State of Alaska Department of Revenue acquired a new stake in shares of Kadant Inc (NYSE:KAI - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,508 shares of the industrial products company's stock, valued at approximately $2,192,000. State of Alaska Department of Revenue owned about 0.06% of Kadant at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Opal Wealth Advisors LLC purchased a new stake in shares of Kadant during the first quarter valued at $30,000. Jones Financial Companies Lllp grew its holdings in shares of Kadant by 267.9% during the fourth quarter. Jones Financial Companies Lllp now owns 103 shares of the industrial products company's stock valued at $36,000 after buying an additional 75 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of 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 last quarter. Washington Trust Advisors Inc. purchased a new stake in shares of Kadant during the fourth quarter valued at $85,000. Finally, Fifth Third Bancorp boosted its holdings in Kadant by 23.1% in the first quarter. Fifth Third Bancorp now owns 442 shares of the industrial products company's stock valued at $149,000 after purchasing an additional 83 shares during the last quarter. 96.13% of the stock is owned by hedge funds and other institutional investors.
Kadant Price Performance
NYSE:KAI opened at $302.51 on Monday. Kadant Inc has a one year low of $279.64 and a one year high of $429.95. 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 firm has a market cap of $3.56 billion, a price-to-earnings ratio of 32.11 and a beta of 1.26. The firm's fifty day moving average is $312.16 and its two-hundred day moving average is $341.96.
Kadant (NYSE:KAI - Get Free Report) last posted its quarterly earnings results 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. Kadant had a net margin of 10.63% and a return on equity of 13.74%. The company had revenue of $239.21 million for the quarter, compared to analyst estimates of $239.41 million. During the same period in the prior year, the company earned $2.38 earnings per share. The firm's revenue was down 3.9% on a year-over-year basis. Research analysts expect that Kadant Inc will post 9.97 EPS for the current year.
Kadant announced that its board has initiated a stock repurchase program 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 purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.
Kadant Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Thursday, July 10th will be paid 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 of this dividend is Thursday, July 10th. Kadant's payout ratio is currently 14.44%.
Wall Street Analyst Weigh In
Several equities research analysts have commented 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. Wall Street Zen lowered shares of Kadant from a "hold" rating to a "sell" rating in a report on Saturday. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $380.00 price target on shares of Kadant in a report on Thursday, May 1st.
View Our Latest Stock Analysis on Kadant
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.
Recommended Stories
Want to see what other hedge funds are holding KAI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kadant Inc (NYSE:KAI - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Kadant, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Kadant wasn't on the list.
While Kadant currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Need to stretch out your 401K or Roth IRA plan? Use these time-tested investing strategies to grow the monthly retirement income that your stock portfolio generates.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
