C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Buys Shares of 561,162 Kadant Inc. (NYSE:KAI)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Kadant Inc. (NYSE:KAI) during the fourth quarter, Holdings Channel.com reports. The fund purchased 561,162 shares of the industrial products company’s stock, valued at approximately $193,595,000. Kadant accounts for 6.9% of C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ holdings, making the stock its 2nd largest position.

Several other hedge funds have also made changes to their positions in KAI. FMR LLC boosted its stake in Kadant by 1.1% during the 3rd quarter. FMR LLC now owns 144,344 shares of the industrial products company’s stock valued at $48,788,000 after purchasing an additional 1,629 shares during the period. Dudley & Shanley Inc. raised its holdings in shares of Kadant by 196.7% during the third quarter. Dudley & Shanley Inc. now owns 32,500 shares of the industrial products company’s stock valued at $10,985,000 after buying an additional 21,545 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of 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 buying an additional 883 shares during the period. Synovus Financial Corp acquired a new position in shares of Kadant during the third quarter worth approximately $585,000. Finally, JPMorgan Chase & Co. grew its holdings in Kadant by 60.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 64,722 shares of the industrial products company’s stock worth $21,876,000 after buying an additional 24,358 shares in the last quarter. Institutional investors own 96.13% of the company’s stock.

Insider Activity

In other news, Director Rebecca Martinez O’mara sold 300 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $392.59, for a total transaction of $117,777.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Fredrik H. Westerhout sold 600 shares of Kadant stock in a transaction that occurred on Monday, November 18th. The stock was 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. This represents a 29.46 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,052 shares of company stock worth $416,655. 1.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Barrington Research lifted their target price on Kadant from $360.00 to $410.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th.

Kadant Stock Performance

Shares of KAI opened at $358.35 on Thursday. Kadant Inc. has a 52-week low of $249.51 and a 52-week high of $429.95. The firm has a market capitalization of $4.21 billion, a PE ratio of 36.68 and a beta of 1.29. The firm has a 50-day moving average price of $364.65 and a 200 day moving average price of $348.70. 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 (NYSE:KAI) last posted its quarterly earnings data on Wednesday, February 12th. The industrial products company reported $2.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.17. Kadant had a net margin of 11.12% and a return on equity of 15.10%. On average, sell-side analysts anticipate that Kadant Inc. will post 10.11 earnings per share for the current fiscal year.

Kadant 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.