Kadant Inc. (KAI) Sets New 1-Year High at $54.80
Kadant Inc. (NYSE:KAI) hit a new 52-week high on Friday . The company traded as high as $54.80 and last traded at $54.64, with a volume of 42,064 shares. The stock had previously closed at $54.13.
Separately, Zacks Investment Research upgraded shares of Kadant from a “sell” rating to a “hold” rating and set a $53.00 price objective for the company in a report on Thursday, May 5th.
The firm has a 50 day moving average price of $51.18 and a 200 day moving average price of $44.70. The firm has a market capitalization of $593.06 million and a PE ratio of 17.67.
Kadant (NYSE:KAI) last released its 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 the consensus estimate of $86.37 million. During the same quarter in the previous year, the business posted $0.63 EPS. Kadant’s revenue was up 4.6% on a year-over-year basis. Equities research analysts predict that Kadant Inc. will post $3.03 earnings per share for the current year.
The company 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 yield of 1.39%. The ex-dividend date of this dividend is Tuesday, July 12th.
In other Kadant news, Director Thomas C. Leonard sold 1,250 shares of the firm’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $52.00, for a total transaction of $65,000.00. Following the sale, the director now owns 20,000 shares in the company, valued at approximately $1,040,000. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William P. Tully sold 3,750 shares of the firm’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $51.85, for a total transaction of $194,437.50. Following the sale, the director now owns 5,000 shares in the company, valued at approximately $259,250. The disclosure for this sale can be found here.
Other large investors have recently added to or reduced their stakes in the company. Nationwide Fund Advisors boosted 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. Brown Advisory Inc. boosted 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 boosted 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. Bank of Montreal Can boosted 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. Finally, Schroder Investment Management Group purchased a new stake in Kadant during the fourth quarter worth approximately $1,657,000.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.