Warren B. Kanders, CEO and Chairman of Cadre Holdings, Inc. (NYSE:CDRE), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Kanders disposed of 57,964 shares of common stock over two transactions. The sales took place on November 15 and November 18, with the shares sold at weighted average prices ranging from $32.09 to $32.68 per share. The total value of these transactions amounted to approximately $1.89 million. Following these sales, Kanders holds 11,899,247 shares through indirect ownership by Kanders SAF, LLC.
In other recent news, Cadre Holdings has made significant changes to its bylaws and reported its third-quarter financial results for 2024. The board of directors approved the Second Amended and Restated Bylaws, which took immediate effect, introducing updated advance notice requirements for stockholder proposals and director nominations. In addition, the company adjusted rules regarding stockholder lists for meetings and addressed the formation of board committees.
Cadre Holdings also expanded the forum for dispute adjudication to include the U.S. federal district court for the State of Delaware. These developments were part of a series of administrative updates aimed at enhancing clarity and consistency within the bylaws. The full text of the amended bylaws can be found in the company's recent 8-K filing with the Securities and Exchange Commission.
In the financial domain, Cadre Holdings conducted its earnings call for the third quarter of 2024, in which management provided forward-looking statements under the safe harbor provisions. While acknowledging uncertainties in the markets it operates in, the company expressed confidence in its estimates and assumptions. Potential factors that could negatively affect its financial performance were highlighted, but Cadre aims to navigate through these market uncertainties with strategic planning. Supplemental presentation materials were also released on its website to provide further insights into the company's financial status and future projections.
InvestingPro Insights
The recent insider selling by Cadre Holdings' CEO Warren B. Kanders comes at a time when the company's stock has experienced significant volatility. According to InvestingPro data, Cadre Holdings has seen a 10.01% decline in its stock price over the past week and a 19.28% drop over the last month. This aligns with an InvestingPro Tip indicating that the stock "has taken a big hit over the last week" and "has fared poorly over the last month."
Despite the recent downturn, Cadre Holdings maintains a solid financial position. The company's market capitalization stands at $1.26 billion, with a revenue of $516.16 million for the last twelve months as of Q3 2024. An InvestingPro Tip highlights that the company "operates with a moderate level of debt" and that "liquid assets exceed short-term obligations," suggesting financial stability amid market fluctuations.
Investors should note that Cadre Holdings is trading at a P/E ratio of 40.46, which an InvestingPro Tip describes as "trading at a high earnings multiple." This valuation metric, coupled with the recent insider selling, may prompt investors to closely monitor the company's future performance and growth prospects.
For those seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for Cadre Holdings, providing deeper insights into the company's financial health and market position.
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