Cadre (NYSE:CDRE) Shares Gap Up After Strong Earnings

Key Points

• Cadre shares surged after the company reported quarterly EPS of $0.26, exceeding the $0.22 consensus estimate, while revenue of $207.13 million topped expectations of $178.29 million.
• The company declared a quarterly dividend of $0.10 per share, equivalent to $0.40 annually and a 1.1% yield, with a 44.94% payout ratio.
• Wall Street maintains a “Moderate Buy” consensus rating, with an average price target of $39.80; however, insiders have sold 175,000 shares worth about $5.1 million over the past three months.

Shares of Cadre Holdings, Inc. (NYSE:CDRE - Get Free Report) gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $31.03, but opened at $34.59. Cadre shares last traded at $36.84, with a volume of 133,457 shares trading hands.

The company reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.04. The business had revenue of $207.13 million for the quarter, compared to the consensus estimate of $178.29 million. Cadre had a net margin of 5.80% and a return on equity of 12.39%.

Cadre Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a $0.10 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $0.40 annualized dividend and a yield of 1.1%. Cadre's dividend payout ratio (DPR) is 44.94%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Zacks Research raised Cadre from a "strong sell" rating to a "hold" rating in a research report on Thursday, June 4th. Weiss Ratings downgraded Cadre from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, May 20th. Roth Capital reissued a "buy" rating and set a $40.00 price target on shares of Cadre in a research report on Wednesday, May 13th. Jefferies Financial Group set a $40.00 price target on Cadre in a report on Wednesday, May 13th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Cadre in a research report on Monday, July 27th. They set an "overweight" rating and a $40.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $39.80.

Insiders Place Their Bets

In other Cadre news, CEO Warren B. Kanders sold 50,000 shares of the stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $27.43, for a total transaction of $1,371,500.00. Following the sale, the chief executive officer directly owned 9,617,039 shares of the company's stock, valued at approximately $263,795,379.77. This represents a 0.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 175,000 shares of company stock worth $5,091,500 in the last three months. 30.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Cadre

Several institutional investors and hedge funds have recently bought and sold shares of CDRE. The Manufacturers Life Insurance Company lifted its position in Cadre by 3.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,991 shares of the company's stock valued at $446,000 after purchasing an additional 438 shares during the last quarter. Assetmark Inc. increased its stake in shares of Cadre by 34.6% in the first quarter. Assetmark Inc. now owns 1,878 shares of the company's stock valued at $58,000 after purchasing an additional 483 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Cadre by 4.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,451 shares of the company's stock valued at $458,000 after buying an additional 628 shares during the last quarter. Mariner LLC boosted its position in shares of Cadre by 6.1% during the third quarter. Mariner LLC now owns 11,174 shares of the company's stock worth $408,000 after buying an additional 643 shares during the period. Finally, Sei Investments Co. boosted its position in shares of Cadre by 3.2% during the second quarter. Sei Investments Co. now owns 21,040 shares of the company's stock worth $670,000 after buying an additional 651 shares during the period. Institutional investors and hedge funds own 43.95% of the company's stock.

Cadre Price Performance

The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.33 and a current ratio of 2.26. The firm has a market capitalization of $1.56 billion, a P/E ratio of 41.47 and a beta of 1.32. The business has a fifty day moving average of $29.68 and a 200-day moving average of $33.67.

About Cadre

Cadre NYSE: CDRE is a technology‐driven real estate investment platform that offers accredited and institutional investors direct access to institutional‐grade commercial properties. Established in 2014, Cadre leverages a data-centric approach to identify, underwrite and manage investments in multifamily, office, retail and industrial assets across major U.S. markets. The firm's platform is designed to streamline the investment process, from deal sourcing and due diligence to ongoing asset management and reporting.

Through its online marketplace, Cadre provides a curated selection of equity and preferred equity offerings, allowing investors to participate in individual properties or diversify across a managed portfolio.

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