665,870 Shares of Cadre Holdings, Inc. $CDRE Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 665,870 Cadre shares worth approximately $18.98 million, while BlackRock and other institutions also increased or initiated positions. Institutional investors now own 43.95% of CDRE.
• Cadre CEO Warren Kanders sold 100,000 shares for $3.34 million, reducing his position by 1.04%; insiders still own 30.10% of the company.
• Cadre exceeded quarterly expectations with $0.26 in EPS and $207.13 million in revenue. Analysts maintain a “Moderate Buy” consensus with an average price target of $45, versus the stock’s reported $26.28 price.

Bank of America Corp DE purchased a new position in Cadre Holdings, Inc. (NYSE:CDRE - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 665,870 shares of the company's stock, valued at approximately $18,984,000. Bank of America Corp DE owned 1.56% of Cadre at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CDRE. BlackRock Inc. acquired a new position in shares of Cadre during the second quarter valued at approximately $83,730,000. Reinhart Partners LLC. raised its stake in shares of Cadre by 22.4% in the 2nd quarter. Reinhart Partners LLC. now owns 2,738,373 shares of the company's stock worth $78,071,000 after buying an additional 500,476 shares in the last quarter. Fred Alger Management LLC raised its stake in shares of Cadre by 46.8% in the 4th quarter. Fred Alger Management LLC now owns 623,730 shares of the company's stock worth $25,473,000 after buying an additional 198,750 shares in the last quarter. Agman Capital LLC acquired a new stake in shares of Cadre in the fourth quarter valued at $7,364,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Cadre in the second quarter valued at $5,082,000. 43.95% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Cadre news, CEO Warren Kanders sold 100,000 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $33.36, for a total value of $3,336,000.00. Following the completion of the sale, the chief executive officer owned 9,517,039 shares in the company, valued at $317,488,421.04. This represents a 1.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 30.10% of the company's stock.

Cadre Trading Down 1.6%

NYSE CDRE opened at $26.28 on Friday. The firm's 50 day moving average price is $30.53 and its two-hundred day moving average price is $30.57. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.35 and a current ratio of 2.14. Cadre Holdings, Inc. has a twelve month low of $25.73 and a twelve month high of $48.76. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of 30.92, a PEG ratio of 0.90 and a beta of 1.31.

Cadre (NYSE:CDRE - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.04. Cadre had a return on equity of 12.02% and a net margin of 5.26%.The company had revenue of $207.13 million during the quarter, compared to analyst estimates of $178.29 million. Equities analysts anticipate that Cadre Holdings, Inc. will post 1.33 EPS for the current year.

Cadre Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Friday, July 31st. Cadre's dividend payout ratio (DPR) is currently 47.06%.

Analysts Set New Price Targets

CDRE has been the topic of a number of research reports. UBS Group set a $43.00 target price on shares of Cadre in a report on Monday, August 10th. Wall Street Zen upgraded shares of Cadre from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. JPMorgan Chase & Co. lifted their price target on shares of Cadre from $40.00 to $45.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Roth Capital reaffirmed a "buy" rating and issued a $43.00 price target (up from $40.00) on shares of Cadre in a report on Monday, August 10th. Finally, DA Davidson increased their price objective on Cadre from $40.00 to $43.00 and gave the company an "overweight" rating in a research report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Cadre has a consensus rating of "Moderate Buy" and a consensus target price of $45.00.

About Cadre

Cadre Holdings, Inc is a manufacturer of equipment designed to protect and support military personnel, law enforcement officers, first responders and other public-safety professionals. The company operates through a portfolio of specialized brands, including Safariland, and focuses on products used in high-risk and mission-critical environments.

Its products include body armor, tactical and duty equipment, holsters, protective apparel, forensic equipment, explosive ordnance disposal suits and related public-safety gear.

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