State of New Jersey Common Pension Fund D Sells 881 Shares of Kadant Inc. (NYSE:KAI)

State of New Jersey Common Pension Fund D reduced its stake in shares of Kadant Inc. (NYSE:KAI - Free Report) by 14.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,305 shares of the industrial products company's stock after selling 881 shares during the period. State of New Jersey Common Pension Fund D's holdings in Kadant were worth $1,830,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Rhumbline Advisers grew its position in shares of Kadant by 1.1% during the 4th quarter. Rhumbline Advisers now owns 18,386 shares of the industrial products company's stock valued at $6,343,000 after acquiring an additional 207 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Kadant during the 4th quarter valued at approximately $193,595,000. Van ECK Associates Corp bought a new position in shares of Kadant during the 4th quarter valued at approximately $3,368,000. Entropy Technologies LP purchased a new stake in shares of Kadant during the 4th quarter valued at approximately $464,000. Finally, EULAV Asset Management lifted its stake in shares of Kadant by 19.8% during the 4th quarter. EULAV Asset Management now owns 33,300 shares of the industrial products company's stock valued at $11,488,000 after buying an additional 5,500 shares in the last quarter. 96.13% of the stock is owned by institutional investors.

Kadant Stock Performance

Shares of KAI stock traded up $1.22 during trading on Friday, reaching $374.30. 138,072 shares of the company's stock traded hands, compared to its average volume of 181,799. The company has a market capitalization of $4.40 billion, a P/E ratio of 39.48 and a beta of 1.29. 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's 50-day moving average is $365.97 and its 200 day moving average is $353.91. Kadant Inc. has a 1 year low of $249.51 and a 1 year high of $429.95.

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Kadant (NYSE:KAI - Get Free Report) last announced 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%. Equities research analysts expect that Kadant Inc. will post 9.97 EPS for the current year.

Analysts Set New Price Targets

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

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.