Kadant Inc $KAI Stock: Conestoga Capital Advisors LLC Decreases Holdings

Conestoga Capital Advisors LLC cut its holdings in Kadant Inc (NYSE:KAI) by 19.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 121,198 shares of the industrial products company’s stock after selling 29,067 shares during the period. Conestoga Capital Advisors LLC’s holdings in Kadant were worth $31,696,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Mountain Pacific Investment Advisers LLC lifted its stake in Kadant by 18.0% in the third quarter. Mountain Pacific Investment Advisers LLC now owns 13,533 shares of the industrial products company’s stock valued at $3,539,000 after buying an additional 2,069 shares during the period. ProShare Advisors LLC boosted its holdings in shares of Kadant by 35.8% during the 3rd quarter. ProShare Advisors LLC now owns 33,709 shares of the industrial products company’s stock worth $8,816,000 after buying an additional 8,895 shares in the last quarter. Simplicity Wealth LLC bought a new position in shares of Kadant during the 3rd quarter worth approximately $283,000. Sterling Capital Management LLC boosted its holdings in shares of Kadant by 845.2% during the 3rd quarter. Sterling Capital Management LLC now owns 397 shares of the industrial products company’s stock worth $104,000 after buying an additional 355 shares in the last quarter. Finally, Inspire Investing LLC grew its position in shares of Kadant by 11.9% during the 3rd quarter. Inspire Investing LLC now owns 2,416 shares of the industrial products company’s stock worth $632,000 after buying an additional 257 shares during the period. 96.13% of the stock is owned by institutional investors and hedge funds.

Kadant News Roundup

Here are the key news stories impacting Kadant this week:

• Positive Sentiment: Third-quarter adjusted earnings were $3.64 per share, beating the $3.00 consensus estimate, while revenue of $313.16 million exceeded expectations of $302.03 million and rose 15.3% year over year. The strong results are the clearest catalyst for the stock’s upward movement. Kadant Beats Q3 Earnings and Revenue Estimates
• Positive Sentiment: Management raised its full-year guidance to record levels, reinforcing the favorable outlook discussed on the earnings call and adding support to investor optimism. Kadant Earnings Call Highlights Record Growth and Guidance
• Negative Sentiment: The company’s quarterly revenue guidance reportedly fell short of analyst expectations. That weaker near-term outlook could temper the positive reaction to the earnings beat and higher full-year guidance. Kadant Beats Expectations, but Quarterly Revenue Guidance Misses

Kadant Stock Performance

Shares of KAI opened at $307.99 on Thursday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.59 and a quick ratio of 1.63. The stock has a 50-day moving average of $274.39 and a 200-day moving average of $306.30. The company has a market cap of $3.64 billion, a PE ratio of 31.08 and a beta of 1.19. Kadant Inc has a one year low of $244.87 and a one year high of $354.07.

Kadant (NYSE:KAI) last issued its earnings results on Tuesday, November 3rd. The industrial products company reported $3.64 EPS for the quarter, beating analysts’ consensus estimates of $3.00 by $0.64. Kadant had a return on equity of 14.24% and a net margin of 9.81%. The business had revenue of $313.16 million during the quarter, compared to analyst estimates of $302.03 million. During the same period in the previous year, the company posted $2.59 EPS. The firm’s revenue was up 15.3% compared to the same quarter last year. On average, equities research analysts predict that Kadant Inc will post 12.56 EPS for the current fiscal year.

Kadant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 12th. Stockholders of record on Thursday, October 15th will be issued a dividend of $0.36 per share. The ex-dividend date is Thursday, October 15th. This represents a $1.44 annualized dividend and a dividend yield of 0.5%. Kadant’s payout ratio is currently 15.48%.

Wall Street Analyst Weigh In

KAI has been the subject of several research analyst reports. Wall Street Zen upgraded shares of Kadant from a “hold” rating to a “buy” rating in a research note on Saturday, September 12th. Weiss Ratings downgraded shares of Kadant from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, October 23rd. Finally, DA Davidson increased their target price on shares of Kadant from $306.00 to $335.00 and gave the stock a “neutral” rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $357.50.

Kadant Company Profile

Kadant Inc (NYSE: KAI) is a global supplier of technologies and equipment used in the pulp and paper, recycling, and industrial processing industries. The company designs and manufactures products that help customers process fiber, manage fluids, improve production efficiency, and handle industrial materials.

Its offerings include systems and equipment for stock preparation, paper-machine cleaning, doctoring, filtration, water management, and fluid-handling applications. Kadant also provides material-handling and conveying equipment, as well as products used in recycling and other industrial processes.