average of $33.36. The stock has a market capitalization of $1.26 billion, a P/E ratio of 30.32, a P/E/G ratio of 1.80 and a beta of 1.35. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.58 and a quick ratio of 1.73.

Cadre Company Profile

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.