Kadant Inc. (NYSE:KAI) Shares Sold by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC lowered its position in Kadant Inc. (NYSE:KAI - Free Report) by 1.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,347,055 shares of the industrial products company's stock after selling 19,016 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned about 11.47% of Kadant worth $464,721,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in KAI. Wesbanco Bank Inc. lifted its holdings in Kadant by 87.1% during the 4th quarter. Wesbanco Bank Inc. now owns 1,590 shares of the industrial products company's stock worth $549,000 after purchasing an additional 740 shares in the last quarter. Linden Thomas Advisory Services LLC increased its position in Kadant by 21.8% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 1,987 shares of the industrial products company's stock valued at $685,000 after purchasing an additional 355 shares during the period. KBC Group NV raised its stake in Kadant by 54.6% in the fourth quarter. KBC Group NV now owns 504 shares of the industrial products company's stock worth $174,000 after buying an additional 178 shares in the last quarter. Conestoga Capital Advisors LLC purchased a new position in shares of Kadant in the 4th quarter valued at approximately $38,560,000. Finally, Robertson Stephens Wealth Management LLC grew its stake in shares of Kadant by 9.9% in the fourth quarter. Robertson Stephens Wealth Management LLC now owns 764 shares of the industrial products company's stock worth $264,000 after acquiring an additional 69 shares during the last quarter. 96.13% of the stock is currently owned by hedge funds and other institutional investors.

Kadant Trading Down 0.8%

Shares of Kadant stock traded down $2.69 on Friday, reaching $314.63. The company had a trading volume of 38,297 shares, compared to its average volume of 112,139. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.29 and a quick ratio of 1.46. The firm has a market cap of $3.71 billion, a price-to-earnings ratio of 33.16 and a beta of 1.30. The firm's 50-day moving average price is $314.33 and its two-hundred day moving average price is $352.38. Kadant Inc. has a 1 year low of $269.63 and a 1 year high of $429.95.

Kadant (NYSE:KAI - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $2.10 EPS for the quarter, beating the consensus estimate of $1.97 by $0.13. Kadant had a net margin of 10.59% and a return on equity of 14.66%. The business had revenue of $239.21 million during the quarter, compared to analyst estimates of $239.41 million. During the same quarter in the previous year, the business posted $2.38 EPS. The company's quarterly revenue was down 3.9% compared to the same quarter last year. As a group, research analysts predict that Kadant Inc. will post 9.97 earnings per share for the current fiscal year.

Kadant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Thursday, July 10th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date is Thursday, July 10th. Kadant's payout ratio is currently 14.44%.

Kadant declared that its Board of Directors has authorized a share repurchase plan on Thursday, May 15th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. DA Davidson lowered their target price on 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 downgraded shares of Kadant from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, Barrington Research reissued an "outperform" rating and set a $380.00 price target on shares of Kadant in a report on Thursday, May 1st.

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.