Jeffrey L. Powell Sells 7,773 Shares of Kadant Inc. (KAI) Stock
Kadant Inc. (NYSE:KAI) insider Jeffrey L. Powell sold 7,773 shares of the business’s stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $51.20, for a total value of $397,977.60. Following the completion of the sale, the insider now owns 11,078 shares in the company, valued at $567,193.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Kadant Inc. (NYSE:KAI) opened at 52.38 on Thursday. The company has a market cap of $570.78 million, a PE ratio of 16.94 and a beta of 1.55. The stock’s 50 day moving average price is $53.29 and its 200-day moving average price is $49.85. Kadant Inc. has a 1-year low of $33.38 and a 1-year high of $56.57.
Kadant (NYSE:KAI) last posted its earnings results on Wednesday, August 3rd. The company reported $0.88 EPS for the quarter, beating the Zacks’ 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 firm had revenue of $111.83 million for the quarter, compared to analysts’ expectations of $104.44 million. During the same period last year, the firm earned $0.78 EPS. The company’s quarterly revenue was up 13.7% on a year-over-year basis. On average, analysts forecast that Kadant Inc. will post $3.04 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Thursday, October 13th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date of this dividend is Tuesday, October 11th. Kadant’s dividend payout ratio (DPR) is presently 24.60%.
Several large investors have recently bought and sold shares of KAI. BlackRock Inc. boosted its stake in Kadant by 279.5% in the second quarter. BlackRock Inc. now owns 2,573 shares of the company’s stock worth $133,000 after buying an additional 1,895 shares during the period. Walleye Trading LLC acquired a new stake in Kadant during the second quarter worth approximately $185,000. First Mercantile Trust Co. boosted its stake in Kadant by 7.8% in the second quarter. First Mercantile Trust Co. now owns 3,870 shares of the company’s stock worth $200,000 after buying an additional 280 shares during the period. UBS Asset Management Americas Inc. acquired a new stake in Kadant during the second quarter worth approximately $201,000. Finally, BlackRock Group LTD boosted its stake in Kadant by 103.6% in the first quarter. BlackRock Group LTD now owns 5,160 shares of the company’s stock worth $234,000 after buying an additional 2,625 shares during the period. Hedge funds and other institutional investors own 87.85% of the company’s stock.
KAI has been the topic of a number of research analyst reports. Seaport Global Securities downgraded Kadant from an “accumulate” rating to a “neutral” rating and set a $58.00 target price on the stock. in a research report on Friday, August 5th. William Blair began coverage on Kadant in a research report on Friday, September 16th. They set a “market perform” rating and a $49.00 price objective on the stock. Barrington Research upped 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 downgraded Kadant from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 13th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $54.00.
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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