First Mercantile Trust Co. boosted its stake in Kadant Inc. (NYSE:KAI) by 7.8% during the second quarter, Holdings Channel reports. The fund owned 3,870 shares of the company’s stock after buying an additional 280 shares during the period. First Mercantile Trust Co.’s holdings in Kadant were worth $200,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Kadant by 0.9% in the second quarter. Vanguard Group Inc. now owns 411,149 shares of the company’s stock valued at $21,178,000 after buying an additional 3,620 shares during the last quarter. Hancock Holding Co. boosted its position in shares of Kadant by 1.8% in the second quarter. Hancock Holding Co. now owns 18,462 shares of the company’s stock valued at $951,000 after buying an additional 332 shares during the last quarter. Oak Associates Ltd. OH purchased a new position in shares of Kadant during the second quarter valued at about $285,000. UBS Asset Management Americas Inc. purchased a new position in shares of Kadant during the second quarter valued at about $201,000. Finally, Nationwide Fund Advisors boosted its position in shares of Kadant by 10.3% in the second quarter. Nationwide Fund Advisors now owns 74,626 shares of the company’s stock valued at $3,844,000 after buying an additional 6,980 shares during the last quarter. 87.85% of the stock is currently owned by institutional investors and hedge funds.
Kadant Inc. (NYSE:KAI) opened at 52.45 on Tuesday. The stock has a market capitalization of $571.55 million, a PE ratio of 16.96 and a beta of 1.38. Kadant Inc. has a 52-week low of $33.38 and a 52-week high of $56.57. The stock’s 50 day moving average price is $53.12 and its 200-day moving average price is $50.46.
Kadant (NYSE:KAI) last announced its earnings results on Wednesday, August 3rd. The company reported $0.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.23. Kadant had a return on equity of 13.55% and a net margin of 8.39%. The company had revenue of $111.83 million for the quarter, compared to analyst estimates of $104.44 million. During the same period in the prior year, the company posted $0.78 EPS. The firm’s quarterly revenue was up 13.7% compared to the same quarter last year. On average, equities analysts expect that Kadant Inc. will post $3.04 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Thursday, October 13th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.45%. The ex-dividend date of this dividend is Tuesday, October 11th. Kadant’s dividend payout ratio is currently 24.60%.
Several research analysts have issued reports on the company. William Blair assumed coverage on Kadant in a research report on Friday, September 16th. They issued a “market perform” rating and a $49.00 target price on the stock. Seaport Global Securities raised Kadant from a “neutral” rating to a “buy” rating and set a $58.00 price objective on the stock in a research report on Thursday, August 18th. Barrington Research lifted their price objective on Kadant from $55.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, August 5th. Finally, Zacks Investment Research cut Kadant from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 13th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $54.00.
In other news, insider Jonathan W. Painter sold 3,000 shares of the stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $56.00, for a total value of $168,000.00. Following the transaction, the insider now directly owns 61,337 shares of the company’s stock, valued at $3,434,872. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Sandra L. Lambert sold 3,316 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $50.85, for a total value of $168,618.60. Following the completion of the transaction, the vice president now directly owns 18,604 shares in the company, valued at $946,013.40. The disclosure for this sale can be found here. Corporate insiders own 5.80% of the company’s stock.
Kadant Company Profile
Kadant Inc is a supplier of equipment used in process industries. The process industries, including papermaking, paper recycling and oriented strand board (OSB), an engineered wood panel product used primarily in home construction. In addition, the Company manufactures granules made from papermaking byproducts.
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