Allspring Global Investments Holdings LLC Cuts Stock Position in Kadant Inc. (NYSE:KAI)

Allspring Global Investments Holdings LLC reduced its holdings in Kadant Inc. (NYSE:KAI - Free Report) by 93.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 22,081 shares of the industrial products company's stock after selling 342,565 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.19% of Kadant worth $6,190,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Headinvest LLC acquired a new stake in shares of Kadant in the 3rd quarter valued at about $25,000. Dark Forest Capital Management LP raised its stake in shares of Kadant by 70.4% in the first quarter. Dark Forest Capital Management LP now owns 138 shares of the industrial products company's stock worth $29,000 after purchasing an additional 57 shares during the last quarter. Lazard Asset Management LLC bought a new position in shares of Kadant during the fourth quarter valued at $33,000. Financial Management Professionals Inc. purchased a new stake in shares of Kadant during the fourth quarter valued at $54,000. Finally, Comerica Bank bought a new stake in Kadant in the 3rd quarter worth about $51,000. 96.13% of the stock is owned by institutional investors and hedge funds.

Kadant Stock Performance

KAI stock traded down $1.91 during trading on Friday, reaching $281.99. The stock had a trading volume of 106,891 shares, compared to its average volume of 93,822. The firm has a market cap of $3.31 billion, a PE ratio of 28.48 and a beta of 1.27. The company has a current ratio of 2.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.14. The stock's 50 day moving average is $316.61 and its two-hundred day moving average is $279.01. Kadant Inc. has a 52 week low of $183.19 and a 52 week high of $354.02.

Kadant (NYSE:KAI - Get Free Report) last posted its quarterly earnings data on Wednesday, February 14th. The industrial products company reported $2.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.10 by $0.31. Kadant had a net margin of 12.12% and a return on equity of 16.20%. The company had revenue of $238.68 million for the quarter, compared to the consensus estimate of $227.54 million. As a group, equities analysts anticipate that Kadant Inc. will post 9.98 earnings per share for the current year.

Kadant Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 8th. Investors of record on Wednesday, April 10th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 0.45%. The ex-dividend date is Tuesday, April 9th. This is an increase from Kadant's previous quarterly dividend of $0.29. Kadant's dividend payout ratio (DPR) is 12.93%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on KAI shares. StockNews.com cut shares of Kadant from a "buy" rating to a "hold" rating in a research note on Thursday, January 4th. Barrington Research restated an "outperform" rating and issued a $300.00 target price on shares of Kadant in a report on Wednesday, February 14th.

Insider Transactions at Kadant

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 stock was sold at an average price of $330.25, for a total transaction of $2,311,750.00. Following the completion of the transaction, the director now owns 7,615 shares in the company, valued at approximately $2,514,853.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Thomas C. Leonard sold 217 shares of Kadant stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $323.81, for a total value of $70,266.77. Following the sale, the director now directly owns 11,080 shares in the company, valued at approximately $3,587,814.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jonathan W. Painter sold 7,000 shares of the stock in a transaction 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 completion of the transaction, the director now directly owns 7,615 shares of the company's stock, valued at $2,514,853.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 8,798 shares of company stock valued at $2,899,004. 1.40% of the stock is currently owned by corporate insiders.

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.