Neuberger Berman Group LLC Sells 191,310 Shares of Kadant Inc (NYSE:KAI)

Key Points

• Neuberger Berman Group LLC has reduced its stake in Kadant Inc by 25.6%, now holding 555,195 shares valued at approximately $187.05 million.
• Kadant's stock price rose by 3.8%, with the latest market cap standing at $4.02 billion and a P/E ratio of 37.96.
• The company recently declared a quarterly dividend of $0.34 per share, representing an annualized dividend of $1.36 and a yield of 0.4%.

Neuberger Berman Group LLC trimmed its holdings in shares of Kadant Inc (NYSE:KAI - Free Report) by 25.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 555,195 shares of the industrial products company's stock after selling 191,310 shares during the quarter. Neuberger Berman Group LLC owned about 4.71% of Kadant worth $187,051,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of KAI. Opal Wealth Advisors LLC acquired a new stake in shares of Kadant in the first quarter valued at about $30,000. Optimum Investment Advisors grew its position in shares of Kadant by 50.0% in the first quarter. Optimum Investment Advisors now owns 150 shares of the industrial products company's stock valued at $51,000 after purchasing an additional 50 shares during the last quarter. 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 during the last quarter. Russell Investments Group Ltd. grew its position in shares of Kadant by 982.6% in the first quarter. Russell Investments Group Ltd. now owns 249 shares of the industrial products company's stock valued at $84,000 after purchasing an additional 226 shares during the last quarter. Finally, Asset Management One Co. Ltd. acquired a new stake in shares of Kadant in the first quarter valued at about $111,000. 96.13% of the stock is owned by institutional investors and hedge funds.

Kadant Price Performance

KAI traded down $0.75 during midday trading on Friday, reaching $339.95. 110,382 shares of the company's stock were exchanged, compared to its average volume of 104,313. The firm has a market capitalization of $4.00 billion, a price-to-earnings ratio of 37.86 and a beta of 1.24. The company has a quick ratio of 1.53, a current ratio of 2.38 and a debt-to-equity ratio of 0.26. Kadant Inc has a one year low of $281.30 and a one year high of $429.95. The business has a 50-day simple moving average of $327.38 and a two-hundred day simple moving average of $333.13.

Kadant (NYSE:KAI - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $1.94 by $0.37. The firm had revenue of $255.27 million during the quarter, compared to analysts' expectations of $245.99 million. Kadant had a net margin of 10.34% and a return on equity of 12.62%. The company's revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.81 earnings per share. As a group, research analysts predict that Kadant Inc will post 9.97 EPS for the current year.

Kadant declared that its board has initiated a share repurchase plan on Thursday, May 15th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the industrial products company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages have recently issued reports on KAI. Barrington Research reaffirmed an "outperform" rating and issued a $380.00 price target on shares of Kadant in a research report on Tuesday, July 29th. Wall Street Zen raised Kadant from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. Finally, DA Davidson lifted their target price on Kadant from $275.00 to $300.00 and gave the stock a "neutral" rating in a research report on Monday, August 4th.

Kadant Company 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.