Kadant (NYSE:KAI) Given New $275.00 Price Target at DA Davidson

Kadant (NYSE:KAI) had its price target lowered by DA Davidson from $300.00 to $275.00 in a report issued on Thursday,Benzinga reports. DA Davidson currently has a neutral rating on the industrial products company’s stock.

Separately, Barrington Research restated an “outperform” rating and set a $380.00 price objective on shares of Kadant in a research note on Thursday.

Kadant Price Performance

Shares of KAI opened at $294.76 on Thursday. Kadant has a fifty-two week low of $259.20 and a fifty-two week high of $429.95. The firm’s 50-day simple moving average is $333.54 and its two-hundred day simple moving average is $356.78. The stock has a market cap of $3.47 billion, a PE ratio of 31.09 and a beta of 1.24. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.46 and a current ratio of 2.29.

Kadant (NYSE:KAI) last posted its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.97 by $0.13. Kadant had a return on equity of 14.66% and a net margin of 10.59%. The company had revenue of $239.21 million for the quarter, compared to the consensus estimate of $239.41 million. During the same quarter in the prior year, the business posted $2.38 EPS. The firm’s quarterly revenue was down 3.9% compared to the same quarter last year. Analysts anticipate that Kadant will post 9.97 earnings per share for the current fiscal year.

Kadant Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 7th. Shareholders of record on Wednesday, April 9th will be issued a $0.34 dividend. This is a positive change from Kadant’s previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, April 9th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.46%. Kadant’s dividend payout ratio (DPR) is presently 14.35%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of KAI. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in Kadant in the 4th quarter worth about $193,595,000. Vanguard Group Inc. grew its stake in shares of Kadant by 25.0% in the fourth quarter. Vanguard Group Inc. now owns 1,218,273 shares of the industrial products company’s stock worth $420,292,000 after acquiring an additional 243,267 shares during the period. Norges Bank purchased a new position in shares of Kadant during the fourth quarter valued at approximately $46,529,000. Raymond James Financial Inc. bought a new position in Kadant during the fourth quarter valued at approximately $39,400,000. Finally, Conestoga Capital Advisors LLC purchased a new stake in Kadant in the fourth quarter worth approximately $38,560,000. 96.13% of the stock is owned by institutional investors.

About Kadant

Kadant Inc supplies technologies and engineered systems worldwide. It operates in three segments: Flow Control, Industrial Processing, and Material Handling. The Flow Control segment develops, manufactures, and markets fluid-handling systems and equipment, such as rotary joints, syphons, turbulator bars, expansion joints, and engineered steam and condensate systems; and doctoring, cleaning, and filtration systems and related consumables consisting of doctor systems and holders, doctor blades, cleaning shower and fabric-conditioning systems, forming systems and wear surfaces, and water-filtration systems.