Kadant Inc (NYSE:KAI) Plans Quarterly Dividend of $0.21
Kadant Inc (NYSE:KAI) declared a quarterly dividend on Thursday, May 18th, Wall Street Journal reports. Stockholders 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 dividend yield of 0.97%. 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 every year for the last 3 years. Kadant has a payout ratio of 20.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Kadant to earn $4.35 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 19.3%.
Shares of Kadant (NYSE KAI) traded up 2.24% on Friday, hitting $86.70. 69,831 shares of the stock traded hands. Kadant has a 52-week low of $49.19 and a 52-week high of $86.80. The firm has a 50 day moving average price of $76.92 and a 200 day moving average price of $67.36. The firm has a market cap of $953.79 million, a PE ratio of 28.62 and a beta of 1.36.
Kadant (NYSE:KAI) last released its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $1.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.13. Kadant had a return on equity of 12.92% and a net margin of 8.10%. The company had revenue of $110.24 million for the quarter, compared to analyst estimates of $113.49 million. During the same quarter in the prior year, the firm posted $0.88 EPS. Kadant’s quarterly revenue was down 1.4% compared to the same quarter last year. On average, equities analysts forecast that Kadant will post $3.88 EPS for the current year.
KAI has been the topic of several recent research reports. Zacks Investment Research upgraded Kadant from a “sell” rating to a “hold” rating and set a $80.00 price target on the stock in a report on Monday, May 1st. Sidoti restated a “buy” rating and set a $95.00 price target (up previously from $85.00) on shares of Kadant in a report on Saturday, June 3rd. Barrington Research increased their price target on Kadant from $80.00 to $86.00 and gave the company an “outperform” rating in a report on Wednesday, May 31st. William Blair raised Kadant from a “market perform” rating to an “outperform” rating in a research report on Wednesday, May 3rd. Finally, BidaskClub downgraded Kadant from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $73.60.
Kadant announced that its board has authorized a stock buyback plan on Wednesday, May 17th that authorizes the company to buyback $20.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to reacquire up to 2.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
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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