Allspring Global Investments Holdings LLC Sells 2,565 Shares of Kadant Inc (NYSE:KAI)

Allspring Global Investments Holdings LLC decreased its holdings in Kadant Inc (NYSE:KAI - Free Report) by 7.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,145 shares of the industrial products company's stock after selling 2,565 shares during the period. Allspring Global Investments Holdings LLC owned 0.26% of Kadant worth $10,687,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of KAI. Opal Wealth Advisors LLC purchased a new position in Kadant in the 1st quarter valued at approximately $30,000. Jones Financial Companies Lllp boosted its holdings in shares of Kadant by 267.9% in the fourth quarter. Jones Financial Companies Lllp now owns 103 shares of the industrial products company's stock worth $36,000 after acquiring an additional 75 shares during the period. GAMMA Investing LLC grew its position 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 in the last quarter. Washington Trust Advisors Inc. bought a new stake in shares of Kadant during the 4th quarter valued at $85,000. Finally, Asset Management One Co. Ltd. purchased a new stake in Kadant during the 1st quarter worth about $111,000. Institutional investors own 96.13% of the company's stock.

Wall Street Analyst Weigh In

KAI has been the subject of a number of recent analyst reports. Wall Street Zen lowered Kadant from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Barrington Research reaffirmed an "outperform" rating and set a $380.00 price objective on shares of Kadant in a research note on Thursday, May 1st. Finally, DA Davidson decreased their target price 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.

Kadant Price Performance

NYSE:KAI traded up $0.20 during trading hours on Friday, hitting $329.87. 33,786 shares of the company's stock traded hands, compared to its average volume of 115,496. Kadant Inc has a 52 week low of $281.30 and a 52 week high of $429.95. The business's fifty day simple moving average is $314.11 and its two-hundred day simple moving average is $338.27. The company has a quick ratio of 1.62, a current ratio of 2.47 and a debt-to-equity ratio of 0.31. The firm has a market cap of $3.89 billion, a P/E ratio of 35.02 and a beta of 1.25.

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

Kadant announced that its board has initiated a share repurchase program on Thursday, May 15th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the industrial products company to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

Kadant Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Thursday, July 10th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date is Thursday, July 10th. Kadant's payout ratio is 14.44%.

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.