Rhumbline Advisers lifted its stake in shares of Kadant Inc. (NYSE:KAI) by 13.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,080 shares of the industrial products company’s stock after purchasing an additional 3,080 shares during the period. Rhumbline Advisers’ holdings in Kadant were worth $2,290,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of KAI. Stanley Laman Group Ltd. raised its position in shares of Kadant by 2.1% during the 2nd quarter. Stanley Laman Group Ltd. now owns 6,885 shares of the industrial products company’s stock valued at $625,000 after buying an additional 144 shares during the period. Oppenheimer Asset Management Inc. raised its position in shares of Kadant by 6.9% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 4,536 shares of the industrial products company’s stock valued at $412,000 after buying an additional 293 shares during the period. Confluence Investment Management LLC raised its position in shares of Kadant by 0.6% during the 2nd quarter. Confluence Investment Management LLC now owns 61,308 shares of the industrial products company’s stock valued at $5,568,000 after buying an additional 336 shares during the period. Swiss National Bank raised its position in shares of Kadant by 2.5% during the 2nd quarter. Swiss National Bank now owns 20,700 shares of the industrial products company’s stock valued at $1,880,000 after buying an additional 500 shares during the period. Finally, Amundi Pioneer Asset Management Inc. raised its position in shares of Kadant by 2.5% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 25,893 shares of the industrial products company’s stock valued at $2,277,000 after buying an additional 638 shares during the period. Institutional investors and hedge funds own 92.23% of the company’s stock.
Several analysts have recently commented on the stock. Zacks Investment Research raised shares of Kadant from a “sell” rating to a “hold” rating in a research report on Tuesday, November 5th. ValuEngine raised shares of Kadant from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Barrington Research set a $107.00 price target on shares of Kadant and gave the company a “buy” rating in a research report on Tuesday, October 15th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $100.03.
Shares of NYSE KAI opened at $97.09 on Thursday. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of 17.24 and a beta of 1.29. The company has a quick ratio of 1.27, a current ratio of 2.03 and a debt-to-equity ratio of 0.77. Kadant Inc. has a 52-week low of $76.44 and a 52-week high of $102.47. The business’s 50 day moving average is $88.79 and its two-hundred day moving average is $87.40.
Kadant (NYSE:KAI) last announced its earnings results on Tuesday, October 29th. The industrial products company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.14. The company had revenue of $173.50 million for the quarter, compared to analyst estimates of $172.94 million. Kadant had a return on equity of 16.76% and a net margin of 9.00%. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.53 earnings per share. Analysts anticipate that Kadant Inc. will post 5.35 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Thursday, October 10th were given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date was Wednesday, October 9th.
In other Kadant news, Director John M. Albertine sold 4,500 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $89.10, for a total value of $400,950.00. Following the sale, the director now owns 8,519 shares of the company’s stock, valued at $759,042.90. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director William P. Tully sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $98.76, for a total value of $197,520.00. Following the completion of the sale, the director now directly owns 4,594 shares in the company, valued at approximately $453,703.44. The disclosure for this sale can be found here. In the last three months, insiders sold 59,574 shares of company stock worth $5,575,607. 5.50% of the stock is owned by corporate insiders.
Kadant Company Profile
Kadant Inc supplies equipment and critical components used in papermaking, paper recycling, recycling and waste management, and other process industries worldwide. The company operates in two segments, Papermaking Systems and Wood Processing Systems. The Papermaking Systems segment develops, manufactures, and markets custom-engineered stock-preparation systems and equipment for the preparation of wastepaper for conversion into recycled paper and balers, as well as related equipment used in the processing of recyclable and waste materials; and fluid-handling systems and equipment used in industrial piping systems to compensate for movement, as well as to transfer fluid, power, and data.
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