Kadant Inc (KAI) Cut to Hold at Zacks Investment Research
Kadant Inc (NYSE:KAI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Kadant Inc. is a leading supplier of a range of products and systems for the global papermaking and paper-recycling industries, including de-inking systems, stock-preparation equipment, water-management systems, and papermaking accessories. Through its majority-owned Thermo Fibergen subsidiary, the company also develops and commercializes composite building materials produced from natural fiber and recycled plastic. Kadant is a public subsidiary of Thermo Electron Corporation.(Press Release) “
Several other equities research analysts also recently weighed in on KAI. BidaskClub lowered Kadant from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Sidoti downgraded Kadant from a “buy” rating to a “neutral” rating in a report on Tuesday. Finally, ValuEngine upgraded shares of Kadant from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $93.00.
Shares of Kadant (NYSE:KAI) opened at 97.85 on Wednesday. Kadant has a 52 week low of $49.20 and a 52 week high of $100.99. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of 32.30 and a beta of 1.36. The stock’s 50 day moving average price is $89.86 and its 200-day moving average price is $76.23.
Kadant (NYSE:KAI) last issued its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.13. Kadant had a return on equity of 12.68% 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 last year, the company posted $0.88 earnings per share. The business’s quarterly revenue was down 1.4% compared to the same quarter last year. Equities analysts anticipate that Kadant will post $4.03 earnings per share for the current fiscal year.
In related news, Director William P. Tully sold 1,250 shares of Kadant stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $89.60, for a total transaction of $112,000.00. Following the completion of the transaction, the director now directly owns 5,250 shares in the company, valued at approximately $470,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.59% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in KAI. Citigroup Inc. raised its position in shares of Kadant by 24.2% in the second quarter. Citigroup Inc. now owns 1,411 shares of the industrial products company’s stock valued at $106,000 after buying an additional 275 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Kadant during the second quarter valued at approximately $127,000. BNP Paribas Arbitrage SA lifted its stake in shares of Kadant by 718.3% during the second quarter. BNP Paribas Arbitrage SA now owns 1,743 shares of the industrial products company’s stock valued at $131,000 after buying an additional 1,530 shares during the period. Hillsdale Investment Management Inc. purchased a new position in shares of Kadant during the second quarter valued at approximately $150,000. Finally, C M Bidwell & Associates Ltd. acquired a new stake in Kadant during the second quarter worth approximately $176,000. 90.69% of the stock is owned by institutional investors.
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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