Teacher Retirement System of Texas acquired a new position in Kadant Inc (NYSE:KAI - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,066 shares of the industrial products company's stock, valued at approximately $696,000.
Several other hedge funds have also added to or reduced their stakes in KAI. Synovus Financial Corp grew its stake in Kadant by 1.7% during the fourth quarter. Synovus Financial Corp now owns 1,761 shares of the industrial products company's stock valued at $608,000 after acquiring an additional 29 shares in the last quarter. Bank of Montreal Can grew its stake in Kadant by 3.2% during the fourth quarter. Bank of Montreal Can now owns 1,187 shares of the industrial products company's stock valued at $410,000 after acquiring an additional 37 shares in the last quarter. Select Equity Group L.P. grew its stake in Kadant by 0.4% during the fourth quarter. Select Equity Group L.P. now owns 13,029 shares of the industrial products company's stock valued at $4,495,000 after acquiring an additional 55 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Kadant by 7.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 836 shares of the industrial products company's stock valued at $282,000 after acquiring an additional 57 shares in the last quarter. Finally, Summit Investment Advisors Inc. grew its stake in Kadant by 5.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,226 shares of the industrial products company's stock valued at $423,000 after acquiring an additional 59 shares in the last quarter. Institutional investors own 96.13% of the company's stock.
Analyst Ratings Changes
A number of equities analysts have commented on the stock. Barrington Research reissued an "outperform" rating and issued a $380.00 price target on shares of Kadant in a research note on Thursday, May 1st. Wall Street Zen raised shares of Kadant from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. Finally, DA Davidson lowered their price objective on shares of Kadant from $300.00 to $275.00 and set a "neutral" rating for the company in a report on Thursday, May 1st.
Read Our Latest Stock Report on KAI
Kadant Stock Performance
Shares of NYSE KAI traded down $1.72 during trading on Friday, reaching $332.87. 109,233 shares of the company traded hands, compared to its average volume of 117,486. The firm has a 50 day simple moving average of $320.08 and a 200-day simple moving average of $336.53. The company has a quick ratio of 1.62, a current ratio of 2.47 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $3.92 billion, a PE ratio of 35.34 and a beta of 1.25. Kadant Inc has a 52-week low of $281.30 and a 52-week high of $429.95.
Kadant (NYSE:KAI - Get Free Report) last released its earnings results on Tuesday, April 29th. The industrial products company reported $2.10 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $239.41 million. During the same quarter last year, the business earned $2.38 EPS. The firm's revenue was down 3.9% compared to the same quarter last year. Equities research analysts anticipate that Kadant Inc will post 9.97 earnings per share for the current year.
Kadant Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders 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 yield of 0.41%. The ex-dividend date of this dividend is Thursday, July 10th. Kadant's payout ratio is 14.44%.
Kadant announced that its board has authorized a share buyback program on Thursday, May 15th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the industrial products company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.
Kadant Company Profile
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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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