Kadant Inc (NYSE:KAI) issued its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.13, Briefing.com reports. The firm had revenue of $110.24 million during the quarter, compared to analysts’ expectations of $113.49 million. Kadant had a net margin of 8.10% and a return on equity of 12.92%. Kadant’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.88 earnings per share. Kadant updated its Q3 guidance to $1.12 to $1.16 EPS and its FY17 guidance to $3.99 to $4.07 EPS.
Kadant (NYSE KAI) traded up 0.59% on Friday, reaching $85.40. 81,395 shares of the company traded hands. The firm has a market cap of $939.49 million, a P/E ratio of 28.19 and a beta of 1.36. The stock has a 50-day moving average price of $78.95 and a 200-day moving average price of $68.66. Kadant has a 52-week low of $49.20 and a 52-week high of $89.90.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 10th. Investors of record on Thursday, July 13th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.98%. The ex-dividend date was Tuesday, July 11th. Kadant’s dividend payout ratio (DPR) is presently 27.72%.
A number of institutional investors have recently modified their holdings of KAI. Trexquant Investment LP raised its position in Kadant by 24.2% in the first quarter. Trexquant Investment LP now owns 9,566 shares of the industrial products company’s stock worth $568,000 after buying an additional 1,867 shares during the period. TFS Capital LLC purchased a new position in Kadant during the first quarter worth approximately $286,000. Karp Capital Management Corp purchased a new position in Kadant during the first quarter worth approximately $919,000. Handelsinvest Investeringsforvaltning raised its position in Kadant by 19.0% in the first quarter. Handelsinvest Investeringsforvaltning now owns 76,900 shares of the industrial products company’s stock worth $4,564,000 after buying an additional 12,300 shares during the period. Finally, Handelsbanken Fonder AB raised its position in Kadant by 7.3% in the first quarter. Handelsbanken Fonder AB now owns 322,000 shares of the industrial products company’s stock worth $19,111,000 after buying an additional 22,000 shares during the period. Hedge funds and other institutional investors own 91.45% of the company’s stock.
KAI has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Kadant from a “hold” rating to a “strong-buy” rating and set a $98.00 price target for the company in a report on Saturday, August 5th. Sidoti restated a “buy” rating and set a $95.00 price target (up from $85.00) on shares of Kadant in a report on Saturday, June 3rd. BidaskClub cut shares of Kadant from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Barrington Research upped their price objective on shares of Kadant from $80.00 to $86.00 and gave the company an “outperform” rating in a research report on Wednesday, May 31st. Finally, William Blair raised shares of Kadant from a “market perform” rating to an “outperform” rating in a research report on Wednesday, May 3rd. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Kadant presently has a consensus rating of “Buy” and a consensus price target of $77.20.
Kadant declared that its board has initiated a stock buyback program on Wednesday, May 17th that allows the company to repurchase $20.00 million in shares. This repurchase authorization allows the industrial products company to buy up to 2.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
Kadant Company Profile
Kadant Inc is a supplier of equipment and components used in process industries. In addition, the Company manufactures granules made from papermaking by-products. Its segments include Papermaking Systems and Wood Processing Systems. The Company has a customer base, which includes paper and oriented strand board (OSB) manufacturers.
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