Clean Yield Group Sells 1,327 Shares of Kadant Inc. (KAI)
Clean Yield Group decreased its holdings in Kadant Inc. (NYSE:KAI) by 4.9% in the 4th quarter, HoldingsChannel reports. The firm owned 25,861 shares of the industrial products company’s stock after selling 1,327 shares during the period. Clean Yield Group’s holdings in Kadant were worth $2,596,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also bought and sold shares of KAI. Citigroup Inc. increased its stake in shares of Kadant by 24.2% in the second quarter. Citigroup Inc. now owns 1,411 shares of the industrial products company’s stock worth $106,000 after purchasing an additional 275 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Kadant in the second quarter worth about $127,000. BNP Paribas Arbitrage SA grew its stake in Kadant by 718.3% during the second quarter. BNP Paribas Arbitrage SA now owns 1,743 shares of the industrial products company’s stock valued at $131,000 after acquiring an additional 1,530 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new position in Kadant during the second quarter valued at approximately $150,000. Finally, C M Bidwell & Associates Ltd. purchased a new position in Kadant during the second quarter valued at approximately $176,000. Hedge funds and other institutional investors own 90.63% of the company’s stock.
In other Kadant news, CFO Michael J. Mckenney sold 3,600 shares of Kadant stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $99.14, for a total transaction of $356,904.00. Following the completion of the sale, the chief financial officer now directly owns 19,160 shares in the company, valued at $1,899,522.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jonathan W. Painter sold 20,000 shares of Kadant stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $103.82, for a total transaction of $2,076,400.00. Following the sale, the chief executive officer now owns 76,082 shares of the company’s stock, valued at $7,898,833.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 53,256 shares of company stock valued at $5,450,550. 5.59% of the stock is owned by corporate insiders.
Several brokerages recently commented on KAI. ValuEngine cut shares of Kadant from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Sidoti cut shares of Kadant from a “buy” rating to a “neutral” rating and set a $102.00 price objective for the company. in a research note on Tuesday, October 3rd. Finally, Zacks Investment Research raised shares of Kadant from a “hold” rating to a “strong-buy” rating and set a $126.00 price objective for the company in a research note on Thursday, November 2nd. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $104.67.
Shares of Kadant Inc. (NYSE:KAI) traded down $0.25 during trading hours on Tuesday, reaching $97.25. 30,700 shares of the company traded hands, compared to its average volume of 49,456. The stock has a market capitalization of $1,070.46, a PE ratio of 28.77 and a beta of 1.37. Kadant Inc. has a 12 month low of $56.15 and a 12 month high of $114.00. The company has a current ratio of 2.35, a quick ratio of 1.65 and a debt-to-equity ratio of 0.84.
Kadant (NYSE:KAI) last issued its quarterly earnings data on Monday, October 30th. The industrial products company reported $1.49 EPS for the quarter, beating the consensus estimate of $1.14 by $0.35. The company had revenue of $152.79 million during the quarter, compared to analysts’ expectations of $141.33 million. Kadant had a net margin of 8.17% and a return on equity of 14.84%. Kadant’s revenue for the quarter was up 44.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.81 earnings per share. equities analysts anticipate that Kadant Inc. will post 4.39 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 8th. Investors of record on Thursday, January 11th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Wednesday, January 10th. This represents a $0.84 annualized dividend and a yield of 0.86%. Kadant’s dividend payout ratio is currently 24.85%.
Kadant Inc is a supplier of equipment and components used in process industries. In addition, the Company manufactures granules made from papermaking by-products. Its segments include Papermaking Systems and Wood Processing Systems. The Company has a customer base, which includes paper and oriented strand board (OSB) manufacturers.
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