Kadant Inc. (NYSE:KAI) Declares Quarterly Dividend of $0.34

Kadant Inc. (NYSE:KAI) announced a quarterly dividend on Thursday, May 15th, RTT News reports. Stockholders of record on Thursday, July 10th will be given a dividend of 0.34 per share by the industrial products company on Thursday, August 7th. This represents a $1.36 annualized dividend and a dividend yield of 0.42%.

Kadant has raised its dividend payment by an average of 8.6% annually over the last three years and has increased its dividend annually for the last 12 consecutive years. Kadant has a dividend payout ratio of 13.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Kadant to earn $11.39 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 11.9%.

Kadant Trading Down 0.5%

NYSE:KAI opened at $321.45 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.29 and a quick ratio of 1.46. The firm has a 50-day moving average of $320.42 and a 200-day moving average of $355.64. The company has a market cap of $3.79 billion, a PE ratio of 33.91 and a beta of 1.30. Kadant has a one year low of $266.23 and a one year high of $429.95.

Kadant (NYSE:KAI) last released its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.97 by $0.13. Kadant had a net margin of 10.59% and a return on equity of 14.66%. The business had revenue of $239.21 million for the quarter, compared to analysts’ expectations of $239.41 million. During the same period in the previous year, the company earned $2.38 earnings per share. The firm’s revenue for the quarter was down 3.9% compared to the same quarter last year. As a group, equities research analysts expect that Kadant will post 9.97 EPS for the current fiscal year.

Kadant declared that its board has authorized a stock repurchase program on Thursday, May 15th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the industrial products company to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

KAI has been the topic of several analyst reports. DA Davidson cut their price target on shares of Kadant from $300.00 to $275.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Barrington Research reiterated an “outperform” rating and issued a $380.00 target price on shares of Kadant in a research note on Thursday, May 1st.

Kadant Company Profile

Kadant Inc supplies technologies and engineered systems worldwide. It operates in three segments: Flow Control, Industrial Processing, and Material Handling. The Flow Control segment develops, manufactures, and markets fluid-handling systems and equipment, such as rotary joints, syphons, turbulator bars, expansion joints, and engineered steam and condensate systems; and doctoring, cleaning, and filtration systems and related consumables consisting of doctor systems and holders, doctor blades, cleaning shower and fabric-conditioning systems, forming systems and wear surfaces, and water-filtration systems.