DekaBank Deutsche Girozentrale Sells 1,000 Shares of Kadant Inc (NYSE:KAI)

DekaBank Deutsche Girozentrale lowered its position in shares of Kadant Inc (NYSE:KAI - Free Report) by 4.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,500 shares of the industrial products company's stock after selling 1,000 shares during the quarter. DekaBank Deutsche Girozentrale owned about 0.19% of Kadant worth $7,486,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of Kadant by 7.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 836 shares of the industrial products company's stock valued at $282,000 after buying an additional 57 shares during the period. Amalgamated Bank grew its stake in shares of Kadant by 736.5% in the 1st quarter. Amalgamated Bank now owns 3,346 shares of the industrial products company's stock valued at $1,127,000 after buying an additional 2,946 shares during the period. GAMMA Investing LLC grew its stake 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 buying an additional 188 shares during the period. Asset Management One Co. Ltd. acquired a new stake in shares of Kadant in the 1st quarter valued at about $111,000. Finally, Yousif Capital Management LLC acquired a new stake in shares of Kadant in the 1st quarter valued at about $1,475,000. Institutional investors own 96.13% of the company's stock.

Kadant Price Performance

Shares of NYSE KAI opened at $331.50 on Friday. Kadant Inc has a fifty-two week low of $281.30 and a fifty-two week high of $429.95. The stock has a market cap of $3.91 billion, a price-to-earnings ratio of 35.19 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.62 and a current ratio of 2.47. The firm's 50-day simple moving average is $317.02 and its 200 day simple moving average is $337.36.

Kadant (NYSE:KAI - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $1.97 by $0.13. Kadant had a net margin of 10.63% and a return on equity of 13.74%. The business had revenue of $239.21 million for the quarter, compared to analysts' expectations of $239.41 million. During the same quarter last year, the firm earned $2.38 EPS. The firm's revenue for the quarter was down 3.9% compared to the same quarter last year. As a group, research analysts anticipate that Kadant Inc will post 9.97 earnings per share for the current fiscal year.

Kadant declared that its board has approved a stock buyback program on Thursday, May 15th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Kadant Announces Dividend

The company 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 of this dividend is Thursday, July 10th. This represents a $1.36 annualized dividend and a dividend yield of 0.41%. Kadant's dividend payout ratio is currently 14.44%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on KAI. Barrington Research restated an "outperform" rating and issued a $380.00 target price on shares of Kadant in a research note on Thursday, May 1st. Wall Street Zen raised shares of Kadant from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. Finally, DA Davidson dropped their price target on shares of Kadant from $300.00 to $275.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st.

About Kadant

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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