Van ECK Associates Corp Buys New Shares in Kadant Inc. (NYSE:KAI)

Van ECK Associates Corp purchased a new position in shares of Kadant Inc. (NYSE:KAI - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 9,764 shares of the industrial products company's stock, valued at approximately $3,368,000. Van ECK Associates Corp owned 0.08% of Kadant as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in KAI. Creative Planning increased its position in Kadant by 17.1% during the third quarter. Creative Planning now owns 4,511 shares of the industrial products company's stock worth $1,525,000 after buying an additional 660 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Kadant in the third quarter valued at approximately $74,000. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Kadant by 16.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 793 shares of the industrial products company's stock valued at $268,000 after purchasing an additional 110 shares during the period. abrdn plc boosted its stake in shares of Kadant by 1.1% in the third quarter. abrdn plc now owns 71,495 shares of the industrial products company's stock valued at $24,165,000 after buying an additional 796 shares in the last quarter. Finally, US Bancorp DE boosted its stake in shares of Kadant by 6.4% in the third quarter. US Bancorp DE now owns 1,933 shares of the industrial products company's stock valued at $653,000 after buying an additional 116 shares in the last quarter. Institutional investors and hedge funds own 96.13% of the company's stock.

Analysts Set New Price Targets

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

Kadant Price Performance

KAI traded down $5.34 during trading on Friday, reaching $382.37. 238,504 shares of the stock were exchanged, compared to its average volume of 231,149. Kadant Inc. has a 1 year low of $249.51 and a 1 year high of $429.95. The company has a market capitalization of $4.49 billion, a price-to-earnings ratio of 40.33 and a beta of 1.29. The business's 50 day moving average price is $363.59 and its two-hundred day moving average price is $351.12. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.29 and a quick ratio of 1.46.

Kadant (NYSE:KAI - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The industrial products company reported $2.25 earnings per share 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%. As a group, equities research analysts anticipate that Kadant Inc. will post 9.97 earnings per share for the current year.

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.