Kadant Inc (KAI) Shares Bought by TIAA CREF Investment Management LLC
TIAA CREF Investment Management LLC lifted its stake in shares of Kadant Inc (NYSE:KAI) by 53.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 89,074 shares of the industrial products company’s stock after buying an additional 30,854 shares during the quarter. TIAA CREF Investment Management LLC owned about 0.81% of Kadant worth $6,698,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently made changes to their positions in KAI. SG Americas Securities LLC purchased a new position in shares of Kadant during the second quarter valued at about $127,000. BNP Paribas Arbitrage SA increased its position 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. Victory Capital Management Inc. increased its position in shares of Kadant by 30.0% during the first quarter. Victory Capital Management Inc. now owns 2,969 shares of the industrial products company’s stock valued at $176,000 after buying an additional 686 shares during the period. Citadel Advisors LLC purchased a new position in shares of Kadant during the first quarter valued at about $203,000. Finally, Tudor Investment Corp ET AL purchased a new position in shares of Kadant during the first quarter valued at about $290,000. Institutional investors own 90.69% of the company’s stock.
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Several equities analysts recently issued reports on the stock. ValuEngine cut shares of Kadant from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. 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 report on Saturday, August 5th. Sidoti cut shares of Kadant from a “buy” rating to a “neutral” rating and set a $102.00 price target on the stock. in a research report on Tuesday, October 3rd. Finally, BidaskClub cut shares of Kadant from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $95.33.
Kadant Inc (NYSE:KAI) opened at 99.15 on Friday. The company’s 50 day moving average is $92.65 and its 200 day moving average is $77.98. Kadant Inc has a 12 month low of $50.25 and a 12 month high of $101.15. The stock has a market cap of $1.09 billion, a PE ratio of 32.73 and a beta of 1.36.
Kadant (NYSE:KAI) last posted its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $1.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.13. The company had revenue of $110.24 million for the quarter, compared to the consensus estimate of $113.49 million. Kadant had a net margin of 8.10% and a return on equity of 12.68%. The firm’s revenue was down 1.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.88 EPS. On average, analysts anticipate that Kadant Inc will post $4.03 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Thursday, October 12th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.85%. The ex-dividend date is Wednesday, October 11th. Kadant’s dividend payout ratio is presently 27.72%.
In related news, Director William P. Tully sold 1,250 shares of the firm’s stock in a transaction dated 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 owns 5,250 shares of the company’s stock, valued at approximately $470,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 5.59% of the company’s stock.
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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