Conestoga Capital Advisors LLC Sells 29,067 Shares of Kadant Inc $KAI

Key Points

• Conestoga Capital Advisors cut its Kadant stake by 19.3% in the third quarter, selling 29,067 shares and ending the period with 121,198 shares valued at about $31.7 million.
• Kadant reported quarterly EPS of $3.64, beating the $3.00 consensus, while revenue of $313.16 million topped estimates and increased 15.3% year over year.
• Kadant declared a quarterly dividend of $0.36 per share, equivalent to $1.44 annually and a 0.5% yield; analysts’ average rating was Hold.

Conestoga Capital Advisors LLC lowered its stake in shares of Kadant Inc (NYSE:KAI - Free Report) by 19.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 121,198 shares of the industrial products company's stock after selling 29,067 shares during the quarter. Conestoga Capital Advisors LLC owned about 1.03% of Kadant worth $31,696,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in KAI. Root Financial Partners LLC acquired a new position in Kadant in the 3rd quarter valued at $31,000. Quantbot Technologies LP bought a new stake in shares of Kadant during the 2nd quarter valued at $33,000. Public Employees Retirement System of Ohio bought a new stake in shares of Kadant during the 2nd quarter valued at $35,000. Parallel Advisors LLC grew its holdings in shares of Kadant by 79.2% during the 1st quarter. Parallel Advisors LLC now owns 172 shares of the industrial products company's stock worth $50,000 after purchasing an additional 76 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Kadant during the 2nd quarter worth $101,000. Institutional investors and hedge funds own 96.13% of the company's stock.

Kadant Price Performance

Kadant stock opened at $307.99 on Thursday. The stock's 50 day moving average is $274.39 and its 200 day moving average is $306.30. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.59 and a quick ratio of 1.63. The firm has a market cap of $3.64 billion, a P/E ratio of 31.08 and a beta of 1.19. Kadant Inc has a one year low of $244.87 and a one year high of $354.07.

Kadant (NYSE:KAI - Get Free Report) last released its earnings results on Tuesday, November 3rd. The industrial products company reported $3.64 earnings per share for the quarter, beating analysts' consensus estimates of $3.00 by $0.64. The business had revenue of $313.16 million during the quarter, compared to the consensus estimate of $302.03 million. Kadant had a net margin of 9.81% and a return on equity of 14.24%. The company's revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.59 EPS. As a group, research analysts expect that Kadant Inc will post 12.56 EPS for the current year.

Kadant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 12th. Stockholders of record on Thursday, October 15th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Thursday, October 15th. Kadant's dividend payout ratio is currently 15.48%.

Key Stories Impacting Kadant

Here are the key news stories impacting Kadant this week:

• Positive Sentiment: Third-quarter adjusted earnings were $3.64 per share, beating the $3.00 consensus estimate, while revenue of $313.16 million exceeded expectations of $302.03 million and rose 15.3% year over year. The strong results are the clearest catalyst for the stock’s upward movement. Kadant Beats Q3 Earnings and Revenue Estimates
• Positive Sentiment: Management raised its full-year guidance to record levels, reinforcing the favorable outlook discussed on the earnings call and adding support to investor optimism. Kadant Earnings Call Highlights Record Growth and Guidance
• Negative Sentiment: The company’s quarterly revenue guidance reportedly fell short of analyst expectations. That weaker near-term outlook could temper the positive reaction to the earnings beat and higher full-year guidance. Kadant Beats Expectations, but Quarterly Revenue Guidance Misses

Analyst Ratings Changes

A number of research analysts recently commented on the company. Wall Street Zen upgraded Kadant from a "hold" rating to a "buy" rating in a research report on Saturday, September 12th. Weiss Ratings cut shares of Kadant from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, October 23rd. Finally, DA Davidson upped their price objective on shares of Kadant from $306.00 to $335.00 and gave the stock a "neutral" rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $357.50.

About Kadant

Kadant Inc NYSE: KAI is a global supplier of technologies and equipment used in the pulp and paper, recycling, and industrial processing industries. The company designs and manufactures products that help customers process fiber, manage fluids, improve production efficiency, and handle industrial materials.

Its offerings include systems and equipment for stock preparation, paper-machine cleaning, doctoring, filtration, water management, and fluid-handling applications. Kadant also provides material-handling and conveying equipment, as well as products used in recycling and other industrial processes.

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