Royce & Associates LP Sells 26,639 Shares of Kadant Inc. (NYSE:KAI)

Royce & Associates LP trimmed its holdings in shares of Kadant Inc. (NYSE:KAI - Free Report) by 9.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 241,318 shares of the industrial products company's stock after selling 26,639 shares during the period. Kadant makes up about 0.7% of Royce & Associates LP's holdings, making the stock its 12th biggest position. Royce & Associates LP owned approximately 2.06% of Kadant worth $81,565,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Xponance Inc. grew its stake in shares of Kadant by 5.2% in the 2nd quarter. Xponance Inc. now owns 744 shares of the industrial products company's stock valued at $219,000 after buying an additional 37 shares in the last quarter. Trust Point Inc. grew its position in Kadant by 1.1% in the third quarter. Trust Point Inc. now owns 4,178 shares of the industrial products company's stock worth $1,412,000 after acquiring an additional 45 shares in the last quarter. Wealth Alliance raised its holdings in shares of Kadant by 7.0% during the 2nd quarter. Wealth Alliance now owns 718 shares of the industrial products company's stock valued at $211,000 after purchasing an additional 47 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Kadant by 7.1% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 855 shares of the industrial products company's stock valued at $280,000 after purchasing an additional 57 shares during the last quarter. Finally, Arizona State Retirement System boosted its holdings in Kadant by 1.9% in the second quarter. Arizona State Retirement System now owns 3,279 shares of the industrial products company's stock worth $963,000 after purchasing an additional 62 shares in the last quarter. 96.13% of the stock is owned by hedge funds and other institutional investors.

Kadant Stock Performance

NYSE:KAI traded down $0.78 during mid-day trading on Friday, hitting $391.88. 91,597 shares of the company's stock traded hands, compared to its average volume of 80,793. The company has a current ratio of 2.29, a quick ratio of 1.46 and a debt-to-equity ratio of 0.37. The firm has a 50 day moving average of $336.49 and a two-hundred day moving average of $312.18. The firm has a market capitalization of $4.60 billion, a price-to-earnings ratio of 40.17 and a beta of 1.21. Kadant Inc. has a 12 month low of $249.51 and a 12 month high of $422.54.

Kadant (NYSE:KAI - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.43 by $0.41. Kadant had a net margin of 11.12% and a return on equity of 15.10%. The business had revenue of $271.61 million for the quarter, compared to the consensus estimate of $266.38 million. During the same quarter last year, the company posted $2.69 earnings per share. Kadant's quarterly revenue was up 11.2% on a year-over-year basis. On average, equities analysts forecast that Kadant Inc. will post 10.11 earnings per share for the current fiscal year.

Kadant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 6th. Stockholders of record on Thursday, January 9th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date is Thursday, January 9th. Kadant's dividend payout ratio is presently 13.10%.

Insider Activity at Kadant

In related news, Director Thomas C. Leonard sold 2,000 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $337.40, for a total value of $674,800.00. Following the completion of the transaction, the director now owns 4,250 shares of the company's stock, valued at $1,433,950. This represents a 32.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on KAI shares. DA Davidson upped their price target on Kadant from $290.00 to $300.00 and gave the stock a "neutral" rating in a research note on Thursday, August 1st. Barrington Research reissued an "outperform" rating and issued a $360.00 price target on shares of Kadant in a research report on Wednesday, October 30th.

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.