Highbridge Capital Management LLC bought a new position in Kadant Inc (NYSE:KAI) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 3,064 shares of the industrial products company’s stock, valued at approximately $302,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in KAI. Smith Asset Management Group LP purchased a new position in shares of Kadant in the 3rd quarter worth about $3,611,000. EAM Investors LLC boosted its holdings in shares of Kadant by 29.1% in the 3rd quarter. EAM Investors LLC now owns 60,938 shares of the industrial products company’s stock worth $6,005,000 after purchasing an additional 13,743 shares in the last quarter. Cortina Asset Management LLC boosted its holdings in shares of Kadant by 107.8% in the 3rd quarter. Cortina Asset Management LLC now owns 182,124 shares of the industrial products company’s stock worth $17,948,000 after purchasing an additional 94,500 shares in the last quarter. Alps Advisors Inc. purchased a new position in shares of Kadant in the 3rd quarter worth about $515,000. Finally, State Street Corp boosted its holdings in shares of Kadant by 1.3% in the 2nd quarter. State Street Corp now owns 233,894 shares of the industrial products company’s stock worth $17,590,000 after purchasing an additional 2,895 shares in the last quarter. Institutional investors and hedge funds own 90.63% of the company’s stock.
In other Kadant news, CEO Jonathan W. Painter sold 20,000 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $103.82, for a total value of $2,076,400.00. Following the completion of the sale, the chief executive officer now owns 76,082 shares in the company, valued at approximately $7,898,833.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Michael J. Mckenney sold 3,600 shares of the stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $99.14, for a total value of $356,904.00. Following the completion of the sale, the chief financial officer now owns 19,160 shares of the company’s stock, valued at approximately $1,899,522.40. The disclosure for this sale can be found here. Insiders have sold a total of 30,037 shares of company stock valued at $3,132,748 over the last 90 days. 5.59% of the stock is currently owned by company insiders.
Kadant (NYSE:KAI) last issued its earnings results on Monday, October 30th. The industrial products company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.35. The company had revenue of $152.79 million during the quarter, compared to analysts’ expectations of $141.33 million. Kadant had a return on equity of 14.84% and a net margin of 8.17%. Kadant’s quarterly revenue was up 44.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.81 EPS. equities analysts predict that Kadant Inc will post 4.39 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 8th. Investors of record on Thursday, January 11th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.84%. The ex-dividend date of this dividend is Wednesday, January 10th. Kadant’s dividend payout ratio is presently 24.85%.
A number of equities analysts have recently issued reports on KAI shares. ValuEngine upgraded Kadant from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Sidoti cut Kadant from a “buy” rating to a “neutral” rating and set a $102.00 target price for the company. in a report on Tuesday, October 3rd. Finally, Zacks Investment Research cut Kadant from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 4th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $104.67.
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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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