Kadant Inc (NYSE:KAI) To Go Ex-Dividend on July 11th
Kadant Inc (NYSE:KAI) announced a quarterly dividend on Thursday, May 18th, Wall Street Journal reports. Stockholders of record on Thursday, July 13th will be given a dividend of 0.21 per share by the industrial products company on Thursday, August 10th. This represents a $0.84 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend is Tuesday, July 11th.
Kadant has raised its dividend payment by an average of 25.4% annually over the last three years and has raised its dividend annually for the last 3 consecutive years. Kadant has a dividend payout ratio of 24.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Kadant to earn $3.87 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 21.7%.
Shares of Kadant (KAI) opened at 76.40 on Monday. The stock has a market cap of $840.40 million, a PE ratio of 24.98 and a beta of 1.35. Kadant has a 52-week low of $49.19 and a 52-week high of $81.54. The stock’s 50 day moving average is $74.73 and its 200 day moving average is $64.89.
Kadant (NYSE:KAI) last issued its earnings results on Tuesday, May 2nd. The industrial products company reported $0.80 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.16. Kadant had a net margin of 8.12% and a return on equity of 12.35%. The firm had revenue of $102.86 million during the quarter, compared to analyst estimates of $99.30 million. Equities research analysts forecast that Kadant will post $3.46 earnings per share for the current year.
Several equities analysts have commented on KAI shares. Zacks Investment Research upgraded shares of Kadant from a “sell” rating to a “hold” rating and set a $80.00 price objective for the company in a research report on Monday, May 1st. Sidoti reiterated a “buy” rating and set a $95.00 price objective (up previously from $85.00) on shares of Kadant in a research report on Saturday, June 3rd. William Blair upgraded shares of Kadant from a “market perform” rating to an “outperform” rating in a research report on Wednesday, May 3rd. Finally, Barrington Research increased their price objective on shares of Kadant from $80.00 to $86.00 and gave the company an “outperform” rating in a research report on Wednesday, May 31st. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $73.60.
Kadant Inc is a supplier of equipment and components used in process industries. In addition, the Company manufactures granules made from papermaking by-products. Its segments include Papermaking Systems and Wood Processing Systems. The Company has a customer base, which includes paper and oriented strand board (OSB) manufacturers.
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