Principal Financial Group Inc. purchased a new stake in Kadant Inc (NYSE:KAI) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,316 shares of the industrial products company’s stock, valued at approximately $475,000. Principal Financial Group Inc. owned approximately 0.06% of Kadant as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in KAI. SG Americas Securities LLC acquired a new position in Kadant in the second quarter valued at approximately $127,000. BNP Paribas Arbitrage SA lifted its stake in Kadant by 718.3% in the second quarter. BNP Paribas Arbitrage SA now owns 1,743 shares of the industrial products company’s stock valued at $131,000 after buying an additional 1,530 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Kadant by 30.0% in the first quarter. Victory Capital Management Inc. now owns 2,969 shares of the industrial products company’s stock valued at $176,000 after buying an additional 686 shares during the last quarter. Citadel Advisors LLC purchased a new stake in Kadant in the first quarter valued at approximately $203,000. Finally, Tudor Investment Corp ET AL purchased a new stake in Kadant in the first quarter valued at approximately $290,000. 90.69% of the stock is owned by hedge funds and other institutional investors.
Shares of Kadant Inc (NYSE:KAI) opened at 99.15 on Friday. The firm has a 50-day moving average price of $92.65 and a 200-day moving average price of $77.98. The stock has a market cap of $1.09 billion, a PE ratio of 32.73 and a beta of 1.36. Kadant Inc has a 52 week low of $50.25 and a 52 week high of $101.15.
Kadant (NYSE:KAI) last issued its earnings results on Tuesday, August 1st. The industrial products company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.91 by $0.13. The company had revenue of $110.24 million during the quarter, compared to analyst estimates of $113.49 million. Kadant had a return on equity of 12.68% and a net margin of 8.10%. The business’s revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.88 EPS. On average, analysts forecast that Kadant Inc will post $4.03 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 9th. Stockholders of record on Thursday, October 12th will be given a $0.21 dividend. The ex-dividend date is Wednesday, October 11th. This represents a $0.84 annualized dividend and a dividend yield of 0.85%. Kadant’s payout ratio is 27.72%.
In related news, Director William P. Tully sold 1,250 shares of the business’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $89.60, for a total transaction of $112,000.00. Following the completion of the transaction, the director now owns 5,250 shares in the company, valued at approximately $470,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.59% of the company’s stock.
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KAI has been the subject of a number of research reports. Zacks Investment Research cut Kadant from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 4th. BidaskClub cut Kadant from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Sidoti cut Kadant from a “buy” rating to a “neutral” rating and set a $102.00 price objective for the company. in a research note on Tuesday, October 3rd. Finally, ValuEngine upgraded Kadant from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Kadant has an average rating of “Hold” and an average target price of $95.33.
Kadant Inc is a supplier of equipment and components used in process industries. In addition, the Company manufactures granules made from papermaking by-products. Its segments include Papermaking Systems and Wood Processing Systems. The Company has a customer base, which includes paper and oriented strand board (OSB) manufacturers.
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