Riverbridge Partners LLC Has $83.28 Million Position in Kadant Inc (NYSE:KAI)

Riverbridge Partners LLC lessened its stake in shares of Kadant Inc (NYSE:KAI - Free Report) by 9.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 247,189 shares of the industrial products company's stock after selling 24,942 shares during the period. Kadant accounts for about 1.3% of Riverbridge Partners LLC's portfolio, making the stock its 29th biggest position. Riverbridge Partners LLC owned about 2.10% of Kadant worth $83,280,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Kadant by 25.0% during the 4th quarter. Vanguard Group Inc. now owns 1,218,273 shares of the industrial products company's stock worth $420,292,000 after acquiring an additional 243,267 shares during the period. Conestoga Capital Advisors LLC boosted its holdings in shares of Kadant by 97.9% in the 1st quarter. Conestoga Capital Advisors LLC now owns 221,209 shares of the industrial products company's stock valued at $74,528,000 after purchasing an additional 109,439 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Kadant by 20.0% in the 4th quarter. Janus Henderson Group PLC now owns 156,358 shares of the industrial products company's stock valued at $53,985,000 after purchasing an additional 26,067 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Kadant by 5.5% in the 4th quarter. Northern Trust Corp now owns 154,466 shares of the industrial products company's stock valued at $53,289,000 after purchasing an additional 8,030 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Kadant in the 4th quarter valued at $46,529,000. Institutional investors own 96.13% of the company's stock.

Kadant Price Performance

Shares of KAI stock traded up $3.02 during trading hours on Monday, reaching $305.14. The company's stock had a trading volume of 194,344 shares, compared to its average volume of 115,258. The firm's 50 day simple moving average is $311.88 and its 200-day simple moving average is $341.24. The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of 32.39 and a beta of 1.26. Kadant Inc has a fifty-two week low of $279.64 and a fifty-two week high of $429.95. The company has a quick ratio of 1.62, a current ratio of 2.47 and a debt-to-equity ratio of 0.31.

Kadant (NYSE:KAI - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $2.10 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $239.41 million. During the same quarter last year, the business posted $2.38 EPS. Kadant's revenue for the quarter was down 3.9% on a year-over-year basis. Sell-side analysts forecast that Kadant Inc will post 9.97 earnings per share for the current year.

Kadant announced that its board has authorized a stock buyback plan on Thursday, May 15th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

Kadant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Thursday, July 10th will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 0.45%. The ex-dividend date is Thursday, July 10th. Kadant's dividend payout ratio (DPR) is 14.44%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on KAI shares. DA Davidson reduced 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. Barrington Research reaffirmed an "outperform" rating and issued a $380.00 target price on shares of Kadant in a report on Thursday, May 1st. Finally, Wall Street Zen downgraded Kadant from a "hold" rating to a "sell" rating in a report on Saturday.

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.