Cadre (NYSE:CDRE) Shares Gap Down - Here's What Happened

Key Points

• Cadre Holdings, Inc. (NYSE: CDRE) experienced a gap down in share price, opening at $28.53, following a downgrade from Bank of America from "neutral" to "underperform" with a lowered price target of $26.00.
• The company reported $0.30 earnings per share for the last quarter, exceeding estimates, with revenue rising 8.9% year-over-year to $157.11 million.
• Cadre has announced a quarterly dividend of $0.095 per share, with a yield of 1.3%, and plans to pay it on August 15th, 2023.

Cadre Holdings, Inc. (NYSE:CDRE - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $29.72, but opened at $28.53. Cadre shares last traded at $28.89, with a volume of 99,814 shares traded.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on CDRE shares. Bank of America cut shares of Cadre from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $38.00 to $26.00 in a report on Wednesday. Wall Street Zen lowered shares of Cadre from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th.

Cadre Trading Down 0.6%

The business's 50 day moving average price is $32.57 and its two-hundred day moving average price is $32.66. The company has a current ratio of 3.59, a quick ratio of 2.56 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 30.90, a P/E/G ratio of 1.07 and a beta of 1.31.

Cadre (NYSE:CDRE - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $157.11 million during the quarter, compared to analyst estimates of $153.23 million. Cadre had a net margin of 6.65% and a return on equity of 12.08%. Cadre's revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.31 EPS. On average, equities analysts predict that Cadre Holdings, Inc. will post 1.05 earnings per share for the current fiscal year.

Cadre Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 1st were issued a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Friday, August 1st. Cadre's dividend payout ratio is currently 40.43%.

Insider Transactions at Cadre

In related news, CEO Warren B. Kanders sold 100,000 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $34.86, for a total transaction of $3,486,000.00. Following the sale, the chief executive officer directly owned 10,716,192 shares of the company's stock, valued at $373,566,453.12. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold a total of 275,000 shares of company stock valued at $9,309,000 in the last ninety days. 31.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CDRE. Rafferty Asset Management LLC raised its stake in Cadre by 4.7% in the fourth quarter. Rafferty Asset Management LLC now owns 6,653 shares of the company's stock valued at $215,000 after buying an additional 299 shares during the last quarter. Huntington National Bank lifted its position in shares of Cadre by 48.4% in the second quarter. Huntington National Bank now owns 960 shares of the company's stock valued at $31,000 after acquiring an additional 313 shares in the last quarter. Ameritas Investment Partners Inc. lifted its position in Cadre by 14.0% during the second quarter. Ameritas Investment Partners Inc. now owns 2,908 shares of the company's stock worth $93,000 after buying an additional 357 shares in the last quarter. Assetmark Inc. increased its stake in Cadre by 43.1% during the second quarter. Assetmark Inc. now owns 1,395 shares of the company's stock worth $44,000 after acquiring an additional 420 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Cadre by 3.2% in the second quarter. The Manufacturers Life Insurance Company now owns 13,991 shares of the company's stock valued at $446,000 after buying an additional 438 shares in the last quarter. 43.95% of the stock is owned by hedge funds and other institutional investors.

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.