Thomas C. Leonard Sells 5,000 Shares of Kadant Inc. (KAI) Stock
Kadant Inc. (NYSE:KAI) Director Thomas C. Leonard sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, October 5th. The shares were sold at an average price of $51.80, for a total transaction of $259,000.00. Following the completion of the transaction, the director now directly owns 17,500 shares in the company, valued at approximately $906,500. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
Kadant Inc. (NYSE:KAI) opened at 50.88 on Friday. The firm’s 50 day moving average is $53.10 and its 200 day moving average is $50.59. Kadant Inc. has a 52-week low of $33.38 and a 52-week high of $56.57. The company has a market cap of $554.44 million, a PE ratio of 16.46 and a beta of 1.38.
Kadant (NYSE:KAI) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.23. Kadant had a net margin of 8.39% and a return on equity of 13.55%. The company had revenue of $111.83 million for the quarter, compared to analysts’ expectations of $104.44 million. During the same quarter in the previous year, the company earned $0.78 earnings per share. Kadant’s quarterly revenue was up 13.7% on a year-over-year basis. Analysts forecast that Kadant Inc. will post $3.04 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Thursday, October 13th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Tuesday, October 11th. Kadant’s dividend payout ratio is currently 24.60%.
Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Kadant by 279.5% in the second quarter. BlackRock Inc. now owns 2,573 shares of the company’s stock valued at $133,000 after buying an additional 1,895 shares in the last quarter. Walleye Trading LLC bought a new position in shares of Kadant during the second quarter valued at about $185,000. First Mercantile Trust Co. boosted its position in shares of Kadant by 7.8% in the second quarter. First Mercantile Trust Co. now owns 3,870 shares of the company’s stock valued at $200,000 after buying an additional 280 shares in the last quarter. UBS Asset Management Americas Inc. bought a new position in shares of Kadant during the second quarter valued at about $201,000. Finally, Menta Capital LLC bought a new position in shares of Kadant during the second quarter valued at about $236,000. Institutional investors own 87.85% of the company’s stock.
Several equities analysts recently weighed in on the stock. Barrington Research raised their price target on shares of Kadant from $55.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, August 5th. William Blair assumed coverage on shares of Kadant in a research report on Friday, September 16th. They issued a “market perform” rating and a $49.00 price target on the stock. Seaport Global Securities cut shares of Kadant from an “accumulate” rating to a “neutral” rating and set a $58.00 target price on the stock. in a research report on Friday, August 5th. Finally, Zacks Investment Research cut shares of Kadant from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 13th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $54.00.
Kadant Inc is a supplier of equipment used in process industries. The process industries, including papermaking, paper recycling and oriented strand board (OSB), an engineered wood panel product used primarily in home construction. In addition, the Company manufactures granules made from papermaking byproducts.
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