Zacks Investment Research lowered shares of Kadant Inc (NYSE:KAI) from a strong-buy rating to a hold rating in a research note issued to investors on Wednesday morning.
According to Zacks, “Kadant Inc. is a leading supplier of a range of products and systems for the global papermaking and paper-recycling industries, including de-inking systems, stock-preparation equipment, water-management systems, and papermaking accessories. Through its majority-owned Thermo Fibergen subsidiary, the company also develops and commercializes composite building materials produced from natural fiber and recycled plastic. Kadant is a public subsidiary of Thermo Electron Corporation.(Press Release) “
Several other analysts have also recently issued reports on the stock. ValuEngine raised shares of Kadant from a hold rating to a buy rating in a research report on Friday, September 1st. BidaskClub cut shares of Kadant from a buy rating to a hold rating in a research report on Monday, July 24th. Finally, Sidoti cut shares of Kadant from a buy rating to a neutral rating and set a $102.00 price target on the stock. in a research report on Tuesday, October 3rd. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $95.33.
Kadant (NYSE KAI) opened at 97.60 on Wednesday. Kadant has a 52-week low of $49.20 and a 52-week high of $100.99. The firm’s 50-day moving average is $90.92 and its 200-day moving average is $76.79. The stock has a market cap of $1.07 billion, a P/E ratio of 32.22 and a beta of 1.36.
Kadant (NYSE:KAI) last issued its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.13. The business had revenue of $110.24 million for the quarter, compared to analysts’ expectations of $113.49 million. Kadant had a net margin of 8.10% and a return on equity of 12.68%. The business’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 earnings per share. Equities research analysts predict that Kadant will post $4.03 earnings per share for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Stockholders of record on Thursday, October 12th will be given a dividend of $0.21 per share. The ex-dividend date is Wednesday, October 11th. This represents a $0.84 annualized dividend and a dividend yield of 0.86%. Kadant’s dividend payout ratio is presently 27.72%.
In related news, Director William P. Tully sold 1,250 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $89.60, for a total transaction of $112,000.00. Following the sale, the director now directly owns 5,250 shares in the company, valued at $470,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 5.59% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in KAI. Citigroup Inc. increased its stake in shares of Kadant by 24.2% during the second quarter. Citigroup Inc. now owns 1,411 shares of the industrial products company’s stock worth $106,000 after buying an additional 275 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Kadant during the second quarter worth approximately $127,000. BNP Paribas Arbitrage SA increased its stake in shares of Kadant by 718.3% during the second quarter. BNP Paribas Arbitrage SA now owns 1,743 shares of the industrial products company’s stock worth $131,000 after buying an additional 1,530 shares during the period. Hillsdale Investment Management Inc. purchased a new stake in shares of Kadant during the second quarter worth approximately $150,000. Finally, Victory Capital Management Inc. increased its stake in shares of Kadant by 30.0% during the first quarter. Victory Capital Management Inc. now owns 2,969 shares of the industrial products company’s stock worth $176,000 after buying an additional 686 shares during the period. Hedge funds and other institutional investors own 90.69% of the company’s stock.
Kadant Inc is a supplier of equipment and components used in process industries. In addition, the Company manufactures granules made from papermaking by-products. Its segments include Papermaking Systems and Wood Processing Systems. The Company has a customer base, which includes paper and oriented strand board (OSB) manufacturers.
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