Kadant Inc. (KAI) Hits New 1-Year High at $53.37
Kadant Inc. (NYSE:KAI) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $53.37 and last traded at $52.86, with a volume of 44,865 shares. The stock had previously closed at $51.85.
Separately, Zacks Investment Research upgraded shares of Kadant from a “sell” rating to a “hold” rating and set a $53.00 target price on the stock in a report on Thursday, May 5th.
The stock has a market cap of $575.48 million and a P/E ratio of 17.15. The company’s 50 day moving average price is $50.43 and its 200 day moving average price is $44.24.
Kadant (NYSE:KAI) last issued its quarterly earnings results on Monday, May 2nd. The company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. The firm had revenue of $97 million for the quarter, compared to analysts’ expectations of $86.37 million. During the same quarter last year, the firm earned $0.63 earnings per share. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. On average, analysts anticipate that Kadant Inc. will post $3.03 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Thursday, July 14th will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, July 12th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.43%.
In other news, Director William P. Tully sold 3,750 shares of Kadant stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $51.85, for a total transaction of $194,437.50. Following the completion of the sale, the director now directly owns 5,000 shares in the company, valued at $259,250. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jonathan W. Painter sold 10,000 shares of Kadant stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $50.32, for a total transaction of $503,200.00. Following the sale, the chief executive officer now owns 74,337 shares of the company’s stock, valued at $3,740,637.84. The disclosure for this sale can be found here.
Other large investors recently added to or reduced their stakes in the company. Nationwide Fund Advisors increased its stake in Kadant by 2.5% in the fourth quarter. Nationwide Fund Advisors now owns 65,682 shares of the company’s stock worth $2,667,000 after buying an additional 1,574 shares during the last quarter. Eagle Asset Management Inc. increased its stake in Kadant by 2.2% in the fourth quarter. Eagle Asset Management Inc. now owns 153,909 shares of the company’s stock worth $6,250,000 after buying an additional 3,360 shares during the last quarter. Brown Advisory Inc. increased its stake in Kadant by 1.4% in the fourth quarter. Brown Advisory Inc. now owns 626,025 shares of the company’s stock worth $25,423,000 after buying an additional 8,371 shares during the last quarter. Royce & Associates LLC increased its stake 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 during the last quarter. Finally, Bank of Montreal Can increased its stake 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 during 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.