BlackRock Inc. Acquires New Shares in Cadre Holdings, Inc. $CDRE

Key Points

• BlackRock acquired 2.94 million shares of Cadre Holdings in the second quarter, valued at approximately $83.7 million and representing a 6.86% stake. Institutional investors collectively own 43.95% of the company.
• Analyst sentiment is positive: Cadre received multiple upgrades and target increases, with a consensus rating of “Moderate Buy” and an average price target of $45.
• Cadre beat quarterly expectations, reporting $0.26 in earnings per share versus $0.22 expected and revenue of $207.1 million versus $178.3 million forecast. The company also maintains a quarterly dividend of $0.10 per share, yielding about 1.3%.

BlackRock Inc. purchased a new position in Cadre Holdings, Inc. (NYSE:CDRE - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,936,878 shares of the company's stock, valued at approximately $83,730,000. BlackRock Inc. owned approximately 6.86% of Cadre at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CDRE. Reinhart Partners LLC. boosted its holdings in shares of Cadre by 22.4% in the second quarter. Reinhart Partners LLC. now owns 2,738,373 shares of the company's stock valued at $78,071,000 after buying an additional 500,476 shares during the period. State Street Corp increased its holdings in Cadre by 6.7% during the 4th quarter. State Street Corp now owns 1,217,689 shares of the company's stock worth $49,730,000 after purchasing an additional 76,685 shares in the last quarter. GW&K Investment Management LLC raised its stake in shares of Cadre by 6.3% in the 4th quarter. GW&K Investment Management LLC now owns 824,927 shares of the company's stock valued at $33,690,000 after purchasing an additional 48,638 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Cadre by 8.5% in the first quarter. Dimensional Fund Advisors LP now owns 767,073 shares of the company's stock valued at $23,530,000 after purchasing an additional 60,382 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Cadre by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 670,294 shares of the company's stock worth $27,380,000 after buying an additional 3,726 shares during the period. Institutional investors own 43.95% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CDRE. Wall Street Zen raised Cadre from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. DA Davidson increased their price target on Cadre from $40.00 to $43.00 and gave the company an "overweight" rating in a research report on Monday, August 10th. JPMorgan Chase & Co. boosted their target price on shares of Cadre from $40.00 to $45.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Zacks Research upgraded shares of Cadre from a "strong sell" rating to a "hold" rating in a research note on Thursday, June 4th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and issued a $43.00 target price on shares of Cadre in a report on Sunday, August 9th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $45.00.

Insiders Place Their Bets

In related news, CEO Warren B. Kanders sold 100,000 shares of the business's stock in a transaction on Monday, August 24th. The stock was 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 directly owned 9,517,039 shares in the company, valued at $317,488,421.04. The trade was a 1.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 275,000 shares of company stock worth $8,427,500. Company insiders own 30.10% of the company's stock.

Cadre Stock Performance

NYSE CDRE opened at $30.81 on Friday. Cadre Holdings, Inc. has a 52-week low of $25.73 and a 52-week high of $48.76. The stock has a market cap of $1.32 billion, a PE ratio of 36.25, a P/E/G ratio of 1.03 and a beta of 1.32. The firm has a 50-day moving average of $30.80 and a 200-day moving average of $32.67. 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 (NYSE:CDRE - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.04. Cadre had a net margin of 5.26% and a return on equity of 12.02%. The firm had revenue of $207.13 million for the quarter, compared to analysts' expectations of $178.29 million. On average, sell-side analysts anticipate that Cadre Holdings, Inc. will post 1.33 EPS for the current year.

Cadre Dividend Announcement

The company 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 yield of 1.3%. The ex-dividend date of this dividend was Friday, July 31st. Cadre's dividend payout ratio (DPR) is presently 47.06%.

Cadre Profile

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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