Sensato Investors LLC Cuts Stake in Kadant Inc (NYSE:KAI)
Sensato Investors LLC lessened its position in shares of Kadant Inc (NYSE:KAI) by 37.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,110 shares of the industrial products company’s stock after selling 15,137 shares during the period. Sensato Investors LLC owned about 0.23% of Kadant worth $1,888,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the company. Macquarie Group Ltd. raised its position in shares of Kadant by 14.7% during the 1st quarter. Macquarie Group Ltd. now owns 558,797 shares of the industrial products company’s stock worth $33,165,000 after purchasing an additional 71,662 shares during the period. Vanguard Group Inc. increased its position in Kadant by 3.6% in the 2nd quarter. Vanguard Group Inc. now owns 471,416 shares of the industrial products company’s stock valued at $35,450,000 after acquiring an additional 16,174 shares during the period. Handelsbanken Fonder AB increased its position in shares of Kadant by 7.1% during the 2nd quarter. Handelsbanken Fonder AB now owns 345,000 shares of the industrial products company’s stock valued at $25,944,000 after purchasing an additional 23,000 shares during the period. Northern Trust Corp increased its position in shares of Kadant by 9.1% during the 2nd quarter. Northern Trust Corp now owns 290,388 shares of the industrial products company’s stock valued at $21,836,000 after purchasing an additional 24,194 shares during the period. Finally, State Street Corp increased its position in shares of Kadant by 1.5% during the 1st quarter. State Street Corp now owns 230,999 shares of the industrial products company’s stock valued at $13,710,000 after purchasing an additional 3,492 shares during the period. Institutional investors and hedge funds own 90.69% of the company’s stock.
Kadant Inc (NYSE:KAI) traded up 0.25% during trading on Friday, hitting $99.40. The stock had a trading volume of 132,780 shares. Kadant Inc has a 12-month low of $50.25 and a 12-month high of $101.15. The stock has a 50 day moving average price of $93.12 and a 200 day moving average price of $78.28. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 32.82 and a beta of 1.36.
Kadant (NYSE:KAI) last released its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.13. Kadant had a net margin of 8.10% and a return on equity of 12.68%. The business had revenue of $110.24 million for the quarter, compared to analysts’ expectations of $113.49 million. During the same period in the previous year, the company earned $0.88 earnings per share. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. Equities research analysts forecast that Kadant Inc will post $4.03 earnings per share for the current year.
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 annualized dividend and a yield of 0.85%. The ex-dividend date is Wednesday, October 11th. Kadant’s dividend payout ratio (DPR) is presently 27.72%.
Several equities analysts have recently issued reports on KAI shares. Zacks Investment Research cut Kadant from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 5th. ValuEngine raised Kadant from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. BidaskClub lowered Kadant from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Sidoti cut Kadant from a “buy” rating to a “neutral” rating and set a $102.00 price objective for the company. in a research report on Tuesday, October 3rd. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $95.33.
In other Kadant news, Director William P. Tully sold 1,250 shares of the business’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $89.60, for a total value of $112,000.00. Following the transaction, the director now directly owns 5,250 shares in the company, valued at $470,400. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.59% of the stock is currently owned by insiders.
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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