Vanguard Group Inc. Increases Stake in Kadant Inc $KAI

Key Points

• Vanguard Group Inc. has increased its holdings in Kadant Inc. by 9.4%, now owning over $448 million worth of shares, making up 11.32% of the company.
• Kadant's stock price has shown minor fluctuations, with a recent opening price of $339.95 and a twelve-month high of $429.95.
• Analysts have issued varying ratings for Kadant, with DA Davidson raising their price target from $275 to $300, while Barrington Research set a $380 target with an "outperform" rating.

Vanguard Group Inc. raised its holdings in Kadant Inc (NYSE:KAI - Free Report) by 9.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,332,583 shares of the industrial products company's stock after purchasing an additional 114,310 shares during the quarter. Vanguard Group Inc. owned 11.32% of Kadant worth $448,961,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of KAI. LPL Financial LLC increased its position in shares of Kadant by 18.3% during the fourth quarter. LPL Financial LLC now owns 1,557 shares of the industrial products company's stock worth $537,000 after buying an additional 241 shares during the period. Bank of Montreal Can lifted its stake in Kadant by 3.2% in the fourth quarter. Bank of Montreal Can now owns 1,187 shares of the industrial products company's stock valued at $410,000 after purchasing an additional 37 shares during the last quarter. Invesco Ltd. lifted its stake in Kadant by 63.9% in the fourth quarter. Invesco Ltd. now owns 47,327 shares of the industrial products company's stock valued at $16,327,000 after purchasing an additional 18,456 shares during the last quarter. Summit Investment Advisors Inc. boosted its holdings in shares of Kadant by 5.1% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,226 shares of the industrial products company's stock worth $423,000 after acquiring an additional 59 shares during the period. Finally, Barclays PLC boosted its holdings in shares of Kadant by 12.4% in the fourth quarter. Barclays PLC now owns 22,253 shares of the industrial products company's stock worth $7,677,000 after acquiring an additional 2,459 shares during the period. Institutional investors and hedge funds own 96.13% of the company's stock.

Analysts Set New Price Targets

KAI has been the topic of several recent research reports. Wall Street Zen upgraded Kadant from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. DA Davidson increased their target price on Kadant from $275.00 to $300.00 and gave the stock a "neutral" rating in a research report on Monday, August 4th. Finally, Barrington Research reiterated an "outperform" rating and set a $380.00 target price on shares of Kadant in a report on Tuesday, July 29th.

Kadant Stock Performance

Shares of NYSE KAI traded up $4.42 during midday trading on Monday, hitting $344.03. 74,713 shares of the stock traded hands, compared to its average volume of 144,132. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.53 and a current ratio of 2.38. Kadant Inc has a one year low of $281.30 and a one year high of $429.95. The firm has a market capitalization of $4.05 billion, a P/E ratio of 38.31 and a beta of 1.24. The firm has a 50-day moving average of $327.38 and a two-hundred day moving average of $332.55.

Kadant (NYSE:KAI - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.37. The firm had revenue of $255.27 million for the quarter, compared to analysts' expectations of $245.99 million. Kadant had a net margin of 10.34% and a return on equity of 12.62%. The business's quarterly revenue was down 7.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.81 EPS. On average, equities analysts forecast that Kadant Inc will post 9.97 EPS for the current fiscal year.

Kadant declared that its Board of Directors has authorized a stock repurchase program on Thursday, May 15th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the industrial products company to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Kadant Company 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.