Kadant Inc (NYSE:KAI) Stake Raised by Amalgamated Bank

Amalgamated Bank increased its holdings in Kadant Inc (NYSE:KAI - Free Report) by 736.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,346 shares of the industrial products company's stock after buying an additional 2,946 shares during the quarter. Amalgamated Bank's holdings in Kadant were worth $1,127,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Kadant by 25.0% in the 4th quarter. Vanguard Group Inc. now owns 1,218,273 shares of the industrial products company's stock worth $420,292,000 after purchasing an additional 243,267 shares during the period. Norges Bank purchased a new position in Kadant during the 4th quarter worth $46,529,000. Raymond James Financial Inc. bought a new position in shares of Kadant during the 4th quarter worth $39,400,000. Conestoga Capital Advisors LLC lifted its stake in shares of Kadant by 97.9% during the 1st quarter. Conestoga Capital Advisors LLC now owns 221,209 shares of the industrial products company's stock worth $74,528,000 after purchasing an additional 109,439 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Kadant by 150,885.2% in the 1st quarter. GAMMA Investing LLC now owns 81,532 shares of the industrial products company's stock valued at $27,469,000 after buying an additional 81,478 shares in the last quarter. 96.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Wall Street Zen raised Kadant from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. Barrington Research reissued an "outperform" rating and issued a $380.00 price target on shares of Kadant in a report on Thursday, May 1st. Finally, DA Davidson decreased their price objective on shares of Kadant from $300.00 to $275.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st.

Kadant Trading Up 2.8%

Shares of Kadant stock traded up $9.28 during mid-day trading on Thursday, hitting $339.44. The stock had a trading volume of 151,444 shares, compared to its average volume of 117,070. The firm has a market cap of $4.00 billion, a P/E ratio of 36.03 and a beta of 1.25. Kadant Inc has a 12-month low of $281.30 and a 12-month high of $429.95. The company has a quick ratio of 1.62, a current ratio of 2.47 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average of $316.40 and a two-hundred day moving average of $337.51.

Kadant (NYSE:KAI - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.97 by $0.13. Kadant had a return on equity of 13.74% and a net margin of 10.63%. The company had revenue of $239.21 million for the quarter, compared to the consensus estimate of $239.41 million. During the same quarter in the prior year, the business earned $2.38 EPS. Kadant's revenue was down 3.9% on a year-over-year basis. Sell-side analysts forecast that Kadant Inc will post 9.97 earnings per share for the current year.

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

Kadant Announces Dividend

The company also recently disclosed 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 0.40%. Kadant's dividend payout ratio (DPR) is 14.44%.

Kadant Company Profile

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.