Kadant Inc. (KAI) to Issue Quarterly Dividend of $0.34 on August 7th

Kadant Inc. (NYSE:KAI) declared a quarterly dividend on Thursday, May 15th, RTT News reports. Investors of record on Thursday, July 10th will be given a dividend of 0.34 per share by the industrial products company on Thursday, August 7th. This represents a $1.36 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date is Thursday, July 10th.

Kadant has raised its dividend payment by an average of 8.6% per year over the last three years and has increased its dividend every year for the last 12 years. Kadant has a dividend payout ratio of 13.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Kadant to earn $11.39 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 11.9%.

Kadant Stock Up 1.1%

Shares of Kadant stock opened at $325.69 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.29 and a quick ratio of 1.46. The stock has a market cap of $3.84 billion, a price-to-earnings ratio of 34.36 and a beta of 1.30. The firm’s 50-day moving average is $319.77 and its two-hundred day moving average is $355.67. Kadant has a 1 year low of $266.23 and a 1 year high of $429.95.

Kadant (NYSE:KAI) last announced its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $239.41 million. During the same period in the previous year, the company posted $2.38 earnings per share. Kadant’s revenue for the quarter was down 3.9% on a year-over-year basis. As a group, research analysts expect that Kadant will post 9.97 earnings per share for the current fiscal year.

Kadant declared that its Board of Directors has authorized a stock repurchase program on Thursday, May 15th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the industrial products company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Kadant

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Kadant by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,985 shares of the industrial products company’s stock valued at $2,353,000 after buying an additional 311 shares during the last quarter. AQR Capital Management LLC boosted its position in Kadant by 11.2% during the first quarter. AQR Capital Management LLC now owns 2,763 shares of the industrial products company’s stock valued at $931,000 after purchasing an additional 279 shares during the last quarter. Integrated Wealth Concepts LLC grew its holdings in Kadant by 8.6% during the first quarter. Integrated Wealth Concepts LLC now owns 907 shares of the industrial products company’s stock valued at $306,000 after purchasing an additional 72 shares during the last quarter. Finally, United Services Automobile Association bought a new stake in Kadant in the 1st quarter valued at $255,000. Hedge funds and other institutional investors own 96.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. DA Davidson cut their price objective on Kadant from $300.00 to $275.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Barrington Research restated an “outperform” rating and set a $380.00 target price on shares of Kadant in a research report on Thursday, May 1st.

Kadant Company Profile

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.