Janney Montgomery Scott LLC acquired a new stake in Kadant Inc (NYSE:KAI – Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,274 shares of the industrial products company’s stock, valued at approximately $957,000.
Several other large investors have also recently added to or reduced their stakes in the business. Pictet Asset Management Holding SA boosted its position in Kadant by 27.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 55,073 shares of the industrial products company’s stock valued at $16,101,000 after buying an additional 11,827 shares during the period. Wasatch Advisors LP increased its position in shares of Kadant by 13.7% during the first quarter. Wasatch Advisors LP now owns 1,038,548 shares of the industrial products company’s stock worth $303,619,000 after acquiring an additional 125,342 shares during the period. Louisiana State Employees Retirement System purchased a new stake in shares of Kadant during the first quarter worth $1,520,000. Riverbridge Partners LLC raised its stake in shares of Kadant by 43.4% in the first quarter. Riverbridge Partners LLC now owns 252,230 shares of the industrial products company’s stock valued at $73,739,000 after acquiring an additional 76,366 shares in the last quarter. Finally, Mountain Pacific Investment Advisers LLC raised its stake in shares of Kadant by 1.8% in the first quarter. Mountain Pacific Investment Advisers LLC now owns 11,626 shares of the industrial products company’s stock valued at $3,399,000 after acquiring an additional 204 shares in the last quarter. 96.13% of the stock is owned by hedge funds and other institutional investors.
Kadant Price Performance
Kadant stock opened at $294.53 on Monday. The company has a current ratio of 2.47, a quick ratio of 1.53 and a debt-to-equity ratio of 0.36. The company has a fifty day simple moving average of $309.81 and a 200-day simple moving average of $314.69. The stock has a market cap of $3.48 billion, a P/E ratio of 33.58 and a beta of 1.20. Kadant Inc has a 12-month low of $244.87 and a 12-month high of $369.97.
Kadant declared that its Board of Directors has approved a stock buyback plan on Thursday, May 21st that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
Kadant Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 13th. Stockholders of record on Thursday, July 16th will be issued a $0.36 dividend. The ex-dividend date is Thursday, July 16th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 0.5%. Kadant’s dividend payout ratio is presently 16.42%.
Insider Activity at Kadant
In other news, SVP Stacy D. Krause sold 1,227 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $334.17, for a total transaction of $410,026.59. Following the sale, the senior vice president owned 1,363 shares of the company’s stock, valued at approximately $455,473.71. This trade represents a 47.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.30% of the company’s stock.
Wall Street Analysts Forecast Growth
KAI has been the subject of several analyst reports. Zacks Research cut Kadant from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 20th. Weiss Ratings raised Kadant from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, May 14th. Barrington Research reiterated an “outperform” rating and issued a $380.00 price objective on shares of Kadant in a research note on Monday, May 4th. Finally, Wall Street Zen raised Kadant from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $341.50.
View Our Latest Stock Report on KAI
About Kadant
Kadant Inc, headquartered in Westford, Massachusetts, is a global supplier of high‐value, critical components and engineered systems for the pulp and paper industry and other process industries. The company’s product portfolio spans stock preparation technologies, refiners and pulpers, fluid handling systems, and web‐handling equipment designed to optimize the efficiency and quality of paper production. In addition to capital equipment, Kadant offers aftermarket services, including spare parts, maintenance programs and process optimization consulting, which together support long‐term customer productivity and reliability.
Originally part of a larger industrial conglomerate, Kadant was established as an independent public company in 1991.
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