Congress Asset Management Co. Raises Stake in Karman Holdings Inc. $KRMN

Key Points

• Congress Asset Management increased its Karman Holdings stake by 23.8% in the third quarter, acquiring 205,503 additional shares and bringing its ownership to 1.07 million shares, or 0.81% of the company.
• Karman reported quarterly revenue of $182.06 million, up 58.2% year over year, and earnings of $0.14 per share, exceeding analysts’ $0.13 estimate. Analysts expect full-year EPS of $0.59.
• KRMN opened at $33.20, near its 52-week low of $31.66, while analysts maintained a “Moderate Buy” consensus and an average price target of $88.09 despite several recent target-price cuts.

Congress Asset Management Co. grew its holdings in Karman Holdings Inc. (NYSE:KRMN - Free Report) by 23.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,068,811 shares of the company's stock after acquiring an additional 205,503 shares during the quarter. Congress Asset Management Co. owned 0.81% of Karman worth $34,651,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of KRMN. Parkside Financial Bank & Trust raised its position in shares of Karman by 3,471.4% during the second quarter. Parkside Financial Bank & Trust now owns 500 shares of the company's stock valued at $25,000 after buying an additional 486 shares during the last quarter. CX Institutional bought a new stake in Karman in the 2nd quarter valued at $28,000. Tsfg LLC bought a new stake in Karman in the 2nd quarter valued at $30,000. Wilkerson Advisory Group LLC acquired a new position in shares of Karman in the 1st quarter valued at $77,000. Finally, Hilltop National Bank lifted its holdings in shares of Karman by 87.8% during the 2nd quarter. Hilltop National Bank now owns 1,258 shares of the company's stock worth $63,000 after acquiring an additional 588 shares during the period.

Karman Price Performance

Shares of KRMN stock opened at $33.20 on Wednesday. Karman Holdings Inc. has a 52 week low of $31.66 and a 52 week high of $118.38. The stock has a market capitalization of $4.40 billion, a PE ratio of 114.49 and a beta of 0.64. The company has a debt-to-equity ratio of 2.01, a quick ratio of 3.40 and a current ratio of 3.56. The stock's fifty day moving average is $44.51 and its 200-day moving average is $57.25.

Karman (NYSE:KRMN - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.14 EPS for the quarter, topping analysts' consensus estimates of $0.13 by $0.01. The firm had revenue of $182.06 million for the quarter. Karman had a net margin of 6.31% and a return on equity of 15.54%. The firm's revenue was up 58.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.10 EPS. Equities research analysts expect that Karman Holdings Inc. will post 0.59 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director David Stinnett acquired 27,000 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was purchased at an average cost of $37.32 per share, for a total transaction of $1,007,640.00. Following the completion of the transaction, the director directly owned 3,530,395 shares in the company, valued at $131,754,341.40. This trade represents a 0.77% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.77% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on KRMN shares. Piper Sandler reiterated an "overweight" rating and set a $91.00 target price (down from $114.00) on shares of Karman in a research report on Friday, August 7th. Royal Bank Of Canada cut their price target on shares of Karman from $85.00 to $70.00 and set an "outperform" rating for the company in a research note on Monday, September 28th. Citigroup upped their price objective on Karman from $76.00 to $78.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Needham & Company LLC dropped their target price on Karman from $125.00 to $80.00 and set a "buy" rating for the company in a report on Friday, August 7th. Finally, BWS Financial restated a "sell" rating and set a $37.00 target price on shares of Karman in a research report on Monday, August 10th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $88.09.

Karman Company Profile

Karman NYSE: KRMN, through its subsidiaries, provides engineered components and manufacturing services for the aerospace and defense industries. The company focuses on mission-critical products used in space launch vehicles, missile systems, hypersonic platforms and other high-performance aerospace applications.

Its capabilities include the design and production of composite and metallic structures, precision-machined components, complex assemblies, thermal protection products and other specialized hardware.

Want to see what other hedge funds are holding KRMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Karman Holdings Inc. (NYSE:KRMN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.