Driehaus Capital Management LLC trimmed its holdings in shares of Kadant Inc. (NYSE:KAI) by 13.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 54,698 shares of the industrial products company’s stock after selling 8,315 shares during the period. Driehaus Capital Management LLC’s holdings in Kadant were worth $5,492,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. BlackRock Inc. lifted its holdings in Kadant by 4.8% during the 4th quarter. BlackRock Inc. now owns 1,138,121 shares of the industrial products company’s stock worth $114,267,000 after buying an additional 52,518 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in Kadant by 12.7% during the 3rd quarter. Macquarie Group Ltd. now owns 506,956 shares of the industrial products company’s stock worth $49,960,000 after buying an additional 57,222 shares during the last quarter. Royce & Associates LP lifted its holdings in Kadant by 43.5% during the 4th quarter. Royce & Associates LP now owns 384,519 shares of the industrial products company’s stock worth $38,606,000 after buying an additional 116,547 shares during the last quarter. State Street Corp lifted its holdings in Kadant by 1.3% during the 2nd quarter. State Street Corp now owns 233,894 shares of the industrial products company’s stock worth $17,590,000 after buying an additional 2,895 shares during the last quarter. Finally, Eagle Asset Management Inc. lifted its holdings in Kadant by 2.3% during the 3rd quarter. Eagle Asset Management Inc. now owns 226,042 shares of the industrial products company’s stock worth $22,547,000 after buying an additional 5,164 shares during the last quarter. 90.33% of the stock is owned by institutional investors.
KAI has been the subject of a number of recent analyst reports. ValuEngine downgraded Kadant from a “buy” rating to a “hold” rating in a report on Monday, December 11th. Zacks Investment Research cut Kadant from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 3rd. Finally, Barrington Research reiterated an “outperform” rating and set a $110.00 target price on shares of Kadant in a research report on Thursday, March 1st. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $112.67.
Shares of Kadant Inc. (NYSE KAI) opened at $104.35 on Friday. The company has a current ratio of 2.01, a quick ratio of 1.37 and a debt-to-equity ratio of 0.73. Kadant Inc. has a 52-week low of $56.15 and a 52-week high of $114.00. The company has a market capitalization of $1,150.00, a PE ratio of 41.57 and a beta of 1.36.
Kadant (NYSE:KAI) last posted its earnings results on Thursday, February 15th. The industrial products company reported $1.14 EPS for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.06. Kadant had a return on equity of 15.93% and a net margin of 6.04%. The business had revenue of $149.14 million for the quarter, compared to analysts’ expectations of $144.50 million. research analysts forecast that Kadant Inc. will post 5.02 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 10th. Stockholders of record on Thursday, April 12th will be given a dividend of $0.22 per share. The ex-dividend date is Wednesday, April 11th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.84%. This is a boost from Kadant’s previous quarterly dividend of $0.21. Kadant’s payout ratio is 33.47%.
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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