West Coast Financial LLC Has $1.18 Million Holdings in Kadant Inc. (NYSE:KAI)

West Coast Financial LLC cut its stake in Kadant Inc. (NYSE:KAI - Free Report) by 24.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,504 shares of the industrial products company's stock after selling 1,129 shares during the quarter. West Coast Financial LLC's holdings in Kadant were worth $1,181,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Contravisory Investment Management Inc. raised its holdings in Kadant by 924.5% during the first quarter. Contravisory Investment Management Inc. now owns 543 shares of the industrial products company's stock valued at $183,000 after buying an additional 490 shares in the last quarter. Rhumbline Advisers lifted its holdings in Kadant by 81.6% in the 1st quarter. Rhumbline Advisers now owns 33,388 shares of the industrial products company's stock worth $11,249,000 after purchasing an additional 15,002 shares during the last quarter. GAMMA Investing LLC boosted its position in Kadant by 150,885.2% during the first quarter. GAMMA Investing LLC now owns 81,532 shares of the industrial products company's stock worth $27,469,000 after purchasing an additional 81,478 shares during the period. Select Equity Group L.P. grew its holdings 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 purchasing an additional 55 shares during the last quarter. Finally, Royal Bank of Canada raised its position in shares of Kadant by 21.2% in the fourth quarter. Royal Bank of Canada now owns 76,714 shares of the industrial products company's stock valued at $26,466,000 after purchasing an additional 13,441 shares during the period. 96.13% of the stock is currently owned by hedge funds and other institutional investors.

Kadant Stock Performance

Shares of KAI traded up $3.80 during trading hours on Monday, reaching $333.37. 209,620 shares of the company traded hands, compared to its average volume of 113,433. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.46 and a current ratio of 2.29. The stock's fifty day moving average is $311.27 and its 200 day moving average is $348.50. Kadant Inc. has a 1-year low of $269.75 and a 1-year high of $429.95. The stock has a market cap of $3.93 billion, a P/E ratio of 35.17 and a beta of 1.26.

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, topping analysts' consensus estimates of $1.97 by $0.13. The company had revenue of $239.21 million during 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 company's quarterly revenue was down 3.9% on a year-over-year basis. During the same quarter last year, the company earned $2.38 EPS. Equities research analysts anticipate that Kadant Inc. will post 9.97 earnings per share for the current fiscal year.

Kadant Dividend Announcement

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 $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date is Thursday, July 10th. Kadant's dividend payout ratio (DPR) is currently 14.44%.

Kadant declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 15th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the industrial products company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Wall Street Zen upgraded shares of Kadant from a "sell" rating to a "hold" rating in a report on Friday. Barrington Research reiterated an "outperform" rating and issued a $380.00 price objective on shares of Kadant in a research note on Thursday, May 1st. Finally, DA Davidson decreased their target price on Kadant from $300.00 to $275.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st.

Kadant 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.