Pinnacle Associates Ltd. Has $37.52 Million Stake in Cae Inc (CAE)
Pinnacle Associates Ltd. cut its position in Cae Inc (NYSE:CAE) (TSE:CAE) by 14.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,806,477 shares of the aerospace company’s stock after selling 305,687 shares during the period. CAE comprises 0.8% of Pinnacle Associates Ltd.’s portfolio, making the stock its 29th largest holding. Pinnacle Associates Ltd. owned approximately 0.67% of CAE worth $37,521,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Lenox Wealth Management Inc. increased its stake in shares of CAE by 5.5% in the second quarter. Lenox Wealth Management Inc. now owns 197,613 shares of the aerospace company’s stock worth $4,104,000 after purchasing an additional 10,231 shares in the last quarter. Eqis Capital Management Inc. grew its stake in CAE by 62.1% during the second quarter. Eqis Capital Management Inc. now owns 166,364 shares of the aerospace company’s stock valued at $3,455,000 after acquiring an additional 63,722 shares in the last quarter. Ontario Teachers Pension Plan Board grew its stake in CAE by 54.0% during the first quarter. Ontario Teachers Pension Plan Board now owns 296,285 shares of the aerospace company’s stock valued at $5,511,000 after acquiring an additional 103,879 shares in the last quarter. CIBC World Markets Inc. grew its stake in CAE by 61.1% during the first quarter. CIBC World Markets Inc. now owns 1,810,762 shares of the aerospace company’s stock valued at $33,662,000 after acquiring an additional 686,751 shares in the last quarter. Finally, Port Capital LLC grew its stake in CAE by 17.7% during the first quarter. Port Capital LLC now owns 51,055 shares of the aerospace company’s stock valued at $949,000 after acquiring an additional 7,685 shares in the last quarter. 52.08% of the stock is owned by hedge funds and other institutional investors.
Separately, ValuEngine cut shares of CAE from a “buy” rating to a “hold” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $22.00.
CAE (NYSE:CAE) (TSE:CAE) last posted its earnings results on Tuesday, August 14th. The aerospace company reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.06. The company had revenue of $722.00 million during the quarter, compared to analysts’ expectations of $729.04 million. CAE had a net margin of 12.30% and a return on equity of 13.53%. CAE’s quarterly revenue was up 10.0% on a year-over-year basis. During the same period last year, the company posted $0.22 earnings per share. research analysts predict that Cae Inc will post 0.93 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be paid a dividend of $0.077 per share. This represents a $0.31 annualized dividend and a yield of 1.53%. This is a boost from CAE’s previous quarterly dividend of $0.07. The ex-dividend date is Thursday, September 13th. CAE’s dividend payout ratio (DPR) is presently 32.18%.
CAE Inc, together with its subsidiaries, designs, manufactures, and supplies simulation equipment worldwide. It operates through three segments: Civil Aviation Training Solutions, Defence and Security, and Healthcare. The Civil Aviation Training Solutions segment provides training solutions for flight, cabin, maintenance, and ground personnel in commercial, business, and helicopter aviation; flight simulation training devices; and ab initio pilot training and crew sourcing services.
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