Two Sigma Investments LP lessened its holdings in Kadant Inc. (NYSE:KAI - Free Report) by 80.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,193 shares of the industrial products company's stock after selling 5,055 shares during the period. Two Sigma Investments LP's holdings in Kadant were worth $412,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also added to or reduced their stakes in the business. Synovus Financial Corp raised its stake in Kadant by 1.7% in the 4th 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 during the period. Bank of Montreal Can raised its stake in Kadant by 3.2% in the 4th 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 during the period. Select Equity Group L.P. raised its stake in Kadant by 0.4% in the 4th 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 during the period. Summit Investment Advisors Inc. raised its stake in Kadant by 5.1% in the 4th 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 during the period. Finally, Jones Financial Companies Lllp raised its stake in Kadant by 267.9% in the 4th quarter. Jones Financial Companies Lllp now owns 103 shares of the industrial products company's stock valued at $36,000 after acquiring an additional 75 shares during the period. Institutional investors own 96.13% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on the company. DA Davidson dropped their price target on Kadant from $300.00 to $275.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Barrington Research reaffirmed an "outperform" rating and issued a $380.00 price objective on shares of Kadant in a report on Thursday, May 1st. Finally, Wall Street Zen raised Kadant from a "sell" rating to a "hold" rating in a report on Friday, June 6th.
Get Our Latest Report on Kadant
Kadant Stock Performance
NYSE KAI traded down $8.12 on Friday, reaching $314.38. The stock had a trading volume of 101,742 shares, compared to its average volume of 114,153. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.29 and a quick ratio of 1.46. The firm has a fifty day moving average of $312.22 and a two-hundred day moving average of $347.00. Kadant Inc. has a 1-year low of $276.62 and a 1-year high of $429.95. The company has a market cap of $3.70 billion, a P/E ratio of 33.16 and a beta of 1.26.
Kadant (NYSE:KAI - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $2.10 EPS for the quarter, beating analysts' consensus estimates of $1.97 by $0.13. Kadant had a return on equity of 14.66% and a net margin of 10.59%. The firm 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 firm posted $2.38 EPS. The company's revenue for the quarter was down 3.9% on a year-over-year basis. On average, equities research analysts anticipate that Kadant Inc. will post 9.97 EPS for the current year.
Kadant Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders 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 0.43%. The ex-dividend date is Thursday, July 10th. Kadant's dividend payout ratio (DPR) is currently 14.44%.
Kadant announced that its board has initiated a stock repurchase program on Thursday, May 15th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its stock is 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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