Maryland State Retirement & Pension System Makes New Investment in Kadant Inc (NYSE:KAI)

Maryland State Retirement & Pension System purchased a new stake in Kadant Inc (NYSE:KAI - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 3,427 shares of the industrial products company's stock, valued at approximately $1,155,000.

Other large investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its position in Kadant by 7.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 836 shares of the industrial products company's stock valued at $282,000 after buying an additional 57 shares during the period. Amalgamated Bank lifted its position in Kadant by 736.5% during the first quarter. Amalgamated Bank now owns 3,346 shares of the industrial products company's stock valued at $1,127,000 after buying an additional 2,946 shares during the period. GAMMA Investing LLC lifted its position in Kadant by 348.1% during the first quarter. GAMMA Investing LLC now owns 242 shares of the industrial products company's stock valued at $82,000 after buying an additional 188 shares during the period. Asset Management One Co. Ltd. purchased a new position in shares of Kadant in the 1st quarter worth about $111,000. Finally, Yousif Capital Management LLC purchased a new position in shares of Kadant in the 1st quarter worth about $1,475,000. Institutional investors own 96.13% of the company's stock.

Kadant Stock Down 0.2%

Shares of KAI traded down $0.76 during trading hours on Friday, hitting $339.94. The company had a trading volume of 23,880 shares, compared to its average volume of 144,002. The firm has a fifty day moving average price of $327.17 and a 200-day moving average price of $333.45. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.53 and a current ratio of 2.38. The stock has a market capitalization of $4.00 billion, a price-to-earnings ratio of 37.86 and a beta of 1.24. Kadant Inc has a 52-week low of $281.30 and a 52-week high of $429.95.

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

Kadant declared that its Board of Directors has authorized a share buyback program on Thursday, May 15th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the industrial products company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board believes its shares are undervalued.

Analyst Ratings Changes

KAI has been the subject of several recent analyst reports. 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 price target 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.