ProShare Advisors LLC Sells 5,032 Shares of Kadant Inc. (NYSE:KAI)

ProShare Advisors LLC lessened its holdings in shares of Kadant Inc. (NYSE:KAI) by 10.3% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 43,842 shares of the industrial products company’s stock after selling 5,032 shares during the period. ProShare Advisors LLC owned 0.37% of Kadant worth $9,142,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in KAI. abrdn plc bought a new stake in shares of Kadant during the first quarter valued at approximately $18,410,000. Chevy Chase Trust Holdings LLC boosted its holdings in Kadant by 13.3% in the first quarter. Chevy Chase Trust Holdings LLC now owns 568,020 shares of the industrial products company’s stock valued at $118,444,000 after acquiring an additional 66,701 shares during the last quarter. Wasatch Advisors Inc. boosted its holdings in Kadant by 3.6% in the first quarter. Wasatch Advisors Inc. now owns 1,608,728 shares of the industrial products company’s stock valued at $312,399,000 after acquiring an additional 55,595 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Kadant by 521.4% in the second quarter. Goldman Sachs Group Inc. now owns 60,104 shares of the industrial products company’s stock valued at $10,960,000 after acquiring an additional 50,432 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Kadant by 17.1% in the fourth quarter. Geode Capital Management LLC now owns 233,192 shares of the industrial products company’s stock valued at $41,421,000 after acquiring an additional 34,056 shares during the last quarter. Institutional investors own 96.13% of the company’s stock.

Kadant Stock Performance

Shares of NYSE:KAI opened at $220.88 on Friday. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of 23.20 and a beta of 1.22. The firm’s 50 day simple moving average is $215.70 and its 200 day simple moving average is $207.18. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.04 and a quick ratio of 1.22. Kadant Inc. has a fifty-two week low of $154.19 and a fifty-two week high of $229.90.

Kadant (NYSE:KAI) last announced its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.42. The business had revenue of $245.00 million for the quarter, compared to the consensus estimate of $231.14 million. Kadant had a net margin of 11.96% and a return on equity of 16.98%. Kadant’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the company posted $2.24 EPS. As a group, sell-side analysts forecast that Kadant Inc. will post 9.27 earnings per share for the current year.

Kadant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Thursday, October 12th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.53%. The ex-dividend date is Wednesday, October 11th. Kadant’s payout ratio is presently 12.18%.

Insider Buying and Selling

In related news, VP Dara F. Mitchell sold 400 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $218.22, for a total transaction of $87,288.00. Following the sale, the vice president now owns 108 shares of the company’s stock, valued at approximately $23,567.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Kadant news, Director Erin L. Russell sold 1,250 shares of Kadant stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $219.48, for a total value of $274,350.00. Following the sale, the director now owns 4,177 shares of the company’s stock, valued at approximately $916,767.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Dara F. Mitchell sold 400 shares of Kadant stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $218.22, for a total value of $87,288.00. Following the completion of the sale, the vice president now directly owns 108 shares in the company, valued at approximately $23,567.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,591 shares of company stock valued at $1,228,455. 1.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on KAI. Barrington Research reiterated an “outperform” rating and issued a $243.00 price target on shares of Kadant in a report on Friday, July 28th. StockNews.com began coverage on shares of Kadant in a report on Thursday, August 17th. They set a “buy” rating for the company. Finally, William Blair reissued an “outperform” rating on shares of Kadant in a research note on Friday, July 7th.

Kadant Profile

Kadant Inc supplies technologies and engineered systems worldwide. It operates through three segments: Flow Control, Industrial Processing, and Material Handling. The Flow Control segment develops, manufactures, and markets fluid-handling systems and equipment, such as rotary joints, syphons, turbulator bars, expansion joints, and engineered steam and condensate systems; and doctoring, cleaning, and filtration systems and related consumables, consisting of doctor systems and holders, doctor blades, shower and fabric-conditioning systems, formation systems, and water-filtration systems.