Kadant Inc. (NYSE:KAI) Shares Acquired by Citigroup Inc.

Citigroup Inc. raised its position in Kadant Inc. (NYSE:KAI - Free Report) by 223.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 14,893 shares of the industrial products company's stock after purchasing an additional 10,283 shares during the period. Citigroup Inc. owned about 0.13% of Kadant worth $5,034,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Ashton Thomas Securities LLC acquired a new position in shares of Kadant during the 3rd quarter worth approximately $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Kadant in the second quarter worth $29,000. Park Place Capital Corp lifted its position in shares of Kadant by 68.6% in the third quarter. Park Place Capital Corp now owns 204 shares of the industrial products company's stock valued at $69,000 after acquiring an additional 83 shares in the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in Kadant during the 3rd quarter worth about $74,000. Finally, Benjamin F. Edwards & Company Inc. raised its stake in Kadant by 226.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 274 shares of the industrial products company's stock valued at $80,000 after purchasing an additional 190 shares during the last quarter. Hedge funds and other institutional investors own 96.13% of the company's stock.

Insider Buying and Selling

In other news, VP Fredrik H. Westerhout sold 600 shares of the business's stock in a transaction on 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 of the company's stock, valued at approximately $570,848.25. The trade was a 29.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Rebecca Martinez O'mara sold 300 shares of the firm's stock in a transaction on Friday, November 15th. The shares were sold at an average price of $392.59, for a total transaction of $117,777.00. Following the sale, the director now directly owns 1,293 shares of the company's stock, valued at approximately $507,618.87. The trade was a 18.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 3,052 shares of company stock valued at $1,091,455. Company insiders own 1.40% of the company's stock.

Kadant Trading Down 0.4 %

NYSE:KAI traded down $1.81 during mid-day trading on Tuesday, reaching $411.51. The company's stock had a trading volume of 116,738 shares, compared to its average volume of 82,415. 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 stock has a market cap of $4.83 billion, a P/E ratio of 42.08 and a beta of 1.25. The company's fifty day simple moving average is $357.16 and its two-hundred day simple moving average is $323.43. Kadant Inc. has a twelve month low of $249.51 and a twelve month high of $429.95.

Kadant (NYSE:KAI - Get Free Report) last released its earnings results on Tuesday, October 29th. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.43 by $0.41. Kadant had a net margin of 11.12% and a return on equity of 15.10%. The business had revenue of $271.61 million for the quarter, compared to analysts' expectations of $266.38 million. During the same period last year, the company earned $2.69 earnings per share. The company's quarterly revenue was up 11.2% on a year-over-year basis. On average, equities analysts predict that Kadant Inc. will post 10.11 EPS for the current year.

Kadant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 6th. Investors of record on Thursday, January 9th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $1.28 annualized dividend and a dividend yield of 0.31%. Kadant's payout ratio is 13.10%.

Analysts Set New Price Targets

Separately, Barrington Research reaffirmed an "outperform" rating and set a $360.00 price target on shares of Kadant in a research note on Wednesday, October 30th.

Kadant 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.