Kadant Inc $KAI Shares Purchased by ProShare Advisors LLC

Key Points

• ProShare Advisors increased its Kadant stake by 35.8% in the third quarter, to 33,709 shares valued at about $8.8 million. Institutional investors and hedge funds collectively own 96.13% of the stock.
• Kadant reported quarterly EPS of $3.64, beating the $3.00 estimate, while revenue of $313.16 million topped forecasts and rose 15.3% year over year.
• Analysts’ consensus rating is Hold, with an average price target of $357.50. Kadant also declared a quarterly dividend of $0.36 per share, equivalent to a 0.5% yield.

ProShare Advisors LLC grew its position in Kadant Inc (NYSE:KAI - Free Report) by 35.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 33,709 shares of the industrial products company's stock after purchasing an additional 8,895 shares during the period. ProShare Advisors LLC owned approximately 0.29% of Kadant worth $8,816,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in KAI. Fifth Third Bancorp boosted its stake in shares of Kadant by 12,689.4% in the first quarter. Fifth Third Bancorp now owns 33,892 shares of the industrial products company's stock worth $9,908,000 after buying an additional 33,627 shares during the last quarter. BlackRock Inc. acquired a new stake in Kadant in the 2nd quarter valued at $565,205,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Kadant during the second quarter worth about $7,843,000. Callan Family Office LLC purchased a new stake in Kadant during the 2nd quarter worth approximately $4,396,000. Finally, Van ECK Associates Corp grew its holdings in shares of Kadant by 91.6% during the second quarter. Van ECK Associates Corp now owns 4,404 shares of the industrial products company's stock worth $1,384,000 after buying an additional 2,106 shares in the last quarter. 96.13% of the stock is currently owned by institutional investors and hedge funds.

Kadant Stock Down 0.3%

Shares of NYSE KAI opened at $282.67 on Wednesday. The company has a current ratio of 2.59, a quick ratio of 1.63 and a debt-to-equity ratio of 0.49. The stock has a market cap of $3.34 billion, a P/E ratio of 30.39 and a beta of 1.19. The business's fifty day simple moving average is $274.29 and its 200-day simple moving average is $306.40. Kadant Inc has a 12-month low of $244.87 and a 12-month high of $354.07.

Kadant (NYSE:KAI - Get Free Report) last announced its quarterly earnings data on Tuesday, November 3rd. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.00 by $0.64. Kadant had a return on equity of 13.16% and a net margin of 9.52%. The business had revenue of $313.16 million during the quarter, compared to analysts' expectations of $302.03 million. During the same quarter last year, the business posted $2.59 EPS. The business's quarterly revenue was up 15.3% compared to the same quarter last year. As a group, equities analysts predict that Kadant Inc will post 12.56 EPS for the current fiscal year.

Kadant Dividend Announcement

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

Wall Street Analyst Weigh In

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

Kadant Profile

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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