Kadant (NYSE:KAI) Shares Gap Down to $333.28

Kadant Inc. (NYSE:KAIGet Free Report)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $333.28, but opened at $321.67. Kadant shares last traded at $326.45, with a volume of 9,463 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on KAI shares. StockNews.com cut shares of Kadant from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Barrington Research reiterated an “outperform” rating and issued a $300.00 price target on shares of Kadant in a research report on Wednesday, February 14th.

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Kadant Price Performance

The company has a quick ratio of 1.34, a current ratio of 2.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $3.85 billion, a P/E ratio of 33.14 and a beta of 1.28. The firm has a 50 day moving average price of $312.98 and a 200 day moving average price of $271.01.

Kadant (NYSE:KAIGet Free Report) last released its earnings results on Wednesday, February 14th. The industrial products company reported $2.41 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.31. The company had revenue of $238.68 million for the quarter, compared to analysts’ expectations of $227.54 million. Kadant had a net margin of 12.12% and a return on equity of 16.20%. On average, analysts forecast that Kadant Inc. will post 9.98 EPS for the current fiscal year.

Kadant Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 8th. Investors of record on Wednesday, April 10th will be paid a dividend of $0.32 per share. This is a boost from Kadant’s previous quarterly dividend of $0.29. The ex-dividend date is Tuesday, April 9th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.39%. Kadant’s payout ratio is 11.72%.

Insiders Place Their Bets

In other news, Director Jonathan W. Painter sold 7,000 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $330.25, for a total value of $2,311,750.00. Following the transaction, the director now directly owns 7,615 shares in the company, valued at $2,514,853.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Kadant news, SVP Stacy D. Krause sold 881 shares of Kadant stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $327.00, for a total value of $288,087.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jonathan W. Painter sold 7,000 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $330.25, for a total transaction of $2,311,750.00. Following the transaction, the director now directly owns 7,615 shares of the company’s stock, valued at approximately $2,514,853.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,798 shares of company stock worth $2,899,004. Corporate insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Kadant

A number of hedge funds have recently made changes to their positions in KAI. Bank of New York Mellon Corp increased its stake in Kadant by 0.6% in the 1st quarter. Bank of New York Mellon Corp now owns 58,089 shares of the industrial products company’s stock worth $11,281,000 after acquiring an additional 342 shares during the last quarter. MetLife Investment Management LLC increased its position in Kadant by 55.3% in the first quarter. MetLife Investment Management LLC now owns 6,200 shares of the industrial products company’s stock worth $1,204,000 after purchasing an additional 2,209 shares during the last quarter. Raymond James Trust N.A. raised its stake in Kadant by 11.3% during the first quarter. Raymond James Trust N.A. now owns 1,719 shares of the industrial products company’s stock valued at $333,000 after purchasing an additional 175 shares in the last quarter. Sei Investments Co. lifted its position in Kadant by 4.6% during the first quarter. Sei Investments Co. now owns 51,084 shares of the industrial products company’s stock valued at $9,920,000 after purchasing an additional 2,247 shares during the last quarter. Finally, Aviva PLC purchased a new position in shares of Kadant in the 1st quarter worth $1,483,000. 96.13% of the stock is currently owned by hedge funds and other institutional investors.

Kadant Company Profile

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Kadant Inc supplies technologies and engineered systems worldwide. It operates in 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, cleaning shower and fabric-conditioning systems, forming systems and wear surfaces, and water-filtration systems.

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