Kadant Inc (KAI) Downgraded to Neutral at Sidoti
A number of other brokerages also recently commented on KAI. ValuEngine downgraded Kadant from a buy rating to a hold rating in a research note on Monday. Zacks Investment Research upgraded Kadant from a hold rating to a strong-buy rating and set a $98.00 price target for the company in a research report on Saturday, August 5th. Finally, BidaskClub cut Kadant from a buy rating to a hold rating in a research report on Monday, July 24th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $93.00.
Kadant (NYSE KAI) traded down 0.51% on Tuesday, hitting $97.35. The stock had a trading volume of 35,488 shares. The stock has a market cap of $1.07 billion, a P/E ratio of 32.14 and a beta of 1.36. The company’s 50 day moving average is $89.86 and its 200-day moving average is $76.23. Kadant has a 12 month low of $49.20 and a 12 month high of $100.99.
Kadant (NYSE:KAI) last released its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $1.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.13. The business had revenue of $110.24 million during the quarter, compared to analyst estimates of $113.49 million. Kadant had a return on equity of 12.68% and a net margin of 8.10%. The company’s revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the business posted $0.88 EPS. Analysts forecast that Kadant will post $4.03 EPS for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Thursday, October 12th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend is Wednesday, October 11th. Kadant’s dividend payout ratio (DPR) is presently 27.72%.
In other Kadant news, Director William P. Tully sold 1,250 shares of Kadant stock in a transaction on Monday, September 18th. The shares were sold at an average price of $89.60, for a total value of $112,000.00. Following the completion of the transaction, the director now owns 5,250 shares of the company’s stock, valued at $470,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.59% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp boosted its stake in shares of Kadant by 54.1% during the 1st quarter. Bank of New York Mellon Corp now owns 121,378 shares of the industrial products company’s stock worth $7,204,000 after acquiring an additional 42,617 shares in the last quarter. Karp Capital Management Corp acquired a new stake in shares of Kadant during the 1st quarter valued at about $919,000. Victory Capital Management Inc. grew its position in shares of Kadant by 30.0% during the 1st quarter. Victory Capital Management Inc. now owns 2,969 shares of the industrial products company’s stock valued at $176,000 after acquiring an additional 686 shares during the period. American International Group Inc. grew its position in shares of Kadant by 7.1% during the 1st quarter. American International Group Inc. now owns 6,601 shares of the industrial products company’s stock valued at $392,000 after acquiring an additional 435 shares during the period. Finally, AXA grew its position in shares of Kadant by 91.1% during the 1st quarter. AXA now owns 37,760 shares of the industrial products company’s stock valued at $2,241,000 after acquiring an additional 18,000 shares during the period. Institutional investors and hedge funds own 90.69% of the company’s stock.
Kadant Inc is a supplier of equipment and components used in process industries. In addition, the Company manufactures granules made from papermaking by-products. Its segments include Papermaking Systems and Wood Processing Systems. The Company has a customer base, which includes paper and oriented strand board (OSB) manufacturers.
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