Bessemer Group Inc. Grows Stock Position in Kadant Inc (NYSE:KAI)

Bessemer Group Inc. raised its position in Kadant Inc (NYSE:KAI - Free Report) by 259.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,844 shares of the industrial products company's stock after buying an additional 2,052 shares during the quarter. Bessemer Group Inc.'s holdings in Kadant were worth $959,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Sheets Smith Wealth Management raised its position in Kadant by 3.7% in the 1st quarter. Sheets Smith Wealth Management now owns 2,322 shares of the industrial products company's stock valued at $782,000 after purchasing an additional 83 shares during the last quarter. Asset Management One Co. Ltd. acquired a new position in Kadant in the first quarter valued at $111,000. State of Alaska Department of Revenue acquired a new position in Kadant in the first quarter valued at $2,192,000. Conestoga Capital Advisors LLC raised its holdings in shares of Kadant by 97.9% in the first quarter. Conestoga Capital Advisors LLC now owns 221,209 shares of the industrial products company's stock valued at $74,528,000 after buying an additional 109,439 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Kadant by 16.2% during the first quarter. Janney Montgomery Scott LLC now owns 695 shares of the industrial products company's stock worth $234,000 after buying an additional 97 shares during the period. 96.13% of the stock is owned by institutional investors and hedge funds.

Kadant Stock Performance

NYSE KAI traded up $4.38 during trading hours on Wednesday, hitting $329.58. 79,640 shares of the stock were exchanged, compared to its average volume of 115,477. 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 company has a market cap of $3.88 billion, a price-to-earnings ratio of 34.99 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 stock has a 50-day moving average of $313.29 and a 200 day moving average of $338.55.

Kadant (NYSE:KAI - Get Free Report) last issued its earnings results on Tuesday, April 29th. The industrial products company reported $2.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 return on equity of 13.74% and a net margin of 10.63%. The company's revenue for the quarter was down 3.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.38 EPS. As a group, equities research 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 plan on Thursday, May 15th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the industrial products company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is 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 yield of 0.41%. Kadant's payout ratio is currently 14.44%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. DA Davidson dropped their price target on Kadant from $300.00 to $275.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Wall Street Zen downgraded Kadant from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. Finally, Barrington Research reissued an "outperform" rating and issued a $380.00 target price on shares of Kadant in a report on Thursday, May 1st.

Kadant 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.