Kadant Inc. (KAI) Shares Up 3.7%
Kadant Inc. (NYSE:KAI) shot up 3.7% during mid-day trading on Thursday . The company traded as high as $53.27 and last traded at $53.27, with a volume of 74,001 shares traded. The stock had previously closed at $51.39.
A number of brokerages have recently issued reports on KAI. Barrington Research boosted their price objective on Kadant from $55.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, August 5th. Zacks Investment Research upgraded 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. Finally, Seaport Global Securities upgraded Kadant from a “neutral” rating to a “buy” rating and set a $58.00 price objective for the company in a report on Thursday.
The firm’s 50 day moving average price is $53.43 and its 200-day moving average price is $47.46. The firm has a market capitalization of $587.46 million and a P/E ratio of 17.44.
Kadant (NYSE:KAI) last posted its earnings results on Wednesday, August 3rd. The company reported $0.88 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.23. The business earned $111.83 million during the quarter, compared to analyst estimates of $104.44 million. The company’s revenue was up 13.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 EPS. Analysts predict that Kadant Inc. will post $3.04 EPS for the current year.
In other Kadant news, VP Sandra L. Lambert sold 4,118 shares of the stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $52.00, for a total value of $214,136.00. Following the completion of the sale, the vice president now owns 22,722 shares in the company, valued at approximately $1,181,544. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jonathan W. Painter sold 10,000 shares of the stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $50.32, for a total transaction of $503,200.00. Following the completion of the sale, the chief executive officer now owns 74,337 shares of the company’s stock, valued at approximately $3,740,637.84. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Kadant stock. Bank of Montreal Can boosted its stake in shares of Kadant Inc. (NYSE:KAI) by 98.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 36,980 shares of the company’s stock after buying an additional 18,306 shares during the period. Bank of Montreal Can owned 0.34% of Kadant worth $1,501,000 as of its most recent filing with the SEC.
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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