Cannon Global Investment Management LLC boosted its holdings in shares of Kadant Inc. (NYSE:KAI - Free Report) by 128.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,600 shares of the industrial products company's stock after acquiring an additional 900 shares during the period. Kadant accounts for about 1.2% of Cannon Global Investment Management LLC's investment portfolio, making the stock its 29th largest holding. Cannon Global Investment Management LLC's holdings in Kadant were worth $552,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Victory Capital Management Inc. lifted its holdings in shares of Kadant by 14.0% during the third quarter. Victory Capital Management Inc. now owns 3,476 shares of the industrial products company's stock valued at $1,175,000 after purchasing an additional 426 shares during the last quarter. Intech Investment Management LLC purchased a new position in Kadant during the third quarter valued at $806,000. Landscape Capital Management L.L.C. bought a new stake in Kadant in the third quarter worth $206,000. Charles Schwab Investment Management Inc. grew its stake in shares of Kadant by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 121,241 shares of the industrial products company's stock worth $40,979,000 after acquiring an additional 2,141 shares during the last quarter. Finally, Citigroup Inc. increased its holdings in shares of Kadant by 223.1% during the third quarter. Citigroup Inc. now owns 14,893 shares of the industrial products company's stock valued at $5,034,000 after acquiring an additional 10,283 shares in the last quarter. Institutional investors own 96.13% of the company's stock.
Analyst Ratings Changes
Separately, Barrington Research reissued an "outperform" rating and set a $410.00 price objective on shares of Kadant in a research report on Friday, February 14th.
Get Our Latest Stock Analysis on KAI
Kadant Stock Up 0.9 %
Shares of KAI stock traded up $3.01 during mid-day trading on Thursday, hitting $348.53. The company's stock had a trading volume of 14,932 shares, compared to its average volume of 97,312. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.46 and a current ratio of 2.29. Kadant Inc. has a 52-week low of $249.51 and a 52-week high of $429.95. The stock has a market cap of $4.10 billion, a price-to-earnings ratio of 36.62 and a beta of 1.25. The business has a 50-day moving average price of $367.51 and a 200 day moving average price of $359.53.
Kadant (NYSE:KAI - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The industrial products company reported $2.25 EPS for the quarter, topping the consensus estimate of $2.08 by $0.17. Kadant had a return on equity of 14.66% and a net margin of 10.59%. Research analysts predict that Kadant Inc. will post 9.97 EPS for the current fiscal year.
Kadant Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 7th. Stockholders of record on Wednesday, April 9th will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 0.39%. This is a boost from Kadant's previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Wednesday, April 9th. Kadant's dividend payout ratio is 14.35%.
About Kadant
(
Free Report)
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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