Kadant Inc. (KAI) Sets New 52-Week High at $53.37
Kadant Inc. (NYSE:KAI)’s share price reached a new 52-week high during trading on Friday . The stock traded as high as $53.37 and last traded at $52.86, with a volume of 44,865 shares changing hands. The stock had previously closed at $51.85.
Separately, Zacks Investment Research upgraded Kadant from a “sell” rating to a “hold” rating and set a $53.00 price objective on the stock in a research note on Thursday, May 5th.
The stock has a market cap of $575.48 million and a price-to-earnings ratio of 17.15. The company’s 50-day moving average is $50.43 and its 200-day moving average is $44.24.
Kadant (NYSE:KAI) last announced its earnings results on Monday, May 2nd. The company reported $0.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.14. The business had revenue of $97 million for the quarter, compared to the consensus estimate of $86.37 million. Kadant’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.63 EPS. Analysts expect that Kadant Inc. will post $3.03 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Shareholders of record on Thursday, July 14th will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend is Tuesday, July 12th.
In other Kadant news, CEO Jonathan W. Painter sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 16th. The shares were sold at an average price of $49.93, for a total transaction of $499,300.00. Following the completion of the transaction, the chief executive officer now owns 64,337 shares of the company’s stock, valued at $3,212,346.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas C. Leonard sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, April 26th. The shares were sold at an average price of $47.00, for a total transaction of $117,500.00. Following the transaction, the director now directly owns 26,250 shares of the company’s stock, valued at approximately $1,233,750. The disclosure for this sale can be found here.
Several institutional investors have made changes to their positions in the stock. Bank of Montreal Can increased its position in shares of 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. Schroder Investment Management Group purchased a new stake in shares of Kadant during the fourth quarter valued at $1,657,000. Dean Investment Associates LLC purchased a new stake in shares of Kadant during the fourth quarter valued at $1,830,000. Nationwide Fund Advisors increased its stake in shares of Kadant by 2.5% in the fourth quarter. Nationwide Fund Advisors now owns 65,682 shares of the company’s stock valued at $2,667,000 after buying an additional 1,574 shares during the period. Finally, Eagle Asset Management Inc. increased its stake in shares of Kadant by 2.2% in the fourth quarter. Eagle Asset Management Inc. now owns 153,909 shares of the company’s stock valued at $6,250,000 after buying an additional 3,360 shares during the period.
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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