Kadant Inc. (KAI) Trading Down 2.7%
Shares of Kadant Inc. (NYSE:KAI) were down 2.7% during trading on Friday . The company traded as low as $53.92 and last traded at $54.35, with a volume of 69,584 shares. The stock had previously closed at $55.88.
A number of analysts have recently commented on KAI shares. Seaport Global Securities downgraded Kadant from an “accumulate” rating to a “neutral” rating in a report on Friday. Zacks Investment Research cut shares of Kadant from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 13th. Finally, Barrington Research upped their price target on shares of Kadant from $55.00 to $63.00 and gave the stock an “outperform” rating in a research report on Friday.
The firm has a 50 day moving average price of $52.81 and a 200 day moving average price of $46.26. The firm has a market capitalization of $585.90 million and a PE ratio of 17.46.
Kadant (NYSE:KAI) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.23. During the same period in the prior year, the business posted $0.78 EPS. The firm earned $111.83 million during the quarter, compared to analyst estimates of $104.44 million. The company’s revenue for the quarter was up 13.7% on a year-over-year basis. Equities analysts anticipate that Kadant Inc. will post $3.03 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Thursday, July 14th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date is Tuesday, July 12th.
In related news, Director Thomas C. Leonard sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $50.00, for a total value of $125,000.00. Following the completion of the transaction, the director now owns 21,250 shares of the company’s stock, valued at approximately $1,062,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas C. Leonard sold 1,250 shares of the firm’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $52.00, for a total transaction of $65,000.00. Following the completion of the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $1,040,000. The disclosure for this sale can be found here.
A number of institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN raised its position in Kadant by 10.2% in the fourth quarter. Wells Fargo & Company MN now owns 734,293 shares of the company’s stock worth $29,821,000 after buying an additional 67,826 shares in the last quarter. Dean Investment Associates LLC purchased a new position in Kadant during the fourth quarter worth approximately $1,830,000. Schroder Investment Management Group purchased a new position in Kadant during the fourth quarter worth approximately $1,657,000. Bank of Montreal Can raised its position in Kadant by 98.0% in the fourth quarter. Bank of Montreal Can now owns 36,980 shares of the company’s stock worth $1,501,000 after buying an additional 18,306 shares in the last quarter. Finally, Royce & Associates LLC raised its position in Kadant by 3.4% in the fourth quarter. Royce & Associates LLC now owns 273,967 shares of the company’s stock worth $11,126,000 after buying an additional 8,900 shares in the last quarter.
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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