Hillsdale Investment Management Inc. Acquires Shares of 2,000 Kadant Inc (KAI)
Hillsdale Investment Management Inc. acquired a new stake in shares of Kadant Inc (NYSE:KAI) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 2,000 shares of the industrial products company’s stock, valued at approximately $150,000.
A number of other large investors also recently made changes to their positions in the business. Citigroup Inc. boosted its holdings in Kadant by 24.2% in the second quarter. Citigroup Inc. now owns 1,411 shares of the industrial products company’s stock worth $106,000 after acquiring an additional 275 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Kadant in the second quarter worth $127,000. BNP Paribas Arbitrage SA grew its stake in shares of Kadant by 718.3% in the second quarter. BNP Paribas Arbitrage SA now owns 1,743 shares of the industrial products company’s stock worth $131,000 after acquiring an additional 1,530 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Kadant by 30.0% in the first quarter. Victory Capital Management Inc. now owns 2,969 shares of the industrial products company’s stock worth $176,000 after acquiring an additional 686 shares during the last quarter. Finally, Citadel Advisors LLC purchased a new stake in shares of Kadant in the first quarter worth $203,000. Institutional investors and hedge funds own 90.69% of the company’s stock.
In other Kadant news, Director William P. Tully sold 1,250 shares of Kadant stock in a transaction on Monday, September 18th. The shares were sold at an average price of $89.60, for a total value of $112,000.00. Following the transaction, the director now directly owns 5,250 shares of the company’s stock, valued at $470,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.59% of the stock is owned by company insiders.
Several equities analysts have recently weighed in on KAI shares. ValuEngine downgraded Kadant from a “buy” rating to a “hold” rating in a report on Monday. Zacks Investment Research upgraded shares of Kadant from a “hold” rating to a “strong-buy” rating and set a $98.00 price target on the stock in a research note on Saturday, August 5th. Finally, BidaskClub cut shares of Kadant from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $93.00.
Shares of Kadant Inc (NYSE KAI) opened at 99.75 on Tuesday. Kadant Inc has a 12-month low of $49.20 and a 12-month high of $99.80. The stock has a market cap of $1.10 billion, a PE ratio of 32.93 and a beta of 1.35. The stock’s 50 day moving average is $89.53 and its 200-day moving average is $75.96.
Kadant (NYSE:KAI) last posted its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.91 by $0.13. Kadant had a net margin of 8.10% and a return on equity of 12.68%. The firm had revenue of $110.24 million during the quarter, compared to analyst estimates of $113.49 million. During the same quarter in the previous year, the business posted $0.88 EPS. Kadant’s revenue was down 1.4% on a year-over-year basis. Equities analysts expect that Kadant Inc will post $4.03 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Thursday, October 12th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Wednesday, October 11th. This represents a $0.84 annualized dividend and a yield of 0.84%. Kadant’s dividend payout ratio (DPR) is 27.72%.
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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