NewEdge Wealth LLC acquired a new stake in shares of Kadant Inc. (NYSE:KAI - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 9,638 shares of the industrial products company's stock, valued at approximately $2,702,000. NewEdge Wealth LLC owned about 0.08% of Kadant at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Headinvest LLC acquired a new position in shares of Kadant in the 3rd quarter valued at $25,000. Dark Forest Capital Management LP increased its position in shares of Kadant by 70.4% in the 1st quarter. Dark Forest Capital Management LP now owns 138 shares of the industrial products company's stock valued at $29,000 after acquiring an additional 57 shares during the period. Lazard Asset Management LLC acquired a new position in shares of Kadant in the 4th quarter valued at $33,000. Financial Management Professionals Inc. acquired a new position in shares of Kadant in the 4th quarter valued at $54,000. Finally, Comerica Bank acquired a new position in shares of Kadant in the 3rd quarter valued at $51,000. Hedge funds and other institutional investors own 96.13% of the company's stock.
Kadant Price Performance
Shares of NYSE:KAI traded down $3.72 during trading on Friday, reaching $293.77. 62,419 shares of the company's stock traded hands, compared to its average volume of 89,247. Kadant Inc. has a fifty-two week low of $183.19 and a fifty-two week high of $354.02. The company has a quick ratio of 1.34, a current ratio of 2.05 and a debt-to-equity ratio of 0.14. The firm has a market cap of $3.45 billion, a PE ratio of 29.67 and a beta of 1.27. The company has a 50-day simple moving average of $317.76 and a 200-day simple moving average of $277.62.
Kadant (NYSE:KAI - Get Free Report) last posted its earnings results on Wednesday, February 14th. The industrial products company reported $2.41 EPS for the quarter, beating analysts' consensus estimates of $2.10 by $0.31. The firm had revenue of $238.68 million for the quarter, compared to analysts' expectations of $227.54 million. Kadant had a return on equity of 16.20% and a net margin of 12.12%. As a group, analysts predict that Kadant Inc. will post 9.98 earnings per share for the current year.
Kadant Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 8th. Investors of record on Wednesday, April 10th will be paid a $0.32 dividend. The ex-dividend date is Tuesday, April 9th. This is a positive change from Kadant's previous quarterly dividend of $0.29. This represents a $1.28 dividend on an annualized basis and a yield of 0.44%. Kadant's dividend payout ratio (DPR) is currently 12.93%.
Insider Activity at Kadant
In related news, Director Jonathan W. Painter sold 7,000 shares of the firm's stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $330.25, for a total value of $2,311,750.00. Following the transaction, the director now directly owns 7,615 shares of the company's stock, valued at approximately $2,514,853.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Kadant news, Director Jonathan W. Painter sold 7,000 shares of the firm's stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $330.25, for a total value of $2,311,750.00. Following the transaction, the director now directly owns 7,615 shares of the company's stock, valued at approximately $2,514,853.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Stacy D. Krause sold 700 shares of the firm's stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $327.00, for a total transaction of $228,900.00. Following the completion of the transaction, the senior vice president now directly owns 881 shares in the company, valued at $288,087. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,798 shares of company stock valued at $2,899,004. 1.40% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on KAI. Barrington Research reaffirmed an "outperform" rating and set a $300.00 price target on shares of Kadant in a research report on Wednesday, February 14th. StockNews.com downgraded Kadant from a "buy" rating to a "hold" rating in a research report on Thursday, January 4th.
View Our Latest Stock Report on KAI
Kadant Profile
(
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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