Allspring Global Investments Holdings LLC Decreases Stake in Kadant Inc. (NYSE:KAI)

Allspring Global Investments Holdings LLC reduced its stake in shares of Kadant Inc. (NYSE:KAI - Free Report) by 19.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,710 shares of the industrial products company's stock after selling 8,133 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.29% of Kadant worth $11,698,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in KAI. Ashton Thomas Securities LLC purchased a new position in shares of Kadant in the 3rd quarter valued at approximately $25,000. Hilltop National Bank bought a new position in Kadant in the fourth quarter worth $26,000. Icon Wealth Advisors LLC purchased a new position in Kadant during the third quarter valued at $28,000. Westside Investment Management Inc. bought a new stake in shares of Kadant during the 3rd quarter valued at $31,000. Finally, Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Kadant during the 3rd quarter valued at $74,000. 96.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Kadant Stock Down 1.4 %

Shares of Kadant stock traded down $5.34 during midday trading on Friday, hitting $382.37. The company had a trading volume of 238,504 shares, compared to its average volume of 188,032. Kadant Inc. has a 52-week low of $249.51 and a 52-week high of $429.95. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.46 and a current ratio of 2.29. The stock has a market capitalization of $4.49 billion, a P/E ratio of 40.33 and a beta of 1.29. The company has a 50 day moving average of $363.59 and a 200 day moving average of $351.12.

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