Bessemer Group Inc. increased its stake in shares of Kadant Inc (NYSE:KAI - Free Report) by 259.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 2,844 shares of the industrial products company's stock after buying an additional 2,052 shares during the period. Bessemer Group Inc.'s holdings in Kadant were worth $959,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also modified their holdings of KAI. Principal Financial Group Inc. boosted its holdings in shares of Kadant by 13.1% during the 4th quarter. Principal Financial Group Inc. now owns 7,132 shares of the industrial products company's stock worth $2,460,000 after buying an additional 828 shares during the period. Versor Investments LP bought a new position in shares of Kadant during the fourth quarter worth approximately $310,000. Jones Financial Companies Lllp increased its stake in shares of Kadant by 267.9% during the fourth quarter. Jones Financial Companies Lllp now owns 103 shares of the industrial products company's stock worth $36,000 after purchasing an additional 75 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Kadant by 0.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 121,686 shares of the industrial products company's stock worth $41,980,000 after purchasing an additional 445 shares during the period. Finally, Atria Investments Inc increased its position in Kadant by 5.4% during the 4th quarter. Atria Investments Inc now owns 5,862 shares of the industrial products company's stock worth $2,022,000 after buying an additional 298 shares during the period. Institutional investors own 96.13% of the company's stock.
Kadant Price Performance
Shares of KAI traded up $0.20 during trading hours on Friday, hitting $329.87. 33,786 shares of the company were exchanged, compared to its average volume of 115,496. The company has a market cap of $3.89 billion, a price-to-earnings ratio of 35.02 and a beta of 1.25. The firm's fifty day moving average is $314.11 and its 200 day moving average is $338.27. Kadant Inc has a fifty-two week low of $281.30 and a fifty-two week 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.
Kadant (NYSE:KAI - Get Free Report) last released its earnings results on Tuesday, April 29th. The industrial products company reported $2.10 EPS for the quarter, beating 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 10.63% and a return on equity of 13.74%. The business's quarterly revenue was down 3.9% compared to the same quarter last year. During the same period last year, the firm earned $2.38 EPS. On average, equities analysts anticipate that Kadant Inc will post 9.97 earnings per share for the current fiscal year.
Kadant declared that its Board of Directors has initiated 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.
Kadant Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Thursday, July 10th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend is Thursday, July 10th. Kadant's payout ratio is presently 14.44%.
Analyst Upgrades and Downgrades
Several research firms have weighed in on KAI. DA Davidson lowered their price objective on Kadant from $300.00 to $275.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Barrington Research reiterated an "outperform" rating and set a $380.00 price objective on shares of Kadant in a research report on Thursday, May 1st. Finally, Wall Street Zen cut Kadant from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st.
Read Our Latest Analysis on KAI
Kadant Profile
(
Free Report)
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.
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