Royal Bank of Canada raised its stake in shares of Kadant Inc. (NYSE:KAI - Free Report) by 21.2% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 76,714 shares of the industrial products company's stock after purchasing an additional 13,441 shares during the period. Royal Bank of Canada owned 0.65% of Kadant worth $26,466,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of KAI. Wesbanco Bank Inc. grew its holdings in Kadant by 87.1% during the fourth quarter. Wesbanco Bank Inc. now owns 1,590 shares of the industrial products company's stock valued at $549,000 after purchasing an additional 740 shares during the period. Linden Thomas Advisory Services LLC grew its holdings in Kadant by 21.8% during the fourth 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 grew its holdings in Kadant by 54.6% during the fourth quarter. KBC Group NV now owns 504 shares of the industrial products company's stock valued at $174,000 after purchasing an additional 178 shares during the period. Conestoga Capital Advisors LLC bought a new stake in Kadant during the fourth quarter valued at about $38,560,000. Finally, Robertson Stephens Wealth Management LLC grew its holdings in Kadant by 9.9% during the fourth quarter. Robertson Stephens Wealth Management LLC now owns 764 shares of the industrial products company's stock valued at $264,000 after purchasing an additional 69 shares during the period. Institutional investors own 96.13% of the company's stock.
Kadant Price Performance
Shares of Kadant stock traded up $1.96 during trading hours on Thursday, hitting $318.03. The company's stock had a trading volume of 12,605 shares, compared to its average volume of 112,089. The business has a 50 day moving average price of $314.88 and a two-hundred day moving average price of $352.99. Kadant Inc. has a 12-month low of $266.23 and a 12-month high of $429.95. The company has a market cap of $3.75 billion, a PE ratio of 33.55 and a beta of 1.30. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.46 and a current ratio of 2.29.
Kadant (NYSE:KAI - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $239.21 million for the quarter, compared to the consensus estimate of $239.41 million. Kadant had a return on equity of 14.66% and a net margin of 10.59%. The business's revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the business earned $2.38 earnings per share. Analysts expect that Kadant Inc. will post 9.97 earnings per share for the current fiscal year.
Kadant Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Thursday, July 10th will be given a $0.34 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.43%. Kadant's dividend payout ratio is currently 14.44%.
Kadant announced that its board has approved a share repurchase program on Thursday, May 15th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the industrial products company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.
Wall Street Analyst Weigh In
Several equities analysts have recently commented on KAI shares. DA Davidson lowered their price objective on Kadant from $300.00 to $275.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Barrington Research restated an "outperform" rating and issued a $380.00 price objective on shares of Kadant in a research report on Thursday, May 1st. Finally, Wall Street Zen downgraded Kadant from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd.
Check Out Our Latest Analysis on KAI
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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