Ameriprise Financial Inc. Sells 36,685 Shares of Kadant Inc. (NYSE:KAI)

Ameriprise Financial Inc. trimmed its position in Kadant Inc. (NYSE:KAI - Free Report) by 21.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 132,162 shares of the industrial products company's stock after selling 36,685 shares during the period. Ameriprise Financial Inc. owned approximately 1.13% of Kadant worth $45,595,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of KAI. Synovus Financial Corp raised its position 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 buying an additional 29 shares during the last quarter. Bank of Montreal Can grew its stake in shares of Kadant by 3.2% during the 4th quarter. Bank of Montreal Can now owns 1,187 shares of the industrial products company's stock worth $410,000 after acquiring an additional 37 shares in the last quarter. Zhang Financial LLC raised its holdings in shares of Kadant by 0.8% in the fourth quarter. Zhang Financial LLC now owns 5,256 shares of the industrial products company's stock valued at $1,813,000 after purchasing an additional 40 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Kadant by 1.0% in the third quarter. Franklin Resources Inc. now owns 4,510 shares of the industrial products company's stock worth $1,483,000 after purchasing an additional 44 shares in the last quarter. Finally, Summit Investment Advisors Inc. lifted its position 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 purchasing an additional 59 shares in the last quarter. 96.13% of the stock is owned by institutional investors and hedge funds.

Kadant Stock Up 0.4%

Shares of NYSE:KAI traded up $1.33 during trading on Friday, hitting $323.63. 23,238 shares of the company were exchanged, compared to its average volume of 164,550. Kadant Inc. has a fifty-two week low of $266.23 and a fifty-two week high of $429.95. The stock has a market cap of $3.81 billion, a price-to-earnings ratio of 34.14 and a beta of 1.30. The company has a current ratio of 2.29, a quick ratio of 1.46 and a debt-to-equity ratio of 0.37. The firm has a fifty day moving average price of $320.42 and a two-hundred day moving average price of $355.64.

Kadant (NYSE:KAI - Get Free Report) last released its earnings results on Tuesday, April 29th. The industrial products company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $1.97 by $0.13. Kadant had a net margin of 10.59% and a return on equity of 14.66%. The business had revenue of $239.21 million during the quarter, compared to analysts' expectations of $239.41 million. During the same period last year, the business earned $2.38 earnings per share. The firm's revenue was down 3.9% on a year-over-year basis. As a group, research analysts anticipate that Kadant Inc. will post 9.97 earnings per share for the current fiscal year.

Kadant Dividend Announcement

The firm 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 0.42%. Kadant's dividend payout ratio is currently 14.44%.

Kadant announced that its Board of Directors has initiated a stock buyback program on Thursday, May 15th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the industrial products company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports 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 research note on Thursday, May 1st. Barrington Research restated an "outperform" rating and issued a $380.00 price objective on shares of Kadant in a report on Thursday, May 1st.

About Kadant

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.