Kadant Inc. (KAI) Trading 3.7% Higher
Kadant Inc. (NYSE:KAI) traded up 3.7% during mid-day trading on Thursday . The stock traded as high as $53.27 and last traded at $53.27, with a volume of 74,001 shares trading hands. The stock had previously closed at $51.39.
Several equities research analysts have recently issued reports on the company. Zacks Investment Research raised Kadant from a “sell” rating to a “hold” rating and set a $53.00 price objective for the company in a research note on Thursday, May 5th. Barrington Research raised their price objective on Kadant from $55.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, August 5th. Finally, Seaport Global Securities raised Kadant from a “neutral” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Thursday.
The firm has a market cap of $581.57 million and a PE ratio of 17.26. The firm has a 50 day moving average of $53.29 and a 200 day moving average of $47.31.
Kadant (NYSE:KAI) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.88 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.23. The business earned $111.83 million during the quarter, compared to analysts’ expectations of $104.44 million. During the same quarter in the prior year, the firm earned $0.78 EPS. Kadant’s revenue for the quarter was up 13.7% on a year-over-year basis. Analysts anticipate that Kadant Inc. will post $3.04 EPS for the current year.
In related news, Director Thomas C. Leonard sold 1,250 shares of Kadant stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $52.00, for a total value of $65,000.00. Following the completion of the transaction, the director now owns 20,000 shares in the company, valued at approximately $1,040,000. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Thomas C. Leonard sold 2,500 shares of Kadant stock in a transaction dated Thursday, June 2nd. The shares were sold at an average price of $50.00, for a total value of $125,000.00. Following the completion of the transaction, the director now owns 21,250 shares of the company’s stock, valued at approximately $1,062,500. 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 raised 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 valued at $1,501,000 after buying an additional 18,306 shares in the last quarter. Schroder Investment Management Group purchased a new stake in Kadant during the fourth quarter valued at approximately $1,657,000. Dean Investment Associates LLC purchased a new stake in Kadant during the fourth quarter valued at approximately $1,830,000. Finally, Wells Fargo & Company MN raised its stake in Kadant by 10.2% in the fourth quarter. Wells Fargo & Company MN now owns 734,293 shares of the company’s stock valued at $29,821,000 after buying an additional 67,826 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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