Wells Fargo & Company MN increased its stake in Kadant Inc. (NYSE:KAI) by 8.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 852,205 shares of the industrial products company’s stock after buying an additional 69,468 shares during the period. Wells Fargo & Company MN owned approximately 7.79% of Kadant worth $50,580,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Bessemer Group Inc. raised its position in shares of Kadant by 400.0% in the fourth quarter. Bessemer Group Inc. now owns 2,000 shares of the industrial products company’s stock valued at $122,000 after buying an additional 1,600 shares during the period. Guggenheim Capital LLC bought a new position in shares of Kadant during the fourth quarter valued at approximately $201,000. Martingale Asset Management L P bought a new position in shares of Kadant during the fourth quarter valued at approximately $295,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Kadant during the fourth quarter valued at approximately $332,000. Finally, First Trust Advisors LP raised its position in shares of Kadant by 6.7% in the third quarter. First Trust Advisors LP now owns 5,979 shares of the industrial products company’s stock valued at $312,000 after buying an additional 377 shares during the period. 90.14% of the stock is owned by hedge funds and other institutional investors.
Shares of Kadant Inc. (NYSE:KAI) traded down 0.91% during trading on Friday, reaching $71.00. 6,160 shares of the company traded hands. The firm has a market capitalization of $777.52 million, a PE ratio of 23.21 and a beta of 1.30. The firm has a 50-day moving average price of $61.99 and a 200-day moving average price of $60.72. Kadant Inc. has a 12 month low of $46.21 and a 12 month high of $75.95.
Kadant (NYSE:KAI) last issued its quarterly earnings data on Tuesday, May 2nd. The industrial products company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.16. The firm had revenue of $102.86 million for the quarter, compared to analyst estimates of $99.30 million. Kadant had a net margin of 8.24% and a return on equity of 13.36%. Equities research analysts anticipate that Kadant Inc. will post $3.39 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 11th. Investors of record on Thursday, April 13th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend was Tuesday, April 11th. This is a positive change from Kadant’s previous quarterly dividend of $0.19. Kadant’s dividend payout ratio (DPR) is presently 24.28%.
Several equities analysts recently commented on the stock. William Blair raised shares of Kadant from a “market perform” rating to an “outperform” rating in a research report on Wednesday, May 3rd. Zacks Investment Research raised shares of Kadant from a “sell” rating to a “hold” rating in a research report on Wednesday, March 15th.
Kadant Company Profile
Kadant Inc is a supplier of equipment and components used in process industries. In addition, the Company manufactures granules made from papermaking by-products. Its segments include Papermaking Systems and Wood Processing Systems. The Company has a customer base, which includes paper and oriented strand board (OSB) manufacturers.
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