Brown Advisory Inc. lessened its holdings in Kadant Inc (NYSE:KAI) by 4.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 528,295 shares of the industrial products company’s stock after selling 27,406 shares during the period. Brown Advisory Inc. owned about 4.80% of Kadant worth $52,064,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the company. Hillsdale Investment Management Inc. boosted its position in shares of Kadant by 489.5% in the third quarter. Hillsdale Investment Management Inc. now owns 11,790 shares of the industrial products company’s stock worth $1,162,000 after buying an additional 9,790 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Kadant by 2.6% during the third quarter. Schwab Charles Investment Management Inc. now owns 63,349 shares of the industrial products company’s stock valued at $6,244,000 after purchasing an additional 1,613 shares during the last quarter. Virginia Retirement Systems ET AL acquired a new stake in Kadant during the third quarter valued at $473,000. Eagle Asset Management Inc. boosted its position in Kadant by 2.3% during the third quarter. Eagle Asset Management Inc. now owns 226,042 shares of the industrial products company’s stock valued at $22,547,000 after purchasing an additional 5,164 shares during the last quarter. Finally, American International Group Inc. boosted its position in Kadant by 8.1% during the third quarter. American International Group Inc. now owns 7,274 shares of the industrial products company’s stock valued at $717,000 after purchasing an additional 544 shares during the last quarter. 91.03% of the stock is owned by institutional investors and hedge funds.
In other Kadant news, CEO Jonathan W. Painter sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $103.82, for a total transaction of $2,076,400.00. Following the transaction, the chief executive officer now directly owns 76,082 shares in the company, valued at $7,898,833.24. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Sandra L. Lambert sold 6,437 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $108.66, for a total value of $699,444.42. Following the transaction, the vice president now owns 20,942 shares in the company, valued at $2,275,557.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,687 shares of company stock worth $2,887,844. Corporate insiders own 5.59% of the company’s stock.
Kadant (NYSE:KAI) last released its quarterly earnings data on Monday, October 30th. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.35. The firm had revenue of $152.79 million during the quarter, compared to analysts’ expectations of $141.33 million. Kadant had a return on equity of 14.84% and a net margin of 8.17%. The business’s revenue for the quarter was up 44.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.81 earnings per share. research analysts forecast that Kadant Inc will post 4.39 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 8th. Investors of record on Thursday, January 11th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Wednesday, January 10th. This represents a $0.84 dividend on an annualized basis and a yield of 0.83%. Kadant’s payout ratio is 24.93%.
KAI has been the subject of a number of research reports. Zacks Investment Research raised Kadant from a “hold” rating to a “strong-buy” rating and set a $126.00 price objective for the company in a research report on Thursday, November 2nd. ValuEngine raised Kadant from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Finally, Sidoti cut Kadant from a “buy” rating to a “neutral” rating and set a $102.00 price objective for the company. in a research report on Tuesday, October 3rd. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Kadant has a consensus rating of “Buy” and a consensus target price of $104.67.
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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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