M&T Bank Corp Has $334,000 Stock Holdings in Kadant Inc (NYSE:KAI)

M&T Bank Corp lowered its position in shares of Kadant Inc (NYSE:KAI - Free Report) by 57.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 990 shares of the industrial products company's stock after selling 1,353 shares during the quarter. M&T Bank Corp's holdings in Kadant were worth $334,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new position in Kadant in the first quarter valued at approximately $30,000. GAMMA Investing LLC lifted its stake in 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 acquiring an additional 188 shares during the last quarter. Asset Management One Co. Ltd. acquired a new stake in Kadant in the first quarter valued at $111,000. Fifth Third Bancorp increased its stake in shares of Kadant by 23.1% during the 1st quarter. Fifth Third Bancorp now owns 442 shares of the industrial products company's stock worth $149,000 after purchasing an additional 83 shares during the last quarter. Finally, Contravisory Investment Management Inc. raised its holdings in shares of Kadant by 924.5% in the 1st quarter. Contravisory Investment Management Inc. now owns 543 shares of the industrial products company's stock valued at $183,000 after purchasing an additional 490 shares during the period. 96.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on KAI shares. Wall Street Zen upgraded shares of Kadant from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. DA Davidson reduced their price objective on Kadant from $300.00 to $275.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. 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 Stock Performance

NYSE KAI opened at $335.39 on Friday. Kadant Inc has a fifty-two week low of $281.30 and a fifty-two week high of $429.95. The firm's fifty day moving average price is $319.50 and its two-hundred day moving average price is $336.61. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.62 and a current ratio of 2.47. The stock has a market cap of $3.95 billion, a PE ratio of 35.60 and a beta of 1.25.

Kadant (NYSE:KAI - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $2.10 EPS for the quarter, beating analysts' consensus estimates of $1.97 by $0.13. The firm had revenue of $239.21 million for the quarter, compared to analyst estimates of $239.41 million. Kadant had a return on equity of 13.74% and a net margin of 10.63%. The business's revenue was down 3.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.38 EPS. On average, equities analysts expect that Kadant Inc will post 9.97 EPS for the current fiscal year.

Kadant Dividend Announcement

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

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

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.

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