Clean Yield Group cut its stake in shares of Kadant Inc (NYSE:KAI) by 11.1% during the second quarter, Holdings Channel reports. The firm owned 29,821 shares of the industrial products company’s stock after selling 3,720 shares during the period. Clean Yield Group’s holdings in Kadant were worth $2,310,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of the stock. Epoch Investment Partners Inc. bought a new position in shares of Kadant during the first quarter valued at about $5,644,000. Macquarie Group Ltd. boosted its position in shares of Kadant by 14.7% in the first quarter. Macquarie Group Ltd. now owns 558,797 shares of the industrial products company’s stock valued at $33,165,000 after buying an additional 71,662 shares during the period. Wells Fargo & Company MN boosted its position in shares of Kadant by 8.9% in the first quarter. Wells Fargo & Company MN now owns 852,205 shares of the industrial products company’s stock valued at $50,580,000 after buying an additional 69,468 shares during the period. Handelsinvest Investeringsforvaltning boosted its position in shares of Kadant by 73.2% in the second quarter. Handelsinvest Investeringsforvaltning now owns 133,200 shares of the industrial products company’s stock valued at $10,017,000 after buying an additional 56,300 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Kadant by 125.7% in the first quarter. Renaissance Technologies LLC now owns 78,100 shares of the industrial products company’s stock valued at $4,635,000 after buying an additional 43,500 shares during the period. 90.00% of the stock is owned by institutional investors and hedge funds.
Kadant Inc (KAI) traded up 0.19% during trading on Monday, reaching $77.60. The company had a trading volume of 45,126 shares. The stock has a market capitalization of $853.60 million, a price-to-earnings ratio of 25.37 and a beta of 1.36. The firm has a 50-day moving average of $74.73 and a 200-day moving average of $64.89. Kadant Inc has a 1-year low of $49.19 and a 1-year high of $81.54.
Kadant (NYSE:KAI) last announced its quarterly earnings data on Tuesday, May 2nd. The industrial products company reported $0.80 EPS for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.16. The firm had revenue of $102.86 million during the quarter, compared to the consensus estimate of $99.30 million. Kadant had a net margin of 8.12% and a return on equity of 12.35%. On average, analysts anticipate that Kadant Inc will post $3.46 EPS for the current fiscal year.
Kadant announced that its board has initiated a share buyback plan on Wednesday, May 17th that authorizes the company to buyback $20.00 million in shares. This buyback authorization authorizes the industrial products company to repurchase up to 2.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 10th. Investors of record on Thursday, July 13th will be given a $0.21 dividend. The ex-dividend date of this dividend is Tuesday, July 11th. This represents a $0.84 dividend on an annualized basis and a yield of 1.08%. Kadant’s payout ratio is currently 27.45%.
KAI has been the subject of several analyst reports. Zacks Investment Research raised Kadant from a “sell” rating to a “hold” rating and set a $80.00 price objective for the company in a report on Monday, May 1st. Barrington Research upped their price target on Kadant from $80.00 to $86.00 and gave the stock an “outperform” rating in a report on Wednesday, May 31st. Sidoti reaffirmed a “buy” rating and issued a $95.00 price target (up previously from $85.00) on shares of Kadant in a report on Saturday, June 3rd. Finally, William Blair raised Kadant from a “market perform” rating to an “outperform” rating in a report on Wednesday, May 3rd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $73.60.
Kadant Company Profile
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.
Want to see what other hedge funds are holding KAI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kadant Inc (NYSE:KAI).
Receive News & Ratings for Kadant Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kadant Inc and related companies with MarketBeat.com's FREE daily email newsletter.