Kadant Inc. (NYSE:KAI) Holdings Trimmed by Handelsbanken Fonder AB

Handelsbanken Fonder AB reduced its position in shares of Kadant Inc. (NYSE:KAI) by 27.0% during the first quarter, Holdings Channel.com reports. The fund owned 73,079 shares of the industrial products company’s stock after selling 27,000 shares during the quarter. Handelsbanken Fonder AB’s holdings in Kadant were worth $24,621,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Jones Financial Companies Lllp boosted its position in shares of Kadant by 267.9% during the 4th quarter. Jones Financial Companies Lllp now owns 103 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 75 shares in the last quarter. GAMMA Investing LLC lifted its stake in Kadant by 348.1% during the first quarter. GAMMA Investing LLC now owns 242 shares of the industrial products company’s stock valued at $82,000 after purchasing an additional 188 shares during the last quarter. Washington Trust Advisors Inc. acquired a new stake in Kadant during the fourth quarter valued at approximately $85,000. Venturi Wealth Management LLC boosted its holdings in Kadant by 1,289.5% during the fourth quarter. Venturi Wealth Management LLC now owns 528 shares of the industrial products company’s stock worth $182,000 after buying an additional 490 shares in the last quarter. Finally, Contravisory Investment Management Inc. grew its position in Kadant by 924.5% in the first quarter. Contravisory Investment Management Inc. now owns 543 shares of the industrial products company’s stock worth $183,000 after buying an additional 490 shares during the last quarter. 96.13% of the stock is currently owned by institutional investors.

Kadant Stock Performance

Shares of KAI opened at $334.07 on Wednesday. The company has a 50-day moving average of $311.25 and a two-hundred day moving average of $347.80. The stock has a market cap of $3.93 billion, a price-to-earnings ratio of 35.24 and a beta of 1.26. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.29 and a quick ratio of 1.46. Kadant Inc. has a one year low of $274.99 and a one year high of $429.95.

Kadant (NYSE:KAI) last issued its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $2.10 EPS for the quarter, beating the consensus estimate of $1.97 by $0.13. Kadant had a net margin of 10.59% and a return on equity of 14.66%. The business had revenue of $239.21 million during the quarter, compared to the consensus estimate of $239.41 million. During the same quarter in the prior year, the firm earned $2.38 EPS. The firm’s quarterly revenue was down 3.9% on a year-over-year basis. On average, equities research analysts expect that Kadant Inc. will post 9.97 earnings per share for the current year.

Kadant declared that its Board of Directors has authorized a share repurchase plan on Thursday, May 15th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the industrial products company to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Kadant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Thursday, July 10th will be issued a $0.34 dividend. The ex-dividend date is Thursday, July 10th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.41%. Kadant’s payout ratio is currently 14.44%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on KAI shares. DA Davidson cut their price objective on Kadant from $300.00 to $275.00 and set a “neutral” rating for the company in a research report on Thursday, May 1st. Wall Street Zen raised Kadant from a “sell” rating to a “hold” rating in a research report on Friday, June 6th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $380.00 target price on shares of Kadant in a report on Thursday, May 1st.

About Kadant

Kadant Inc supplies technologies and engineered systems worldwide. It operates in three segments: Flow Control, Industrial Processing, and Material Handling. The Flow Control segment develops, manufactures, and markets fluid-handling systems and equipment, such as rotary joints, syphons, turbulator bars, expansion joints, and engineered steam and condensate systems; and doctoring, cleaning, and filtration systems and related consumables consisting of doctor systems and holders, doctor blades, cleaning shower and fabric-conditioning systems, forming systems and wear surfaces, and water-filtration systems.