Kadant Inc (KAI) Downgraded to “Hold” at ValuEngine
ValuEngine cut shares of Kadant Inc (NYSE:KAI) from a buy rating to a hold rating in a research note released on Monday, October 2nd.
Other equities research analysts have also issued reports about the company. 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 report on Saturday, August 5th. BidaskClub lowered Kadant from a buy rating to a hold rating in a report on Monday, July 24th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $95.33.
Kadant (NYSE:KAI) traded up 0.25% during mid-day trading on Monday, hitting $99.40. 132,780 shares of the stock were exchanged. The company has a 50 day moving average price of $93.12 and a 200 day moving average price of $78.28. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of 32.82 and a beta of 1.36. Kadant has a 52-week low of $50.25 and a 52-week high of $101.15.
Kadant (NYSE:KAI) last announced its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 firm’s revenue was down 1.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.88 EPS. On average, analysts anticipate that Kadant will post $4.03 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Stockholders of record on Thursday, October 12th will be issued a dividend of $0.21 per share. The ex-dividend date is Wednesday, October 11th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.85%. Kadant’s dividend payout ratio (DPR) is presently 27.72%.
In other news, Director William P. Tully sold 1,250 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $89.60, for a total transaction of $112,000.00. Following the completion of the transaction, the director now directly owns 5,250 shares in the company, valued at $470,400. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 5.59% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the company. Phocas Financial Corp. lifted its holdings in shares of Kadant by 4.7% during the second quarter. Phocas Financial Corp. now owns 167,382 shares of the industrial products company’s stock worth $12,587,000 after buying an additional 7,471 shares during the last quarter. Verition Fund Management LLC bought a new stake in shares of Kadant during the second quarter valued at approximately $215,000. Sterling Capital Management LLC bought a new stake in shares of Kadant during the second quarter valued at approximately $580,000. The Manufacturers Life Insurance Company increased its position in shares of Kadant by 1.1% during the second quarter. The Manufacturers Life Insurance Company now owns 8,302 shares of the industrial products company’s stock valued at $625,000 after purchasing an additional 92 shares during the period. Finally, C M Bidwell & Associates Ltd. bought a new stake in shares of Kadant during the second quarter valued at approximately $176,000. Institutional investors own 90.69% of the company’s stock.
Kadant Company Profile
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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