Sanctuary Advisors LLC acquired a new position in Kadant Inc. (NYSE:KAI – Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 2,178 shares of the industrial products company’s stock, valued at approximately $615,000.
Several other institutional investors and hedge funds have also bought and sold shares of the business. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in Kadant by 1.2% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,349,437 shares of the industrial products company’s stock worth $396,438,000 after buying an additional 15,512 shares during the period. Vanguard Group Inc. raised its position in shares of Kadant by 46.3% in the 1st quarter. Vanguard Group Inc. now owns 967,638 shares of the industrial products company’s stock worth $317,482,000 after acquiring an additional 306,352 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Kadant by 1.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 314,366 shares of the industrial products company’s stock worth $92,355,000 after acquiring an additional 5,700 shares in the last quarter. Capital World Investors bought a new position in shares of Kadant in the 1st quarter worth approximately $92,993,000. Finally, Raymond James & Associates raised its position in shares of Kadant by 6.5% in the 2nd quarter. Raymond James & Associates now owns 84,117 shares of the industrial products company’s stock worth $24,712,000 after acquiring an additional 5,167 shares in the last quarter. Hedge funds and other institutional investors own 96.13% of the company’s stock.
Kadant Stock Performance
KAI stock opened at $328.81 on Tuesday. The company has a market cap of $3.86 billion, a P/E ratio of 34.25 and a beta of 1.21. Kadant Inc. has a 1 year low of $214.21 and a 1 year high of $363.40. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.25 and a quick ratio of 1.40. The stock’s fifty day moving average price is $317.68 and its 200-day moving average price is $303.81.
Kadant Dividend Announcement
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 dividend of $0.32 per share. The ex-dividend date is Thursday, October 10th. This represents a $1.28 dividend on an annualized basis and a yield of 0.39%. Kadant’s dividend payout ratio is presently 13.33%.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on the company. Barrington Research reaffirmed an “outperform” rating and set a $360.00 price objective on shares of Kadant in a research report on Friday, September 20th. DA Davidson increased their target price on Kadant from $290.00 to $300.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st.
Check Out Our Latest Report on KAI
Insider Buying and Selling at Kadant
In other Kadant news, Director Thomas C. Leonard sold 2,000 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $337.40, for a total transaction of $674,800.00. Following the sale, the director now directly owns 4,250 shares of the company’s stock, valued at $1,433,950. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.40% of the company’s stock.
Kadant Company Profile
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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