Bank of America Corp DE Has $24.08 Million Position in Kadant Inc. (NYSE:KAI)

Bank of America Corp DE cut its position in Kadant Inc. (NYSE:KAI - Free Report) by 10.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 69,810 shares of the industrial products company's stock after selling 7,774 shares during the quarter. Bank of America Corp DE owned approximately 0.59% of Kadant worth $24,084,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew 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 last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Kadant during the 4th quarter valued at about $193,595,000. Northern Trust Corp lifted its holdings in Kadant by 5.5% during the 4th quarter. Northern Trust Corp now owns 154,466 shares of the industrial products company's stock valued at $53,289,000 after purchasing an additional 8,030 shares during the last quarter. Norges Bank bought a new position in Kadant during the 4th quarter valued at about $46,529,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Kadant by 0.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 121,686 shares of the industrial products company's stock valued at $41,980,000 after purchasing an additional 445 shares during the last quarter. 96.13% of the stock is currently owned by institutional investors and hedge funds.

Kadant Stock Down 1.0%

Shares of KAI stock traded down $3.04 during trading on Friday, reaching $305.89. The company's stock had a trading volume of 113,819 shares, compared to its average volume of 112,369. The business has a fifty day moving average price of $316.27 and a 200-day moving average price of $354.34. The company has a quick ratio of 1.46, a current ratio of 2.29 and a debt-to-equity ratio of 0.37. The company has a market cap of $3.60 billion, a price-to-earnings ratio of 32.27 and a beta of 1.30. Kadant Inc. has a one year low of $266.23 and a one year high of $429.95.

Kadant (NYSE:KAI - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.97 by $0.13. The firm had revenue of $239.21 million for the quarter, compared to analyst estimates of $239.41 million. Kadant had a net margin of 10.59% and a return on equity of 14.66%. The company's quarterly revenue was down 3.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.38 earnings per share. Analysts anticipate that Kadant Inc. will post 9.97 earnings per share for the current year.

Kadant declared that its board has approved a stock buyback plan 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Kadant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Thursday, July 10th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $1.36 annualized dividend and a dividend yield of 0.44%. Kadant's dividend payout ratio (DPR) is presently 14.44%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Wall Street Zen downgraded shares of Kadant from a "hold" rating to a "sell" rating in a report on Thursday. Barrington Research reaffirmed an "outperform" rating and issued a $380.00 target price on shares of Kadant in a research note on Thursday, May 1st. Finally, DA Davidson lowered their price target on shares of Kadant from $300.00 to $275.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st.

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.