Bank of New York Mellon Corp Lowers Stake in Kadant Inc. (NYSE:KAI)

Bank of New York Mellon Corp reduced its holdings in shares of Kadant Inc. (NYSE:KAI - Free Report) by 14.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 46,547 shares of the industrial products company's stock after selling 8,153 shares during the period. Bank of New York Mellon Corp owned approximately 0.40% of Kadant worth $16,058,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in KAI. Ashton Thomas Securities LLC acquired a new position in Kadant during the third quarter worth about $25,000. Hilltop National Bank acquired a new position in Kadant during the fourth quarter worth about $26,000. Icon Wealth Advisors LLC purchased a new stake in shares of Kadant during the third quarter worth about $28,000. Westside Investment Management Inc. purchased a new stake in shares of Kadant during the third quarter worth about $31,000. Finally, Asset Management One Co. Ltd. purchased a new stake in shares of Kadant during the third quarter worth about $111,000. Hedge funds and other institutional investors own 96.13% of the company's stock.

Analyst Ratings Changes

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

Kadant Stock Performance

Shares of NYSE KAI opened at $358.13 on Wednesday. The company has a market cap of $4.21 billion, a PE ratio of 37.78 and a beta of 1.25. Kadant Inc. has a 12 month low of $249.51 and a 12 month high of $429.95. 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 company has a 50-day simple moving average of $368.53 and a 200-day simple moving average of $357.47.

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

Kadant Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 7th. Investors of record on Wednesday, April 9th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 0.38%. This is an increase from Kadant's previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Wednesday, April 9th. Kadant's payout ratio is presently 14.35%.

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.

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