Norges Bank Takes $46.53 Million Position in Kadant Inc. (NYSE:KAI)

Norges Bank bought a new stake in shares of Kadant Inc. (NYSE:KAI - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 134,871 shares of the industrial products company's stock, valued at approximately $46,529,000. Norges Bank owned approximately 1.15% of Kadant as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Cerity Partners LLC bought a new position in Kadant in the 3rd quarter worth approximately $538,000. FMR LLC lifted its holdings in shares of Kadant by 1.1% in the third quarter. FMR LLC now owns 144,344 shares of the industrial products company's stock worth $48,788,000 after buying an additional 1,629 shares in the last quarter. Townsquare Capital LLC grew its stake in Kadant by 8.0% during the third quarter. Townsquare Capital LLC now owns 941 shares of the industrial products company's stock valued at $318,000 after acquiring an additional 70 shares in the last quarter. Captrust Financial Advisors bought a new stake in Kadant in the 3rd quarter valued at $644,000. Finally, Verition Fund Management LLC purchased a new stake in Kadant in the 3rd quarter worth $317,000. Institutional investors own 96.13% of the company's stock.

Analyst Ratings Changes

Separately, Barrington Research reaffirmed an "outperform" rating and issued a $410.00 target price on shares of Kadant in a report on Friday, February 14th.

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Kadant Price Performance

Shares of KAI stock traded up $37.52 on Wednesday, reaching $329.06. The company's stock had a trading volume of 194,370 shares, compared to its average volume of 104,168. The stock's fifty day simple moving average is $355.27 and its 200-day simple moving average is $359.36. Kadant Inc. has a 1 year low of $249.51 and a 1 year high of $429.95. The company has a market capitalization of $3.88 billion, a price-to-earnings ratio of 34.71 and a beta of 1.24. The company has a current ratio of 2.29, a quick ratio of 1.46 and a debt-to-equity ratio of 0.37.

Kadant (NYSE:KAI - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The industrial products company reported $2.25 EPS for the quarter, beating the consensus estimate of $2.08 by $0.17. Kadant had a net margin of 10.59% and a return on equity of 14.66%. Analysts forecast that Kadant Inc. will post 9.97 earnings per share for the current fiscal year.

Kadant Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 7th. Stockholders of record on Wednesday, April 9th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 0.41%. This is a positive change from Kadant's previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, April 9th. Kadant's dividend payout ratio (DPR) is presently 14.35%.

About Kadant

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.