C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Buys Shares of 561,162 Kadant Inc. (NYSE:KAI)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors 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 561,162 shares of the industrial products company's stock, valued at approximately $193,595,000. Kadant makes up approximately 6.9% of C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors' holdings, making the stock its 2nd biggest position. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors owned approximately 4.78% of Kadant at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of KAI. Creative Planning lifted its stake in shares of Kadant by 17.1% during the 3rd quarter. Creative Planning now owns 4,511 shares of the industrial products company's stock valued at $1,525,000 after buying an additional 660 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its stake in Kadant by 139.8% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 10,337 shares of the industrial products company's stock worth $3,494,000 after purchasing an additional 6,027 shares in the last quarter. Bleakley Financial Group LLC lifted its stake in Kadant by 9.7% in the 3rd quarter. Bleakley Financial Group LLC now owns 2,380 shares of the industrial products company's stock worth $804,000 after purchasing an additional 211 shares in the last quarter. Trust Point Inc. lifted its stake in Kadant by 1.1% in the 3rd quarter. Trust Point Inc. now owns 4,178 shares of the industrial products company's stock worth $1,412,000 after purchasing an additional 45 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. purchased a new stake in Kadant in the 3rd quarter worth $74,000. Hedge funds and other institutional investors own 96.13% of the company's stock.

Wall Street Analyst Weigh In

Separately, Barrington Research reiterated an "outperform" rating and issued a $410.00 price target on shares of Kadant in a research note on Friday.

Insider Activity

In related news, VP Fredrik H. Westerhout sold 600 shares of the company's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $397.25, for a total transaction of $238,350.00. Following the transaction, the vice president now directly owns 1,437 shares in the company, valued at approximately $570,848.25. This represents a 29.46 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Thomas C. Leonard sold 152 shares of the company's stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $398.21, for a total transaction of $60,527.92. Following the transaction, the director now owns 4,250 shares in the company, valued at $1,692,392.50. The trade was a 3.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company's stock.

Kadant Price Performance

Shares of NYSE KAI traded up $36.02 during mid-day trading on Friday, hitting $390.21. 587,263 shares of the company's stock traded hands, compared to its average volume of 75,445. The company's 50-day moving average is $363.28 and its two-hundred day moving average is $348.94. 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 market capitalization of $4.58 billion, a P/E ratio of 39.94 and a beta of 1.29. Kadant Inc. has a 1 year low of $249.51 and a 1 year high of $429.95.

Kadant (NYSE:KAI - Get Free Report) last announced its earnings results on Wednesday, February 12th. The industrial products company reported $2.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.17. Kadant had a net margin of 11.12% and a return on equity of 15.10%. On average, equities analysts anticipate that Kadant Inc. will post 10.11 EPS for the current fiscal year.

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.