Cadence Capital Management LLC boosted its stake in Kadant Inc. (NYSE:KAI) by 69.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,486 shares of the industrial products company’s stock after buying an additional 10,483 shares during the period. Cadence Capital Management LLC owned 0.23% of Kadant worth $2,749,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Ramsey Quantitative Systems acquired a new position in shares of Kadant during the third quarter valued at $121,000. PEAK6 Investments L.P. acquired a new position in shares of Kadant during the second quarter valued at $207,000. Nisa Investment Advisors LLC acquired a new position in shares of Kadant during the second quarter valued at $212,000. Milestone Group Inc. acquired a new position in shares of Kadant during the third quarter valued at $216,000. Finally, GSA Capital Partners LLP acquired a new position in shares of Kadant during the second quarter valued at $236,000. 91.74% of the stock is currently owned by hedge funds and other institutional investors.
KAI has been the topic of a number of research analyst reports. ValuEngine raised Kadant from a “hold” rating to a “buy” rating in a report on Tuesday, September 18th. Zacks Investment Research lowered Kadant from a “hold” rating to a “sell” rating in a report on Friday, August 3rd. Finally, Barrington Research set a $112.00 price target on Kadant and gave the company a “buy” rating in a report on Wednesday, August 1st.
In related news, Director John M. Albertine sold 4,500 shares of Kadant stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $103.15, for a total transaction of $464,175.00. Following the transaction, the director now directly owns 10,740 shares of the company’s stock, valued at $1,107,831. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Thomas C. Leonard sold 1,000 shares of Kadant stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $110.00, for a total value of $110,000.00. Following the transaction, the director now directly owns 22,100 shares in the company, valued at $2,431,000. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,500 shares of company stock worth $1,089,175. 5.40% of the stock is owned by corporate insiders.
Shares of KAI opened at $98.69 on Wednesday. The firm has a market cap of $1.09 billion, a PE ratio of 20.43 and a beta of 1.29. The company has a current ratio of 1.87, a quick ratio of 1.19 and a debt-to-equity ratio of 0.60. Kadant Inc. has a one year low of $90.65 and a one year high of $111.85.
Kadant (NYSE:KAI) last issued its quarterly earnings results on Tuesday, October 30th. The industrial products company reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.15. The company had revenue of $165.80 million for the quarter, compared to analyst estimates of $164.72 million. Kadant had a return on equity of 16.12% and a net margin of 6.91%. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period last year, the company earned $1.49 earnings per share. Sell-side analysts anticipate that Kadant Inc. will post 5.04 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 8th. Investors of record on Thursday, October 11th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date of this dividend is Wednesday, October 10th. Kadant’s payout ratio is currently 19.60%.
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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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