State Board of Administration of Florida Retirement System Cuts Stake in Kadant Inc. (KAI)
State Board of Administration of Florida Retirement System lowered its position in Kadant Inc. (NYSE:KAI) by 24.4% during the second quarter, Holdings Channel reports. The fund owned 6,635 shares of the company’s stock after selling 2,140 shares during the period. State Board of Administration of Florida Retirement System owned about 0.06% of Kadant worth $342,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Hancock Holding Co. boosted its position in shares of Kadant by 12.1% in the first quarter. Hancock Holding Co. now owns 18,130 shares of the company’s stock valued at $819,000 after buying an additional 1,959 shares during the last quarter. Bank of Montreal Can purchased a new position in shares of Kadant during the second quarter valued at $1,147,000. Kennedy Capital Management Inc. boosted its position in shares of Kadant by 61.1% in the first quarter. Kennedy Capital Management Inc. now owns 24,169 shares of the company’s stock valued at $1,091,000 after buying an additional 9,169 shares during the last quarter. UBS Group AG boosted its position in shares of Kadant by 34.6% in the first quarter. UBS Group AG now owns 33,353 shares of the company’s stock valued at $1,506,000 after buying an additional 8,580 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Kadant by 50.5% in the first quarter. Goldman Sachs Group Inc. now owns 35,534 shares of the company’s stock valued at $1,605,000 after buying an additional 11,930 shares during the last quarter. 87.85% of the stock is owned by institutional investors and hedge funds.
Shares of Kadant Inc. (NYSE:KAI) traded down 0.96% during mid-day trading on Thursday, reaching $50.75. 28,709 shares of the company’s stock were exchanged. Kadant Inc. has a 52 week low of $33.38 and a 52 week high of $56.57. The stock has a 50 day moving average price of $52.83 and a 200 day moving average price of $50.73. The stock has a market cap of $553.02 million, a price-to-earnings ratio of 16.41 and a beta of 1.38.
Kadant (NYSE:KAI) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.88 earnings per share for the quarter, beating the 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%. The company’s revenue was up 13.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.78 EPS. Equities research analysts predict that Kadant Inc. will post $3.04 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Thursday, October 13th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.48%. The ex-dividend date is Tuesday, October 11th. Kadant’s dividend payout ratio is currently 24.60%.
Several research analysts have recently weighed in on KAI shares. Zacks Investment Research cut shares of Kadant from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 13th. Seaport Global Securities cut shares of 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. Barrington Research upped their target price on shares of Kadant from $55.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, August 5th. Finally, William Blair assumed coverage on shares of Kadant in a research report on Friday, September 16th. They issued a “market perform” rating and a $49.00 target price on the stock. 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.
In related news, insider Jonathan W. Painter sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $56.00, for a total transaction of $168,000.00. Following the transaction, the insider now directly owns 61,337 shares of the company’s stock, valued at approximately $3,434,872. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sandra L. Lambert sold 3,316 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $50.85, for a total value of $168,618.60. Following 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. 5.80% of the stock is owned by insiders.
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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