Kadant Inc. (NYSE:KAI) Shares Sold by Trust Point Inc.

Trust Point Inc. trimmed its holdings in Kadant Inc. (NYSE:KAI) by 14.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,563 shares of the industrial products company’s stock after selling 615 shares during the period. Trust Point Inc.’s holdings in Kadant were worth $1,229,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. FMR LLC raised its position in shares of Kadant by 1.1% in the third quarter. FMR LLC now owns 144,344 shares of the industrial products company’s stock valued at $48,788,000 after buying an additional 1,629 shares during the last quarter. Dudley & Shanley Inc. increased its position in Kadant by 196.7% during the third quarter. Dudley & Shanley Inc. now owns 32,500 shares of the industrial products company’s stock worth $10,985,000 after purchasing an additional 21,545 shares during the last quarter. HighTower Advisors LLC increased its position in Kadant by 120.1% during the third quarter. HighTower Advisors LLC now owns 1,618 shares of the industrial products company’s stock worth $546,000 after purchasing an additional 883 shares during the last quarter. Synovus Financial Corp acquired a new stake in Kadant during the third quarter worth about $585,000. Finally, JPMorgan Chase & Co. increased its position in Kadant by 60.3% during the third quarter. JPMorgan Chase & Co. now owns 64,722 shares of the industrial products company’s stock worth $21,876,000 after purchasing an additional 24,358 shares during the last quarter. 96.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Barrington Research raised their price objective on shares of Kadant from $360.00 to $410.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th.

Insiders Place Their Bets

In other news, Director Thomas C. Leonard sold 152 shares of Kadant stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $398.21, for a total value of $60,527.92. Following the transaction, the director now directly owns 4,250 shares of the company’s stock, valued at $1,692,392.50. The trade was a 3.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Fredrik H. Westerhout sold 600 shares of Kadant stock in a transaction on Monday, November 18th. The shares were sold at an average price of $397.25, for a total transaction of $238,350.00. Following the completion of the transaction, the vice president now directly owns 1,437 shares in the company, valued at $570,848.25. The trade was a 29.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,052 shares of company stock valued at $416,655. 1.40% of the stock is owned by corporate insiders.

Kadant Stock Down 2.1 %

Shares of NYSE:KAI opened at $365.20 on Tuesday. The firm’s 50 day moving average price is $370.97 and its 200 day moving average price is $347.61. The stock has a market cap of $4.29 billion, a price-to-earnings ratio of 37.38 and a beta of 1.29. Kadant Inc. has a fifty-two week low of $249.51 and a fifty-two week high of $429.95. The company has a quick ratio of 1.46, a current ratio of 2.29 and a debt-to-equity ratio of 0.37.

Kadant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 6th. Shareholders of record on Friday, January 10th will be issued a dividend of $0.32 per share. The ex-dividend date is Friday, January 10th. This represents a $1.28 dividend on an annualized basis and a yield of 0.35%. Kadant’s payout ratio is currently 13.10%.

About Kadant

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.