Kadant Inc. (NYSE:KAI) Shares Sold by Zhang Financial LLC

Zhang Financial LLC cut its stake in Kadant Inc. (NYSE:KAI) by 5.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,216 shares of the industrial products company’s stock after selling 300 shares during the period. Zhang Financial LLC’s holdings in Kadant were worth $1,763,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of KAI. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Kadant during the first quarter valued at approximately $28,000. Opal Wealth Advisors LLC acquired a new position in shares of Kadant during the second quarter valued at $29,000. Park Place Capital Corp boosted its holdings in shares of Kadant by 68.6% during the third quarter. Park Place Capital Corp now owns 204 shares of the industrial products company’s stock valued at $69,000 after acquiring an additional 83 shares during the period. Covestor Ltd lifted its holdings in Kadant by 31,600.0% in the first quarter. Covestor Ltd now owns 317 shares of the industrial products company’s stock worth $104,000 after purchasing an additional 316 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new stake in Kadant in the first quarter worth about $141,000. 96.13% of the stock is owned by institutional investors and hedge funds.

Kadant Stock Up 2.3 %

Shares of KAI traded up $7.54 during trading hours on Tuesday, reaching $336.35. The company’s stock had a trading volume of 12,201 shares, compared to its average volume of 82,644. The firm has a market cap of $3.95 billion, a price-to-earnings ratio of 34.25 and a beta of 1.21. Kadant Inc. has a 1-year low of $214.21 and a 1-year high of $363.40. The company has a quick ratio of 1.40, a current ratio of 2.25 and a debt-to-equity ratio of 0.42. The company has a 50 day moving average of $317.68 and a two-hundred day moving average of $303.81.

Kadant (NYSE:KAI) last announced its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.81 EPS for the quarter, beating the consensus estimate of $2.43 by $0.38. The business had revenue of $275.00 million during the quarter, compared to analysts’ expectations of $263.50 million. Kadant had a return on equity of 15.48% and a net margin of 11.35%. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.54 EPS. As a group, research analysts predict that Kadant Inc. will post 9.93 EPS for the current fiscal year.

Kadant Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Shareholders of record on Thursday, October 10th will be given a dividend of $0.32 per share. The ex-dividend date is Thursday, October 10th. This represents a $1.28 dividend on an annualized basis and a yield of 0.38%. Kadant’s payout ratio is currently 13.33%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on KAI shares. DA Davidson upped their price objective on shares of Kadant from $290.00 to $300.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Barrington Research reiterated an “outperform” rating and issued a $360.00 price target on shares of Kadant in a research report on Friday, September 20th.

Insiders Place Their Bets

In other Kadant news, Director Thomas C. Leonard sold 2,000 shares of the company’s stock in a transaction that occurred on 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 sale, the director now owns 4,250 shares of the company’s stock, valued at $1,433,950. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.40% of the company’s stock.

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.