Oppenheimer Asset Management Inc. Has $6.58 Million Position in Kadant Inc. (NYSE:KAI)

Oppenheimer Asset Management Inc. lessened its stake in shares of Kadant Inc. (NYSE:KAI - Free Report) by 6.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 19,072 shares of the industrial products company's stock after selling 1,368 shares during the quarter. Oppenheimer Asset Management Inc. owned about 0.16% of Kadant worth $6,580,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in Kadant during the fourth quarter worth approximately $193,595,000. State Street Corp increased its stake in shares of Kadant by 2.3% during the third quarter. State Street Corp now owns 280,797 shares of the industrial products company's stock worth $94,909,000 after purchasing an additional 6,412 shares during the period. FMR LLC lifted its holdings in Kadant by 1.1% during the 3rd quarter. FMR LLC now owns 144,344 shares of the industrial products company's stock worth $48,788,000 after purchasing an additional 1,629 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Kadant by 1.6% in the 3rd quarter. Janus Henderson Group PLC now owns 130,291 shares of the industrial products company's stock valued at $44,036,000 after purchasing an additional 2,068 shares during the period. Finally, Champlain Investment Partners LLC grew its holdings in Kadant by 34.8% in the 3rd quarter. Champlain Investment Partners LLC now owns 122,624 shares of the industrial products company's stock valued at $41,447,000 after buying an additional 31,675 shares in the last quarter. Institutional investors own 96.13% of the company's stock.

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Wall Street Analysts Forecast Growth

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

Kadant Stock Performance

Shares of KAI traded down $5.87 during mid-day trading on Tuesday, hitting $366.32. 112,741 shares of the company's stock were exchanged, compared to its average volume of 179,637. 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 stock's 50-day simple moving average is $366.45 and its 200-day simple moving average is $355.04. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of 38.59 and a beta of 1.29.

Kadant (NYSE:KAI - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The industrial products company reported $2.25 earnings per share (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 research analysts expect that Kadant Inc. will post 9.97 EPS for the current 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.