First Trust Advisors LP purchased a new stake in Kadant Inc. (NYSE:KAI) during the 4th quarter, Holdings Channel reports. The fund purchased 35,259 shares of the industrial products company’s stock, valued at approximately $3,540,000.
A number of other institutional investors have also made changes to their positions in the business. SG Americas Securities LLC bought a new stake in shares of Kadant in the 4th quarter worth about $104,000. Meeder Asset Management Inc. grew its holdings in shares of Kadant by 264.1% in the 4th quarter. Meeder Asset Management Inc. now owns 1,653 shares of the industrial products company’s stock worth $166,000 after purchasing an additional 1,199 shares during the last quarter. Highbridge Capital Management LLC bought a new stake in shares of Kadant in the 3rd quarter worth about $302,000. Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Kadant in the 3rd quarter worth about $329,000. Finally, ClariVest Asset Management LLC bought a new stake in shares of Kadant in the 3rd quarter worth about $378,000. 90.74% of the stock is currently owned by hedge funds and other institutional investors.
KAI has been the topic of several analyst reports. Zacks Investment Research lowered shares of Kadant from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 3rd. ValuEngine lowered shares of Kadant from a “buy” rating to a “hold” rating in a report on Monday, December 11th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $110.00 target price on shares of Kadant in a report on Thursday, March 1st. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $112.67.
Kadant (NYSE:KAI) last issued its quarterly earnings results on Thursday, February 15th. The industrial products company reported $1.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.06. The business had revenue of $149.14 million for the quarter, compared to the consensus estimate of $144.50 million. Kadant had a net margin of 6.04% and a return on equity of 15.93%. analysts forecast that Kadant Inc. will post 5.02 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 10th. Investors of record on Thursday, April 12th will be given a dividend of $0.22 per share. This is an increase from Kadant’s previous quarterly dividend of $0.21. The ex-dividend date is Wednesday, April 11th. This represents a $0.88 annualized dividend and a yield of 0.85%. Kadant’s dividend payout ratio is 30.43%.
In related news, insider Michael J. Mckenney sold 1,400 shares of the company’s stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $100.26, for a total transaction of $140,364.00. Following the transaction, the insider now owns 14,595 shares in the company, valued at approximately $1,463,294.70. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Eric T. Langevin sold 7,000 shares of the company’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $99.62, for a total transaction of $697,340.00. Following the transaction, the chief operating officer now owns 34,382 shares in the company, valued at approximately $3,425,134.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 39,073 shares of company stock worth $3,925,732. 5.59% of the stock is owned by corporate insiders.
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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