Clean Yield Group decreased its stake in Kadant Inc. (NYSE:KAI) by 5.6% during the second quarter, Holdings Channel reports. The firm owned 58,693 shares of the company’s stock after selling 3,468 shares during the period. Kadant accounts for approximately 1.3% of Clean Yield Group’s holdings, making the stock its 29th largest position. Clean Yield Group’s holdings in Kadant were worth $3,023,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Metropolitan Life Insurance Co. NY increased its position in shares of Kadant by 3.7% in the first quarter. Metropolitan Life Insurance Co. NY now owns 8,868 shares of the company’s stock valued at $400,000 after buying an additional 319 shares during the period. Hancock Holding Co. increased its position in shares of Kadant by 12.1% in the first quarter. Hancock Holding Co. now owns 18,130 shares of the company’s stock valued at $819,000 after buying an additional 1,959 shares during the period. Bank of Montreal Can bought a new position in shares of Kadant during the second quarter valued at about $1,147,000. Kennedy Capital Management Inc. increased its position in shares of Kadant by 61.1% in the first quarter. Kennedy Capital Management Inc. now owns 24,169 shares of the company’s stock valued at $1,091,000 after buying an additional 9,169 shares during the period. Finally, UBS Group AG increased its position in shares of Kadant by 34.6% in the first quarter. UBS Group AG now owns 33,353 shares of the company’s stock valued at $1,506,000 after buying an additional 8,580 shares during the period. Institutional investors own 87.85% of the company’s stock.
Shares of Kadant Inc. (NYSE:KAI) traded down 2.02% during mid-day trading on Thursday, reaching $51.92. The company’s stock had a trading volume of 52,079 shares. The firm has a market cap of $565.77 million, a price-to-earnings ratio of 16.79 and a beta of 1.55. Kadant Inc. has a 12 month low of $33.38 and a 12 month high of $56.57. The company’s 50-day moving average is $53.09 and its 200 day moving average is $50.22.
Kadant (NYSE:KAI) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.23. Kadant had a net margin of 8.39% and a return on equity of 13.55%. The firm had revenue of $111.83 million for the quarter, compared to analysts’ expectations of $104.44 million. During the same quarter in the previous year, the company earned $0.78 earnings per share. The company’s revenue for the quarter was up 13.7% compared to the same quarter last year. On average, equities analysts anticipate that Kadant Inc. will post $3.04 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Thursday, October 13th will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date is Tuesday, October 11th. Kadant’s payout ratio is 24.60%.
Several brokerages have recently issued reports on KAI. Barrington Research upped their price target on shares of Kadant from $55.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, August 5th. Zacks Investment Research downgraded Kadant from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 13th. Seaport Global Securities upgraded Kadant from a “neutral” rating to a “buy” rating and set a $58.00 price objective for the company in a report on Thursday, August 18th. Finally, William Blair began coverage on Kadant in a report on Friday, September 16th. They issued a “market perform” rating and a $49.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $54.00.
In related news, VP Sandra L. Lambert sold 3,316 shares of the business’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $50.85, for a total transaction of $168,618.60. Following the transaction, the vice president now owns 18,604 shares in the company, valued at $946,013.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director William P. Tully sold 3,750 shares of the business’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $51.85, for a total transaction of $194,437.50. Following the transaction, the director now owns 5,000 shares in the company, valued at approximately $259,250. The disclosure for this sale can be found here. 5.80% of the stock is currently owned by company insiders.
Kadant Inc is a supplier of equipment used in process industries. The process industries, including papermaking, paper recycling and oriented strand board (OSB), an engineered wood panel product used primarily in home construction. In addition, the Company manufactures granules made from papermaking byproducts.
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