Kadant Inc $KAI Shares Sold by Riverbridge Partners LLC

Riverbridge Partners LLC lessened its stake in shares of Kadant Inc (NYSE:KAI) by 3.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 187,645 shares of the industrial products company’s stock after selling 6,928 shares during the quarter. Kadant comprises about 1.5% of Riverbridge Partners LLC’s investment portfolio, making the stock its 20th biggest position. Riverbridge Partners LLC owned about 1.59% of Kadant worth $49,073,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the stock. Quantbot Technologies LP acquired a new position in shares of Kadant in the second quarter worth $33,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Kadant during the second quarter valued at $35,000. Root Financial Partners LLC acquired a new stake in shares of Kadant during the third quarter valued at $31,000. Parallel Advisors LLC boosted its stake in shares of Kadant by 79.2% during the first quarter. Parallel Advisors LLC now owns 172 shares of the industrial products company’s stock valued at $50,000 after acquiring an additional 76 shares during the last quarter. Finally, Legacies Wealth LLC purchased a new stake in Kadant during the 3rd quarter worth about $49,000. Hedge funds and other institutional investors own 96.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on KAI. Wall Street Zen cut Kadant from a “buy” rating to a “hold” rating in a research report on Saturday. DA Davidson upped their target price on shares of Kadant from $306.00 to $335.00 and gave the company a “neutral” rating in a report on Thursday, August 6th. Finally, Weiss Ratings cut shares of Kadant from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, October 23rd. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $357.50.

Kadant Stock Down 0.9%

KAI stock opened at $300.55 on Wednesday. The stock has a market capitalization of $3.55 billion, a P/E ratio of 30.33 and a beta of 1.19. The company has a debt-to-equity ratio of 0.43, a quick ratio of 5.26 and a current ratio of 8.58. Kadant Inc has a one year low of $244.87 and a one year high of $354.07. The company has a 50 day moving average price of $274.09 and a two-hundred day moving average price of $305.79.

Kadant (NYSE:KAI) last issued its quarterly earnings results on Tuesday, November 3rd. The industrial products company reported $3.64 earnings per share for the quarter, beating the consensus estimate of $3.00 by $0.64. Kadant had a return on equity of 14.05% and a net margin of 9.81%. The company had revenue of $313.16 million during the quarter, compared to the consensus estimate of $302.03 million. During the same period in the previous year, the firm posted $2.59 EPS. Kadant’s revenue was up 15.3% on a year-over-year basis. As a group, sell-side analysts expect that Kadant Inc will post 12.67 EPS for the current year.

Kadant Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 12th. Stockholders of record on Thursday, October 15th will be given a $0.36 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 0.5%. Kadant’s payout ratio is currently 14.53%.

Kadant Profile

Kadant Inc. is a global supplier of technologies and engineered systems used in industrial processing and papermaking. Its products help customers manage fluids, process materials, and improve the efficiency of manufacturing operations. The company’s offerings include fluid-handling equipment such as rotary joints, syphons, and expansion joints; doctoring, cleaning, and filtration systems; and equipment for stock preparation and paper recycling. Kadant also provides material-processing technologies for applications including packaging, tissue, corrugated products, and other industrial markets.