Wells Fargo & Company MN Boosts Position in Kadant Inc. (NYSE:KAI)

Wells Fargo & Company MN boosted its position in shares of Kadant Inc. (NYSE:KAI) by 0.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 420,842 shares of the industrial products company’s stock after acquiring an additional 3,851 shares during the quarter. Wells Fargo & Company MN’s holdings in Kadant were worth $37,016,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. State Board of Administration of Florida Retirement System increased its position in Kadant by 2.4% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 5,896 shares of the industrial products company’s stock valued at $480,000 after acquiring an additional 139 shares during the last quarter. Legal & General Group Plc increased its position in Kadant by 12.5% in the fourth quarter. Legal & General Group Plc now owns 2,030 shares of the industrial products company’s stock worth $165,000 after buying an additional 225 shares in the last quarter. Victory Capital Management Inc. increased its position in Kadant by 4.1% in the fourth quarter. Victory Capital Management Inc. now owns 6,571 shares of the industrial products company’s stock worth $535,000 after buying an additional 256 shares in the last quarter. D. E. Shaw & Co. Inc. increased its position in Kadant by 9.6% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 3,247 shares of the industrial products company’s stock worth $265,000 after buying an additional 285 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its position in Kadant by 4.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 7,655 shares of the industrial products company’s stock worth $624,000 after buying an additional 291 shares in the last quarter. Institutional investors own 92.49% of the company’s stock.

KAI traded up $0.19 during midday trading on Friday, reaching $88.80. The company had a trading volume of 25,465 shares, compared to its average volume of 65,504. The company has a quick ratio of 1.35, a current ratio of 2.07 and a debt-to-equity ratio of 0.94. The stock has a market cap of $986.93 million, a price-to-earnings ratio of 16.06 and a beta of 1.21. Kadant Inc. has a 1 year low of $76.44 and a 1 year high of $111.85.

Kadant (NYSE:KAI) last issued its quarterly earnings results on Monday, April 29th. The industrial products company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.11. The business had revenue of $171.30 million during the quarter, compared to analysts’ expectations of $164.37 million. Kadant had a return on equity of 17.26% and a net margin of 9.22%. The business’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.07 earnings per share. On average, equities analysts anticipate that Kadant Inc. will post 5.31 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 8th. Investors of record on Thursday, July 11th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.04%. The ex-dividend date of this dividend is Wednesday, July 10th.

In related news, CEO Jonathan W. Painter sold 10,096 shares of the stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $88.73, for a total transaction of $895,818.08. Following the completion of the sale, the chief executive officer now owns 101,437 shares in the company, valued at $9,000,505.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jonathan W. Painter sold 865 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $88.34, for a total value of $76,414.10. Following the sale, the chief executive officer now owns 94,182 shares of the company’s stock, valued at approximately $8,320,037.88. The disclosure for this sale can be found here. Insiders have sold 24,626 shares of company stock valued at $2,175,049 in the last quarter. 5.50% of the stock is currently owned by company insiders.

A number of analysts have commented on KAI shares. Zacks Investment Research cut Kadant from a “hold” rating to a “sell” rating in a research report on Friday, February 22nd. Barrington Research restated a “buy” rating and issued a $110.00 price target on shares of Kadant in a research report on Tuesday, February 26th. ValuEngine cut Kadant from a “hold” rating to a “sell” rating in a research report on Friday, March 1st. Finally, Seaport Global Securities cut Kadant from a “buy” rating to a “neutral” rating and set a $97.09 price target for the company. in a research report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $103.55.

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About Kadant

Kadant Inc supplies equipment and critical components used in papermaking, paper recycling, recycling and waste management, and other process industries worldwide. The company operates in two segments, Papermaking Systems and Wood Processing Systems. The Papermaking Systems segment develops, manufactures, and markets custom-engineered stock-preparation systems and equipment for the preparation of wastepaper for conversion into recycled paper and balers, as well as related equipment used in the processing of recyclable and waste materials; and fluid-handling systems and equipment used in industrial piping systems to compensate for movement, as well as to transfer fluid, power, and data.

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Institutional Ownership by Quarter for Kadant (NYSE:KAI)

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