Kadant Inc. (KAI) to Issue Quarterly Dividend of $0.19 on November 10th
Kadant Inc. (NYSE:KAI) declared a quarterly dividend on Thursday, September 15th. Investors of record on Thursday, October 13th will be paid a dividend of 0.19 per share on Thursday, November 10th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend is Tuesday, October 11th.
Kadant (NYSE:KAI) opened at 50.88 on Monday. The company has a 50 day moving average price of $53.10 and a 200-day moving average price of $50.59. Kadant has a one year low of $33.38 and a one year high of $56.57. The firm has a market capitalization of $554.44 million, a PE ratio of 16.46 and a beta of 1.38.
Kadant (NYSE:KAI) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.88 EPS for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.23. The business had revenue of $111.83 million for the quarter, compared to analyst estimates of $104.44 million. Kadant had a return on equity of 13.55% and a net margin of 8.39%. Kadant’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.78 EPS. On average, equities analysts predict that Kadant will post $3.04 EPS for the current year.
KAI has been the topic of a number of research analyst reports. Seaport Global Securities upgraded Kadant from a “neutral” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Thursday, August 18th. Zacks Investment Research lowered Kadant from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 13th. William Blair assumed coverage on Kadant in a research report on Friday, September 16th. They set a “market perform” rating and a $49.00 price target on the stock. Finally, Barrington Research upped their price objective on Kadant from $55.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, August 5th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $54.00.
In other news, insider Jonathan W. Painter sold 3,000 shares of the stock in a transaction on 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 owns 61,337 shares of the company’s stock, valued at approximately $3,434,872. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Sandra L. Lambert sold 3,316 shares of the stock in a transaction on 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 approximately $946,013.40. The disclosure for this sale can be found here. Company insiders own 5.80% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of KAI. AQR Capital Management LLC increased its position in Kadant by 30.0% in the second quarter. AQR Capital Management LLC now owns 49,374 shares of the company’s stock worth $2,544,000 after buying an additional 11,394 shares during the period. Zacks Investment Management bought a new position in Kadant during the second quarter worth $974,000. Menta Capital LLC bought a new position in Kadant during the second quarter worth $236,000. Citadel Advisors LLC bought a new position in Kadant during the second quarter worth $245,000. Finally, State Street Corp increased its position in Kadant by 2.3% in the second quarter. State Street Corp now owns 221,056 shares of the company’s stock worth $11,387,000 after buying an additional 4,964 shares during the period. 87.85% of the stock is currently owned by institutional investors.
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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