Kadant Inc. (NYSE:KAI) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC cut its holdings in shares of Kadant Inc. (NYSE:KAI) by 10.0% during the third quarter, HoldingsChannel.com reports. The firm owned 266,986 shares of the industrial products company’s stock after selling 29,672 shares during the period. Geode Capital Management LLC’s holdings in Kadant were worth $90,259,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Xponance Inc. increased its position in Kadant by 5.2% during the 2nd quarter. Xponance Inc. now owns 744 shares of the industrial products company’s stock valued at $219,000 after buying an additional 37 shares in the last quarter. Trust Point Inc. grew its stake in shares of Kadant by 1.1% during the third quarter. Trust Point Inc. now owns 4,178 shares of the industrial products company’s stock worth $1,412,000 after acquiring an additional 45 shares during the last quarter. Wealth Alliance increased its holdings in shares of Kadant by 7.0% during the second quarter. Wealth Alliance now owns 718 shares of the industrial products company’s stock valued at $211,000 after acquiring an additional 47 shares in the last quarter. King Luther Capital Management Corp raised its position in shares of Kadant by 0.7% in the 3rd quarter. King Luther Capital Management Corp now owns 7,156 shares of the industrial products company’s stock valued at $2,419,000 after purchasing an additional 48 shares during the last quarter. Finally, Associated Banc Corp boosted its stake in Kadant by 7.5% in the 3rd quarter. Associated Banc Corp now owns 831 shares of the industrial products company’s stock worth $281,000 after purchasing an additional 58 shares in the last quarter. Hedge funds and other institutional investors own 96.13% of the company’s stock.

Analyst Ratings Changes

Separately, Barrington Research raised their price target on shares of Kadant from $360.00 to $410.00 and gave the stock an “outperform” rating in a report on Thursday.

Kadant Stock Down 0.2 %

Shares of KAI stock opened at $351.99 on Friday. Kadant Inc. has a fifty-two week low of $249.51 and a fifty-two week high of $429.95. The firm has a market capitalization of $4.13 billion, a PE ratio of 36.03 and a beta of 1.25. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.46 and a current ratio of 2.29. The stock’s 50-day simple moving average is $371.48 and its 200-day simple moving average is $332.45.

Kadant (NYSE:KAI) last issued its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.43 by $0.41. Kadant had a net margin of 11.12% and a return on equity of 15.10%. The company had revenue of $271.61 million for the quarter, compared to the consensus estimate of $266.38 million. During the same quarter in the prior year, the company earned $2.69 EPS. Kadant’s quarterly revenue was up 11.2% on a year-over-year basis. Equities analysts expect that Kadant Inc. will post 10.11 earnings per share for the current year.

Kadant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 6th. Investors of record on Thursday, January 9th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $1.28 dividend on an annualized basis and a yield of 0.36%. Kadant’s dividend payout ratio is presently 13.10%.

Insider Buying and Selling at Kadant

In related news, Director Rebecca Martinez O’mara sold 300 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $392.59, for a total transaction of $117,777.00. Following the sale, the director now owns 1,293 shares in the company, valued at approximately $507,618.87. This trade represents a 18.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas C. Leonard sold 2,000 shares of the company’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $337.40, for a total transaction of $674,800.00. Following the completion of the transaction, the director now owns 4,250 shares of the company’s stock, valued at approximately $1,433,950. This trade represents a 32.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,052 shares of company stock valued at $1,091,455. 1.40% of the stock is owned by insiders.

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.