Vanguard Group Inc. raised its holdings in Kadant Inc. (NYSE:KAI) by 0.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 532,537 shares of the industrial products company’s stock after acquiring an additional 1,968 shares during the quarter. Vanguard Group Inc. owned about 4.73% of Kadant worth $48,360,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of KAI. BlackRock Inc. lifted its stake in Kadant by 18.3% in the second quarter. BlackRock Inc. now owns 942,044 shares of the industrial products company’s stock valued at $85,546,000 after acquiring an additional 145,505 shares during the last quarter. Wasatch Advisors Inc. lifted its stake in shares of Kadant by 10.4% in the second quarter. Wasatch Advisors Inc. now owns 1,240,843 shares of the industrial products company’s stock worth $112,681,000 after buying an additional 117,255 shares during the last quarter. Monarch Partners Asset Management LLC acquired a new stake in shares of Kadant in the second quarter worth $5,165,000. Pictet Asset Management Ltd. lifted its stake in shares of Kadant by 37.6% in the second quarter. Pictet Asset Management Ltd. now owns 170,704 shares of the industrial products company’s stock worth $15,502,000 after buying an additional 46,660 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its stake in shares of Kadant by 5.9% in the second quarter. Handelsbanken Fonder AB now owns 644,300 shares of the industrial products company’s stock worth $58,509,000 after buying an additional 36,000 shares during the last quarter. Hedge funds and other institutional investors own 93.94% of the company’s stock.
In other news, Director John M. Albertine sold 4,500 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $89.10, for a total value of $400,950.00. Following the sale, the director now owns 8,519 shares in the company, valued at approximately $759,042.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Jonathan W. Painter sold 10,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $93.67, for a total transaction of $936,700.00. Following the completion of the sale, the chairman now owns 94,117 shares in the company, valued at approximately $8,815,939.39. The disclosure for this sale can be found here. Insiders sold a total of 18,500 shares of company stock worth $1,677,810 in the last three months. Insiders own 5.50% of the company’s stock.
Kadant (NYSE:KAI) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $1.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.31. Kadant had a net margin of 9.50% and a return on equity of 17.67%. The business had revenue of $177.20 million for the quarter, compared to analyst estimates of $168.67 million. During the same quarter in the previous year, the firm posted $1.07 earnings per share. Kadant’s revenue was up 14.4% compared to the same quarter last year. As a group, research analysts expect that Kadant Inc. will post 5.32 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 7th. Shareholders of record on Thursday, October 10th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend is Wednesday, October 9th.
A number of analysts have recently weighed in on the stock. Zacks Investment Research cut shares of Kadant from a “buy” rating to a “hold” rating in a research note on Saturday. ValuEngine upgraded shares of Kadant from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Kadant currently has an average rating of “Hold” and a consensus target price of $100.03.
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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