Envestnet Asset Management Inc. Trims Position in Kadant Inc (NYSE:KAI)

Envestnet Asset Management Inc. trimmed its stake in Kadant Inc (NYSE:KAI) by 4.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 36,238 shares of the industrial products company’s stock after selling 1,732 shares during the quarter. Envestnet Asset Management Inc. owned about 0.31% of Kadant worth $12,209,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in KAI. Opal Wealth Advisors LLC purchased a new position in Kadant in the 1st quarter worth approximately $30,000. GAMMA Investing LLC lifted its stake in Kadant by 348.1% in the first quarter. GAMMA Investing LLC now owns 242 shares of the industrial products company’s stock valued at $82,000 after buying an additional 188 shares during the last quarter. Asset Management One Co. Ltd. bought a new stake in shares of Kadant during the first quarter valued at approximately $111,000. Fifth Third Bancorp grew its stake in shares of Kadant by 23.1% in the first quarter. Fifth Third Bancorp now owns 442 shares of the industrial products company’s stock worth $149,000 after purchasing an additional 83 shares in the last quarter. Finally, Contravisory Investment Management Inc. increased its stake in Kadant by 924.5% during the 1st quarter. Contravisory Investment Management Inc. now owns 543 shares of the industrial products company’s stock valued at $183,000 after buying an additional 490 shares during the period. 96.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

KAI has been the topic of several recent analyst reports. Wall Street Zen raised shares of Kadant from a “sell” rating to a “hold” rating in a research note on Saturday, July 5th. DA Davidson reduced their price objective on shares of Kadant from $300.00 to $275.00 and set a “neutral” rating for the company in a research note on Thursday, May 1st. Finally, Barrington Research restated an “outperform” rating and issued a $380.00 price objective on shares of Kadant in a research note on Thursday, May 1st.

Kadant Trading Down 0.5%

KAI stock opened at $332.87 on Friday. The business has a fifty day moving average of $320.08 and a 200-day moving average of $336.47. The company has a quick ratio of 1.62, a current ratio of 2.47 and a debt-to-equity ratio of 0.31. The company has a market cap of $3.92 billion, a P/E ratio of 35.34 and a beta of 1.25. Kadant Inc has a twelve month low of $281.30 and a twelve month high of $429.95.

Kadant (NYSE:KAI) last posted its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.97 by $0.13. The business had revenue of $239.21 million for the quarter, compared to analyst estimates of $239.41 million. Kadant had a return on equity of 13.74% and a net margin of 10.63%. The firm’s revenue was down 3.9% on a year-over-year basis. During the same period last year, the company earned $2.38 EPS. As a group, equities research analysts expect that Kadant Inc will post 9.97 EPS for the current year.

Kadant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Thursday, July 10th will be paid a dividend of $0.34 per share. The ex-dividend date is Thursday, July 10th. This represents a $1.36 dividend on an annualized basis and a yield of 0.41%. Kadant’s payout ratio is 14.44%.

Kadant declared that its board has authorized a stock repurchase program on Thursday, May 15th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the industrial products company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Kadant 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.