M&T Bank Corp cut its stake in shares of Kadant Inc (NYSE:KAI - Free Report) by 57.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 quarter.
Other institutional investors have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Kadant by 10.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,098 shares of the industrial products company's stock worth $1,069,000 after acquiring an additional 305 shares in the last quarter. Swiss National Bank boosted its holdings in shares of Kadant by 0.4% during the 4th quarter. Swiss National Bank now owns 23,100 shares of the industrial products company's stock valued at $7,969,000 after buying an additional 100 shares in the last quarter. Cibc World Markets Corp bought a new stake in shares of Kadant during the 4th quarter valued at $378,000. Intech Investment Management LLC boosted its holdings in shares of Kadant by 105.0% during the 4th quarter. Intech Investment Management LLC now owns 4,888 shares of the industrial products company's stock valued at $1,686,000 after buying an additional 2,504 shares in the last quarter. Finally, Xponance Inc. boosted its holdings in shares of Kadant by 10.2% during the 4th quarter. Xponance Inc. now owns 845 shares of the industrial products company's stock valued at $292,000 after buying an additional 78 shares in the last quarter. Institutional investors and hedge funds own 96.13% of the company's stock.
Analysts Set New Price Targets
Several equities analysts have weighed in on the stock. DA Davidson lowered their price target 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. Barrington Research reaffirmed an "outperform" rating and set a $380.00 price objective on shares of Kadant in a report on Thursday, May 1st. Finally, Wall Street Zen raised shares of Kadant from a "sell" rating to a "hold" rating in a report on Saturday, July 5th.
Get Our Latest Stock Analysis on Kadant
Kadant Price Performance
NYSE KAI traded down $7.09 during mid-day trading on Monday, hitting $326.61. The stock had a trading volume of 51,264 shares, compared to its average volume of 117,481. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.47 and a quick ratio of 1.62. The firm's 50 day moving average is $320.08 and its 200 day moving average is $336.40. The stock has a market capitalization of $3.85 billion, a price-to-earnings ratio of 34.67 and a beta of 1.25. Kadant Inc has a twelve month low of $281.30 and a twelve month 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 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 company had revenue of $239.21 million for the quarter, compared to analyst estimates of $239.41 million. During the same quarter last year, the company earned $2.38 EPS. Kadant's revenue for the quarter was down 3.9% compared to the same quarter last year. Equities research analysts forecast that Kadant Inc will post 9.97 earnings per share for the current fiscal year.
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. The ex-dividend date is Thursday, July 10th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.42%. Kadant's dividend payout ratio (DPR) is 14.44%.
Kadant declared that its Board of Directors has approved a share repurchase plan 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 plans are usually a sign that the company's board believes its stock is undervalued.
About Kadant
(
Free Report)
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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