Allspring Global Investments Holdings LLC Sells 5,376 Shares of Kadant Inc. (NYSE:KAI)

Allspring Global Investments Holdings LLC trimmed its position in shares of Kadant Inc. (NYSE:KAI - Free Report) by 11.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,843 shares of the industrial products company's stock after selling 5,376 shares during the period. Allspring Global Investments Holdings LLC owned about 0.36% of Kadant worth $14,143,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of KAI. Benjamin F. Edwards & Company Inc. purchased a new stake in Kadant in the 1st quarter worth approximately $28,000. Opal Wealth Advisors LLC bought a new stake in Kadant in the second quarter valued at $29,000. Park Place Capital Corp increased its position in Kadant by 68.6% during the 3rd quarter. Park Place Capital Corp now owns 204 shares of the industrial products company's stock valued at $69,000 after purchasing an additional 83 shares during the period. Covestor Ltd increased its position in Kadant by 31,600.0% during the 1st quarter. Covestor Ltd now owns 317 shares of the industrial products company's stock valued at $104,000 after purchasing an additional 316 shares during the period. Finally, Fidelis Capital Partners LLC bought a new position in Kadant in the 1st quarter worth $141,000. 96.13% of the stock is currently owned by hedge funds and other institutional investors.

Kadant Stock Down 0.5 %

Shares of KAI stock traded down $1.52 during mid-day trading on Friday, reaching $316.45. 33,206 shares of the company's stock traded hands, compared to its average volume of 81,216. The company's 50-day moving average price is $321.82 and its 200-day moving average price is $304.68. The company has a market cap of $3.72 billion, a P/E ratio of 32.96 and a beta of 1.21. The company has a quick ratio of 1.40, a current ratio of 2.25 and a debt-to-equity ratio of 0.42. Kadant Inc. has a 12 month low of $214.21 and a 12 month high of $363.40.

Kadant (NYSE:KAI - Get Free Report) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.81 EPS for the quarter, topping the consensus estimate of $2.43 by $0.38. Kadant had a net margin of 11.35% and a return on equity of 15.48%. The business had revenue of $275.00 million for the quarter, compared to analyst estimates of $263.50 million. During the same quarter in the previous year, the firm posted $2.54 earnings per share. Kadant's quarterly revenue was up 12.2% on a year-over-year basis. On average, equities analysts expect that Kadant Inc. will post 9.93 earnings per share for the current fiscal year.

Kadant Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 7th. Investors of record on Thursday, October 10th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Thursday, October 10th. Kadant's payout ratio is 13.33%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on KAI. DA Davidson boosted their price target on shares of Kadant from $290.00 to $300.00 and gave the company a "neutral" rating in a research report on Thursday, August 1st. Barrington Research reiterated an "outperform" rating and set a $360.00 target price on shares of Kadant in a report on Friday, September 20th.

Insider Buying and Selling at Kadant

In other Kadant news, Director Thomas C. Leonard sold 2,000 shares of the stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $337.40, for a total transaction of $674,800.00. Following the sale, the director now directly owns 4,250 shares in the company, valued at approximately $1,433,950. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.40% of the stock is owned by company insiders.

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.