Alliancebernstein L.P. lessened its holdings in shares of Kadant (NYSE:KAI) by 9.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 40,790 shares of the industrial products company’s stock after selling 4,410 shares during the quarter. Alliancebernstein L.P.’s holdings in Kadant were worth $4,095,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of KAI. Nationwide Fund Advisors boosted its position in shares of Kadant by 4.2% during the 3rd quarter. Nationwide Fund Advisors now owns 87,955 shares of the industrial products company’s stock valued at $8,668,000 after acquiring an additional 3,522 shares during the last quarter. New York State Common Retirement Fund boosted its position in shares of Kadant by 53.7% during the 3rd quarter. New York State Common Retirement Fund now owns 34,624 shares of the industrial products company’s stock valued at $3,412,000 after acquiring an additional 12,100 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Kadant in the 3rd quarter worth approximately $329,000. Rhumbline Advisers lifted its position in Kadant by 52.7% in the 3rd quarter. Rhumbline Advisers now owns 22,514 shares of the industrial products company’s stock worth $2,219,000 after buying an additional 7,774 shares during the last quarter. Finally, American International Group Inc. lifted its position in Kadant by 8.1% in the 3rd quarter. American International Group Inc. now owns 7,274 shares of the industrial products company’s stock worth $717,000 after buying an additional 544 shares during the last quarter. Hedge funds and other institutional investors own 90.70% of the company’s stock.
NYSE:KAI opened at $94.50 on Monday. The company has a market capitalization of $1,042.15, a P/E ratio of 21.05 and a beta of 1.36. Kadant has a 1-year low of $57.55 and a 1-year high of $114.00. The company has a quick ratio of 1.37, a current ratio of 2.01 and a debt-to-equity ratio of 0.73.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 10th. Investors of record on Thursday, April 12th will be given a $0.22 dividend. This is an increase from Kadant’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Wednesday, April 11th. This represents a $0.88 dividend on an annualized basis and a yield of 0.93%. Kadant’s payout ratio is presently 18.71%.
A number of research firms recently weighed in on KAI. Zacks Investment Research downgraded Kadant from a “buy” rating to a “hold” rating in a research report on Friday. ValuEngine upgraded Kadant from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Finally, Barrington Research restated an “outperform” rating and issued a $110.00 target price on shares of Kadant in a research report on Thursday, March 1st. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Kadant has an average rating of “Buy” and a consensus price target of $106.67.
In other Kadant news, VP Sandra L. Lambert sold 2,475 shares of Kadant stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $104.51, for a total value of $258,662.25. Following the transaction, the vice president now directly owns 13,190 shares of the company’s stock, valued at approximately $1,378,486.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Sandra L. Lambert sold 4,000 shares of Kadant stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $100.01, for a total value of $400,040.00. Following the completion of the transaction, the vice president now directly owns 19,257 shares in the company, valued at $1,925,892.57. The disclosure for this sale can be found here. Insiders sold a total of 19,854 shares of company stock valued at $2,007,971 in the last 90 days. 5.59% of the stock is currently owned by corporate insiders.
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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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