Envestnet Asset Management Inc. Has $12.21 Million Position in Kadant Inc (NYSE:KAI)

Envestnet Asset Management Inc. lowered its holdings in Kadant Inc (NYSE:KAI - Free Report) by 4.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,238 shares of the industrial products company's stock after selling 1,732 shares during the quarter. Envestnet Asset Management Inc. owned 0.31% of Kadant worth $12,209,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Synovus Financial Corp lifted its position in shares of Kadant by 1.7% during the fourth quarter. Synovus Financial Corp now owns 1,761 shares of the industrial products company's stock worth $608,000 after purchasing an additional 29 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Kadant by 3.2% during the fourth quarter. Bank of Montreal Can now owns 1,187 shares of the industrial products company's stock worth $410,000 after purchasing an additional 37 shares in the last quarter. Select Equity Group L.P. lifted its position in shares of Kadant by 0.4% during the fourth quarter. Select Equity Group L.P. now owns 13,029 shares of the industrial products company's stock worth $4,495,000 after purchasing an additional 55 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Kadant by 7.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 836 shares of the industrial products company's stock worth $282,000 after purchasing an additional 57 shares in the last quarter. Finally, Summit Investment Advisors Inc. lifted its position in shares of Kadant by 5.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,226 shares of the industrial products company's stock worth $423,000 after purchasing an additional 59 shares in the last quarter. Institutional investors own 96.13% of the company's stock.

Kadant Trading Up 3.7%

Kadant stock traded up $12.29 during midday trading on Wednesday, hitting $343.42. 74,241 shares of the stock were exchanged, compared to its average volume of 117,639. The company has a fifty day simple moving average of $320.25 and a two-hundred day simple moving average of $336.19. Kadant Inc has a 52 week low of $281.30 and a 52 week high of $429.95. The stock has a market capitalization of $4.05 billion, a PE ratio of 36.46 and a beta of 1.25. 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 posted its earnings results on Tuesday, April 29th. The industrial products company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.97 by $0.13. The company 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 revenue for the quarter was down 3.9% compared to the same quarter last year. During the same period last year, the business posted $2.38 earnings per share. Equities research analysts anticipate that Kadant Inc will post 9.97 EPS for the current fiscal year.

Kadant announced that its board has initiated a share 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 purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Kadant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Thursday, July 10th will be issued a dividend of $0.34 per share. The ex-dividend date is Thursday, July 10th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.40%. Kadant's payout ratio is 14.44%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on KAI shares. DA Davidson cut their price objective on shares of Kadant from $300.00 to $275.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Wall Street Zen upgraded shares of Kadant from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. Finally, Barrington Research restated an "outperform" rating and issued a $380.00 price objective 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.