Allianz Asset Management GmbH reduced its position in Kadant Inc (NYSE:KAI) by 4.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,896 shares of the industrial products company’s stock after selling 3,019 shares during the quarter. Allianz Asset Management GmbH owned about 0.62% of Kadant worth $6,691,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the company. Epoch Investment Partners Inc. boosted its holdings in shares of Kadant by 17.4% in the third quarter. Epoch Investment Partners Inc. now owns 180,967 shares of the industrial products company’s stock valued at $17,834,000 after acquiring an additional 26,771 shares during the period. Invictus RG acquired a new stake in shares of Kadant in the third quarter valued at approximately $476,000. Pier Capital LLC acquired a new stake in shares of Kadant in the third quarter valued at approximately $6,105,000. Hillsdale Investment Management Inc. boosted its holdings 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 valued at $1,162,000 after acquiring an additional 9,790 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its holdings in shares of Kadant by 2.6% in 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 acquiring an additional 1,613 shares during the period. 90.63% of the stock is owned by institutional investors and hedge funds.
Shares of Kadant Inc (NYSE KAI) opened at $100.35 on Tuesday. The company has a current ratio of 2.35, a quick ratio of 1.65 and a debt-to-equity ratio of 0.84. Kadant Inc has a fifty-two week low of $56.15 and a fifty-two week high of $114.00. The firm has a market capitalization of $1,088.62, a price-to-earnings ratio of 24.60 and a beta of 1.36.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 8th. Investors of record on Thursday, January 11th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.84%. The ex-dividend date of this dividend is Wednesday, January 10th. Kadant’s dividend payout ratio is presently 24.85%.
In related news, CFO Michael J. Mckenney sold 3,600 shares of the stock in a transaction on Monday, December 11th. The stock was sold at an average price of $99.14, for a total transaction of $356,904.00. Following the completion of the sale, the chief financial officer now directly owns 19,160 shares of the company’s stock, valued at $1,899,522.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jonathan W. Painter sold 20,000 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $103.82, for a total value of $2,076,400.00. Following the sale, the chief executive officer now directly owns 76,082 shares of the company’s stock, valued at $7,898,833.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,037 shares of company stock valued at $3,132,748. Corporate insiders own 5.59% of the company’s stock.
Several equities research analysts have recently weighed in on the company. ValuEngine downgraded Kadant from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Sidoti downgraded Kadant from a “buy” rating to a “neutral” rating and set a $102.00 price objective for the company. in a report on Tuesday, October 3rd. Finally, 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 report on Thursday, November 2nd. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Kadant currently has a consensus rating of “Buy” and an average price target of $104.67.
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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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