Gotham Asset Management LLC raised its position in Kadant Inc. (NYSE:KAI) by 192.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,798 shares of the industrial products company’s stock after buying an additional 5,131 shares during the period. Gotham Asset Management LLC owned about 0.07% of Kadant worth $635,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in KAI. Handelsbanken Fonder AB increased its position in shares of Kadant by 43.2% in the 4th quarter. Handelsbanken Fonder AB now owns 770,867 shares of the industrial products company’s stock valued at $62,795,000 after purchasing an additional 232,564 shares during the last quarter. Royce & Associates LP increased its holdings in Kadant by 17.8% during the 4th quarter. Royce & Associates LP now owns 573,285 shares of the industrial products company’s stock valued at $46,700,000 after acquiring an additional 86,463 shares in the last quarter. Macquarie Group Ltd. boosted its stake in shares of Kadant by 12.3% during the 3rd quarter. Macquarie Group Ltd. now owns 631,580 shares of the industrial products company’s stock worth $68,116,000 after purchasing an additional 69,325 shares during the last quarter. Loomis Sayles & Co. L P boosted its stake in shares of Kadant by 18.9% during the 3rd quarter. Loomis Sayles & Co. L P now owns 234,064 shares of the industrial products company’s stock worth $25,244,000 after purchasing an additional 37,236 shares during the last quarter. Finally, Stifel Financial Corp boosted its stake in shares of Kadant by 61.5% during the 4th quarter. Stifel Financial Corp now owns 93,148 shares of the industrial products company’s stock worth $7,574,000 after purchasing an additional 35,459 shares during the last quarter. 93.77% of the stock is owned by institutional investors and hedge funds.
KAI opened at $88.37 on Tuesday. The company has a market cap of $978.25 million, a PE ratio of 16.50 and a beta of 1.08. Kadant Inc. has a 52-week low of $76.44 and a 52-week high of $111.85. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.29 and a current ratio of 1.96.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 7th. Investors of record on Tuesday, April 9th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date is Monday, April 8th. This is a positive change from Kadant’s previous quarterly dividend of $0.22.
In related news, Director William P. Tully sold 1,500 shares of Kadant stock in a transaction on Monday, April 1st. The shares were sold at an average price of $88.36, for a total value of $132,540.00. Following the completion of the sale, the director now owns 5,200 shares in the company, valued at $459,472. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.40% of the stock is currently owned by insiders.
KAI has been the topic of several research analyst reports. Barrington Research reissued a “buy” rating and issued a $112.00 target price on shares of Kadant in a research report on Thursday, December 13th. ValuEngine cut shares of Kadant from a “hold” rating to a “sell” rating in a research report on Tuesday, December 11th. Sidoti raised shares of Kadant from a “neutral” rating to a “buy” rating in a research report on Tuesday, December 11th. Finally, Zacks Investment Research cut shares of Kadant from a “hold” rating to a “sell” rating in a research report on Friday, February 22nd.
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Kadant Inc supplies equipment and critical components used in papermaking, paper recycling, recycling and waste management, and other process industries worldwide. The company operates in two segments, Papermaking Systems and Wood Processing Systems. The Papermaking Systems segment develops, manufactures, and markets custom-engineered stock-preparation systems and equipment for the preparation of wastepaper for conversion into recycled paper and balers, as well as related equipment used in the processing of recyclable and waste materials; and fluid-handling systems and equipment used in industrial piping systems to compensate for movement, as well as to transfer fluid, power, and data.
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