Conestoga Capital Advisors LLC boosted its position in Kadant Inc. (NYSE:KAI - Free Report) by 97.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 221,209 shares of the industrial products company's stock after purchasing an additional 109,439 shares during the period. Conestoga Capital Advisors LLC owned approximately 1.88% of Kadant worth $74,528,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also modified their holdings of the business. Opal Wealth Advisors LLC bought a new stake in Kadant during the 1st quarter valued at about $30,000. Jones Financial Companies Lllp raised 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 valued at $36,000 after acquiring an additional 75 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Kadant by 348.1% in the first quarter. GAMMA Investing LLC now owns 242 shares of the industrial products company's stock valued at $82,000 after purchasing an additional 188 shares during the period. Washington Trust Advisors Inc. bought a new position in Kadant in the fourth quarter worth approximately $85,000. Finally, Fifth Third Bancorp grew its stake in Kadant by 23.1% in the first quarter. Fifth Third Bancorp now owns 442 shares of the industrial products company's stock worth $149,000 after purchasing an additional 83 shares in the last quarter. Hedge funds and other institutional investors own 96.13% of the company's stock.
Analyst Ratings Changes
KAI has been the subject of several research reports. DA Davidson lowered their target price on Kadant from $300.00 to $275.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Barrington Research reiterated an "outperform" rating and set a $380.00 target price on shares of Kadant in a report on Thursday, May 1st. Finally, Wall Street Zen raised shares of Kadant from a "sell" rating to a "hold" rating in a research report on Friday, June 6th.
Get Our Latest Stock Analysis on Kadant
Kadant Trading Up 1.5%
KAI opened at $320.22 on Tuesday. The business's 50 day moving average is $313.23 and its two-hundred day moving average is $344.81. Kadant Inc. has a 52 week low of $276.62 and a 52 week high of $429.95. The firm has a market cap of $3.77 billion, a price-to-earnings ratio of 33.78 and a beta of 1.26. The company has a quick ratio of 1.46, a current ratio of 2.29 and a debt-to-equity ratio of 0.37.
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. Kadant had a return on equity of 14.66% and a net margin of 10.59%. The business had revenue of $239.21 million during the quarter, compared to the consensus estimate of $239.41 million. During the same period in the prior year, the business posted $2.38 EPS. The company's revenue for the quarter was down 3.9% on a year-over-year basis. On average, research analysts predict that Kadant Inc. will post 9.97 EPS for the current year.
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 paid a $0.34 dividend. The ex-dividend date is Thursday, July 10th. This represents a $1.36 dividend on an annualized basis and a yield of 0.42%. Kadant's payout ratio is currently 14.44%.
Kadant announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 15th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its shares are undervalued.
Kadant Company Profile
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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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