Bank of America Corp DE Increases Position in Karman Holdings Inc. $KRMN

Key Points

• Bank of America more than doubled its Karman Holdings stake by 123.8% in the first quarter, owning 459,531 shares worth approximately $36.8 million, or 0.35% of the company.
• Institutional interest was broadly positive, with Vanguard, Invesco, State Street, First Trust and VanEck also increasing their positions. Analysts maintain a “Moderate Buy” consensus with an average price target of $92.10.
• Karman reported quarterly revenue of $182.1 million, up 58.2% year over year, and earnings of $0.14 per share versus the $0.13 consensus estimate. Despite the growth, the stock traded at $62.03 with a trailing P/E ratio above 213.

Bank of America Corp DE lifted its stake in shares of Karman Holdings Inc. (NYSE:KRMN - Free Report) by 123.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 459,531 shares of the company's stock after acquiring an additional 254,161 shares during the quarter. Bank of America Corp DE owned 0.35% of Karman worth $36,785,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Karman by 151.1% in the 4th quarter. Vanguard Group Inc. now owns 9,342,230 shares of the company's stock valued at $683,571,000 after purchasing an additional 5,621,556 shares during the period. Invesco Ltd. raised its position in Karman by 27.3% during the 4th quarter. Invesco Ltd. now owns 4,088,649 shares of the company's stock worth $299,166,000 after buying an additional 877,462 shares during the last quarter. State Street Corp raised its position in Karman by 35.0% during the 4th quarter. State Street Corp now owns 3,326,430 shares of the company's stock worth $243,395,000 after buying an additional 862,089 shares during the last quarter. First Trust Advisors LP boosted its holdings in Karman by 3.3% in the 1st quarter. First Trust Advisors LP now owns 2,891,687 shares of the company's stock valued at $231,480,000 after purchasing an additional 93,565 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in Karman by 125.3% during the fourth quarter. Van ECK Associates Corp now owns 2,867,379 shares of the company's stock worth $209,806,000 after buying an additional 1,594,518 shares in the last quarter.

Wall Street Analyst Weigh In

KRMN has been the topic of several recent analyst reports. Citigroup increased 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. Piper Sandler reissued an "overweight" rating and issued a $91.00 target price (down from $114.00) on shares of Karman in a research note on Friday, August 7th. Evercore set a $100.00 target price on shares of Karman in a report on Wednesday, May 13th. KeyCorp lowered their price target on Karman from $122.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, May 20th. Finally, Weiss Ratings upgraded shares of Karman from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Karman currently has a consensus rating of "Moderate Buy" and an average price target of $92.10.

Karman Price Performance

NYSE KRMN opened at $62.03 on Friday. The stock has a 50-day simple moving average of $50.75 and a 200 day simple moving average of $71.52. Karman Holdings Inc. has a twelve month low of $43.68 and a twelve month high of $118.38. The stock has a market capitalization of $8.22 billion, a PE ratio of 213.90 and a beta of 0.55. 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 - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.14 earnings per share for the quarter, beating analysts' consensus estimates of $0.13 by $0.01. Karman had a net margin of 6.31% and a return on equity of 15.54%. The firm had revenue of $182.06 million during the quarter. During the same period last year, the company earned $0.10 earnings per share. Karman's revenue for the quarter was up 58.2% on a year-over-year basis. Research analysts anticipate that Karman Holdings Inc. will post 0.58 EPS for the current year.

About Karman

We specialize in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile and defense, and space programs. Our integrated payload protection, propulsion, and interstage system solutions are deployed across a wide variety of existing and emerging programs supporting important Department of Defense (“DoD”) and space sector initiatives. We estimate that no single program accounted for more than 10% of sales for the nine months ended September 30, 2024 or the twelve months ended December 31, 2023, with revenue from over 100 active programs supporting current production and next-generation space, missile, hypersonic, and defense applications.

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