NewEdge Wealth LLC Trims Position in Kadant Inc. (NYSE:KAI)

NewEdge Wealth LLC reduced its position in Kadant Inc. (NYSE:KAI - Free Report) by 15.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,667 shares of the industrial products company's stock after selling 1,700 shares during the quarter. NewEdge Wealth LLC owned approximately 0.08% of Kadant worth $3,335,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in KAI. Zhang Financial LLC boosted its holdings in Kadant by 0.8% in the 4th quarter. Zhang Financial LLC now owns 5,256 shares of the industrial products company's stock valued at $1,813,000 after purchasing an additional 40 shares during the period. Franklin Resources Inc. raised its position in shares of Kadant by 1.0% in the third quarter. Franklin Resources Inc. now owns 4,510 shares of the industrial products company's stock worth $1,483,000 after buying an additional 44 shares in the last quarter. King Luther Capital Management Corp boosted its stake in Kadant by 0.7% during the third quarter. King Luther Capital Management Corp now owns 7,156 shares of the industrial products company's stock valued at $2,419,000 after buying an additional 48 shares during the period. Associated Banc Corp grew its position in Kadant by 7.5% during the third quarter. Associated Banc Corp now owns 831 shares of the industrial products company's stock worth $281,000 after buying an additional 58 shares in the last quarter. Finally, Sheets Smith Wealth Management grew its position in Kadant by 3.2% during the fourth quarter. Sheets Smith Wealth Management now owns 2,239 shares of the industrial products company's stock worth $772,000 after buying an additional 69 shares in the last quarter. 96.13% of the stock is currently owned by institutional investors.

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Analysts Set New Price Targets

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

Kadant Price Performance

Shares of Kadant stock traded down $5.84 during trading on Tuesday, hitting $366.35. 112,741 shares of the stock traded hands, compared to its average volume of 179,637. The stock has a market cap of $4.31 billion, a price-to-earnings ratio of 38.59 and a beta of 1.29. The company has a quick ratio of 1.46, a current ratio of 2.29 and a debt-to-equity ratio of 0.37. Kadant Inc. has a 52 week low of $249.51 and a 52 week high of $429.95. The firm's fifty day moving average is $366.45 and its 200-day moving average is $355.04.

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