Kadant Inc (NYSE:KAI) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its position in shares of Kadant Inc (NYSE:KAI - Free Report) by 71.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 79,631 shares of the industrial products company's stock after purchasing an additional 33,084 shares during the period. Bank of New York Mellon Corp owned approximately 0.68% of Kadant worth $26,829,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC bought a new stake in shares of Kadant in the 1st quarter valued at about $30,000. Jones Financial Companies Lllp boosted its holdings in shares of Kadant by 267.9% in the 4th quarter. Jones Financial Companies Lllp now owns 103 shares of the industrial products company's stock valued at $36,000 after acquiring an additional 75 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Kadant by 348.1% in the 1st quarter. GAMMA Investing LLC now owns 242 shares of the industrial products company's stock valued at $82,000 after acquiring an additional 188 shares during the last quarter. Asset Management One Co. Ltd. purchased a new stake in Kadant during the first quarter worth $111,000. Finally, Fifth Third Bancorp boosted its holdings in Kadant by 23.1% during the first quarter. Fifth Third Bancorp now owns 442 shares of the industrial products company's stock worth $149,000 after buying an additional 83 shares in the last quarter. Institutional investors own 96.13% of the company's stock.

Kadant Stock Down 0.5%

Kadant stock traded down $1.72 during trading on Friday, reaching $332.87. The stock had a trading volume of 109,233 shares, compared to its average volume of 117,747. Kadant Inc has a 52-week low of $281.30 and a 52-week high of $429.95. The business has a 50 day moving average price of $320.08 and a 200 day moving average price of $336.47. 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 stock has a market cap of $3.92 billion, a PE ratio of 35.34 and a beta of 1.25.

Kadant (NYSE:KAI - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $239.21 million during the quarter, compared to the consensus estimate of $239.41 million. Kadant had a net margin of 10.63% and a return on equity of 13.74%. The company's revenue was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.38 EPS. On average, analysts predict that Kadant Inc will post 9.97 EPS for the current year.

Kadant announced that its board has approved a stock repurchase 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Kadant Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Thursday, July 10th will be given a dividend of $0.34 per share. The ex-dividend date is Thursday, July 10th. This represents a $1.36 annualized dividend and a dividend yield of 0.41%. Kadant's payout ratio is currently 14.44%.

Wall Street Analysts Forecast Growth

KAI has been the subject of a number of research analyst reports. Barrington Research restated an "outperform" rating and set a $380.00 price objective on shares of Kadant in a research report on Thursday, May 1st. DA Davidson cut their price objective 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. Finally, Wall Street Zen upgraded shares of Kadant from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th.

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.