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Eagle Asset Management Inc. Trims Stock Position in Kadant Inc. (NYSE:KAI)

Kadant logo with Industrial Products background

Eagle Asset Management Inc. trimmed its stake in Kadant Inc. (NYSE:KAI - Free Report) by 25.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 23,673 shares of the industrial products company's stock after selling 7,900 shares during the period. Eagle Asset Management Inc. owned about 0.20% of Kadant worth $8,001,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. Ashton Thomas Securities LLC acquired a new position in shares of Kadant in the third quarter valued at 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 increased its position in shares of Kadant by 68.6% during the third quarter. Park Place Capital Corp now owns 204 shares of the industrial products company's stock worth $69,000 after acquiring an additional 83 shares during the period. 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. boosted its stake in shares of 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 buying an additional 190 shares during the period. 96.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have commented on KAI shares. Barrington Research reiterated an "outperform" rating and set a $360.00 price target on shares of Kadant in a report on Wednesday, October 30th. DA Davidson increased their target price on Kadant from $290.00 to $300.00 and gave the company a "neutral" rating in a report on Thursday, August 1st.

Get Our Latest Analysis on KAI

Kadant Stock Down 0.1 %

Shares of Kadant stock traded down $0.33 during trading hours on Monday, hitting $418.68. The company had a trading volume of 151,993 shares, compared to its average volume of 81,406. 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's 50-day moving average is $347.45 and its two-hundred day moving average is $317.96. The company has a market cap of $4.92 billion, a P/E ratio of 42.89 and a beta of 1.21. 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 posted its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.43 by $0.41. Kadant had a return on equity of 15.10% and a net margin of 11.12%. The business had revenue of $271.61 million during the quarter, compared to the consensus estimate of $266.38 million. During the same period in the prior year, the company earned $2.69 earnings per share. The company's revenue was up 11.2% compared to the same quarter last year. Analysts anticipate that Kadant Inc. will post 10.11 earnings per share for the current fiscal year.

Kadant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 6th. Shareholders of record on Thursday, January 9th will be paid a $0.32 dividend. 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 dividend payout ratio (DPR) is currently 13.10%.

Insider Activity at Kadant

In related news, Director Rebecca Martinez O'mara sold 300 shares of the company's stock in a transaction on Friday, November 15th. The stock was sold at an average price of $392.59, for a total transaction of $117,777.00. Following the transaction, the director now owns 1,293 shares of the company's stock, valued at $507,618.87. This represents a 18.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Fredrik H. Westerhout sold 600 shares of the firm's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $397.25, for a total value of $238,350.00. Following the completion of the sale, the vice president now directly owns 1,437 shares of the company's stock, valued at approximately $570,848.25. This trade represents a 29.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,052 shares of company stock worth $1,091,455 in the last three months. Insiders own 1.40% of the company's stock.

Kadant Company Profile

(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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Institutional Ownership by Quarter for Kadant (NYSE:KAI)

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