Kadant (NYSE:KAI) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of Kadant (NYSE:KAI) from a strong-buy rating to a hold rating in a report released on Wednesday, January 3rd.
According to Zacks, “Kadant Inc. is a leading supplier of a range of products and systems for the global papermaking and paper-recycling industries, including de-inking systems, stock-preparation equipment, water-management systems, and papermaking accessories. Through its majority-owned Thermo Fibergen subsidiary, the company also develops and commercializes composite building materials produced from natural fiber and recycled plastic. Kadant is a public subsidiary of Thermo Electron Corporation.(Press Release) “
KAI has been the topic of a number of other reports. ValuEngine lowered shares of Kadant from a buy rating to a hold rating in a report on Monday, December 11th. Sidoti lowered shares of Kadant from a buy rating to a neutral rating and set a $102.00 price objective on the stock. in a report on Tuesday, October 3rd. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $104.67.
Kadant (NYSE:KAI) last announced its quarterly earnings results on Monday, October 30th. The industrial products company reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.35. The company had revenue of $152.79 million for the quarter, compared to analysts’ expectations of $141.33 million. Kadant had a net margin of 8.17% and a return on equity of 14.84%. The business’s quarterly revenue was up 44.8% compared to the same quarter last year. During the same period last year, the firm posted $0.81 earnings per share. equities research analysts predict that Kadant will post 4.39 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 8th. Shareholders of record on Thursday, January 11th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Wednesday, January 10th. This represents a $0.84 annualized dividend and a yield of 0.84%. Kadant’s payout ratio is currently 24.85%.
In other Kadant news, insider Eric T. Langevin sold 8,932 shares of Kadant stock in a transaction on Tuesday, December 26th. The shares were sold at an average price of $99.69, for a total value of $890,431.08. Following the sale, the insider now directly owns 34,382 shares in the company, valued at approximately $3,427,541.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Sandra L. Lambert sold 6,437 shares of Kadant stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $108.66, for a total transaction of $699,444.42. Following the completion of the transaction, the vice president now directly owns 20,942 shares of the company’s stock, valued at approximately $2,275,557.72. The disclosure for this sale can be found here. Insiders sold a total of 53,256 shares of company stock worth $5,450,550 over the last quarter. Company insiders own 5.59% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of Kadant during the 4th quarter worth about $104,000. James Investment Research Inc. bought a new stake in shares of Kadant during the 4th quarter worth about $2,475,000. Anderson Hoagland & Co. bought a new stake in shares of Kadant during the 4th quarter worth about $896,000. Schwab Charles Investment Management Inc. boosted its holdings in shares of Kadant by 3.4% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 65,472 shares of the industrial products company’s stock worth $6,574,000 after buying an additional 2,123 shares during the period. Finally, Sterling Capital Management LLC boosted its holdings in shares of Kadant by 142.0% during the 3rd quarter. Sterling Capital Management LLC now owns 18,674 shares of the industrial products company’s stock worth $1,840,000 after buying an additional 10,956 shares during the period. 90.57% of the stock is owned by institutional investors.
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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.
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