Kadant Inc (NYSE:KAI) Declares Quarterly Dividend of $0.21
Kadant Inc (NYSE:KAI) announced a quarterly dividend on Thursday, May 18th, Wall Street Journal reports. Shareholders of record on Thursday, July 13th will be paid 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 yield of 1.07%. The ex-dividend date is Tuesday, July 11th.
Kadant has raised its dividend payment by an average of 25.4% per year over the last three years and has increased its dividend annually for the last 3 consecutive years. Kadant has a dividend payout ratio of 24.9% meaning its dividend is sufficiently covered by earnings. Equities 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 (NYSE:KAI) traded down 0.06% during mid-day trading on Thursday, reaching $78.15. The company’s stock had a trading volume of 32,575 shares. Kadant has a 52-week low of $49.20 and a 52-week high of $81.55. The company has a market cap of $859.65 million, a PE ratio of 25.55 and a beta of 1.35. The company has a 50-day moving average price of $77.23 and a 200 day moving average price of $66.29.
Kadant (NYSE:KAI) last released its quarterly earnings data on Tuesday, May 2nd. The industrial products company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.16. The company had revenue of $102.86 million during the quarter, compared to the consensus estimate of $99.30 million. Kadant had a net margin of 8.12% and a return on equity of 12.35%. Equities analysts expect that Kadant will post $3.46 earnings per share for the current year.
Kadant declared that its board has approved a share repurchase program on Wednesday, May 17th that allows the company to buyback $20.00 million in shares. This buyback authorization allows the industrial products company to repurchase up to 2.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
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Several brokerages recently issued reports on KAI. Zacks Investment Research downgraded shares of Kadant from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 5th. William Blair raised shares of Kadant from a “market perform” rating to an “outperform” rating in a report on Wednesday, May 3rd. Sidoti reissued a “buy” rating and set a $95.00 price target (up from $85.00) on shares of Kadant in a report on Saturday, June 3rd. Finally, Barrington Research lifted their price target on shares of Kadant from $80.00 to $86.00 and gave the company an “outperform” rating in a report on Wednesday, May 31st. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $73.60.
Kadant Company Profile
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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