Cadre (NYSE:CDRE) Shares Gap Down on Disappointing Earnings

Cadre Holdings, Inc. (NYSE:CDRE)’s stock price gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $34.35, but opened at $31.00. Cadre shares last traded at $30.74, with a volume of 260,051 shares changing hands.

The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.07). Cadre had a return on equity of 21.85% and a net margin of 8.01%. The business had revenue of $137.86 million for the quarter, compared to the consensus estimate of $127.99 million. During the same period in the previous year, the firm earned $0.19 earnings per share. The company’s revenue was up 23.4% on a year-over-year basis.

Cadre Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 3rd will be issued a $0.0875 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.35 dividend on an annualized basis and a dividend yield of 1.13%. Cadre’s dividend payout ratio is presently 34.31%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CDRE. Stephens upped their price target on Cadre from $36.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, February 16th. B. Riley reiterated a “buy” rating and issued a $48.00 target price (up previously from $40.00) on shares of Cadre in a report on Wednesday, March 6th. Roth Mkm restated a “buy” rating and set a $43.00 price target (up from $38.00) on shares of Cadre in a report on Wednesday, March 6th. Raymond James downgraded shares of Cadre from an “outperform” rating to a “market perform” rating in a research report on Monday, January 22nd. Finally, Stifel Nicolaus lifted their target price on shares of Cadre from $33.00 to $34.00 and gave the stock a “hold” rating in a research report on Wednesday, March 6th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadre presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.25.

Insider Buying and Selling

In other Cadre news, CEO Warren B. Kanders sold 1,438,127 shares of Cadre stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $35.00, for a total value of $50,334,445.00. Following the sale, the chief executive officer now owns 12,184,918 shares of the company’s stock, valued at $426,472,130. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 49.20% of the stock is owned by insiders.

Institutional Trading of Cadre

Several hedge funds have recently made changes to their positions in the company. FMR LLC increased its holdings in Cadre by 12.4% in the 3rd quarter. FMR LLC now owns 5,637,904 shares of the company’s stock worth $150,250,000 after acquiring an additional 621,116 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Cadre by 2.0% in the third quarter. Vanguard Group Inc. now owns 931,296 shares of the company’s stock worth $24,819,000 after purchasing an additional 18,173 shares in the last quarter. R.P. Boggs & Co. raised its position in shares of Cadre by 3.6% in the third quarter. R.P. Boggs & Co. now owns 281,027 shares of the company’s stock valued at $7,489,000 after purchasing an additional 9,839 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Cadre by 3.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 149,950 shares of the company’s stock valued at $3,996,000 after buying an additional 4,522 shares in the last quarter. Finally, Lisanti Capital Growth LLC boosted its holdings in Cadre by 127.5% in the 1st quarter. Lisanti Capital Growth LLC now owns 145,915 shares of the company’s stock worth $5,282,000 after buying an additional 81,780 shares during the period. 43.95% of the stock is currently owned by institutional investors.

Cadre Price Performance

The business’s 50 day moving average is $34.93 and its two-hundred day moving average is $33.36. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.73 and a current ratio of 2.58. The firm has a market capitalization of $1.26 billion, a PE ratio of 30.32, a price-to-earnings-growth ratio of 1.80 and a beta of 1.35.

About Cadre

Cadre Holdings, Inc manufactures and distributes safety that provides protection to users in hazardous or life-threatening situations in the United States and internationally. The company operates in two segments, Products and Distribution. It offers body armor product, such as concealable, corrections, and tactical armor under the Safariland and Protech Tactical brand names; survival suits, remotely operated vehicles, specialty tools, blast sensors, accessories, and vehicle blast attenuation seats for bomb safety technicians; bomb suits; duty gear, including belts and accessories; and other protective equipment comprising communications gear, forensic and investigation products, firearms cleaning solutions, and crowd control products.