West Coast Financial LLC Lowers Stake in Kadant Inc. (NYSE:KAI)

West Coast Financial LLC reduced its position in shares of Kadant Inc. (NYSE:KAI) by 24.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,504 shares of the industrial products company’s stock after selling 1,129 shares during the quarter. West Coast Financial LLC’s holdings in Kadant were worth $1,181,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of KAI. Jones Financial Companies Lllp raised its holdings in Kadant by 267.9% in the 4th quarter. Jones Financial Companies Lllp now owns 103 shares of the industrial products company’s stock valued at $36,000 after acquiring an additional 75 shares during the last quarter. Washington Trust Advisors Inc. acquired a new stake in Kadant in the 4th quarter valued at approximately $85,000. KBC Group NV increased its holdings in Kadant by 54.6% in the 4th quarter. KBC Group NV now owns 504 shares of the industrial products company’s stock valued at $174,000 after purchasing an additional 178 shares during the last quarter. Venturi Wealth Management LLC increased its holdings in Kadant by 1,289.5% in the 4th quarter. Venturi Wealth Management LLC now owns 528 shares of the industrial products company’s stock valued at $182,000 after purchasing an additional 490 shares during the last quarter. Finally, Contravisory Investment Management Inc. boosted its position in Kadant by 924.5% in the 1st quarter. Contravisory Investment Management Inc. now owns 543 shares of the industrial products company’s stock valued at $183,000 after buying an additional 490 shares during the period. Institutional investors and hedge funds own 96.13% of the company’s stock.

Kadant Trading Up 1.1%

Shares of Kadant stock opened at $323.93 on Friday. The company has a quick ratio of 1.46, a current ratio of 2.29 and a debt-to-equity ratio of 0.37. The company’s 50-day simple moving average is $311.54 and its 200-day simple moving average is $349.67. Kadant Inc. has a 52-week low of $269.75 and a 52-week high of $429.95. The firm has a market cap of $3.81 billion, a price-to-earnings ratio of 34.17 and a beta of 1.26.

Kadant (NYSE:KAI) last issued its 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 net margin of 10.59% and a return on equity of 14.66%. The company had revenue of $239.21 million for the quarter, compared to analyst estimates of $239.41 million. During the same period in the prior year, the business posted $2.38 earnings per share. The firm’s revenue for the quarter was down 3.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Kadant Inc. will post 9.97 earnings per share for the current year.

Kadant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Thursday, July 10th will be given a $0.34 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $1.36 annualized dividend and a dividend yield of 0.42%. Kadant’s dividend payout ratio is presently 14.44%.

Kadant declared that its Board of Directors has initiated a stock repurchase plan on Thursday, May 15th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

KAI has been the subject of several recent research reports. DA Davidson decreased their price target on shares of Kadant from $300.00 to $275.00 and set a “neutral” rating for the company in a research report on Thursday, May 1st. Wall Street Zen lowered shares of Kadant from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Finally, Barrington Research restated an “outperform” rating and issued a $380.00 price objective on shares of Kadant in a research note on Thursday, May 1st.

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.