Kadant (KAI) Downgraded by ValuEngine
ValuEngine cut shares of Kadant (NYSE:KAI) from a buy rating to a hold rating in a research report released on Monday morning.
A number of other equities research analysts have also weighed in on the stock. Sidoti lowered shares of Kadant from a buy rating to a neutral rating and set a $102.00 target price on the stock. in a report on Tuesday, October 3rd. Zacks Investment Research upgraded shares of Kadant from a hold rating to a strong-buy rating and set a $126.00 target price on the stock in a report on Thursday, November 2nd. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Kadant currently has a consensus rating of Buy and an average price target of $104.67.
Shares of Kadant (NYSE:KAI) traded down $1.50 during midday trading on Monday, hitting $97.40. 59,800 shares of the stock traded hands, compared to its average volume of 60,076. Kadant has a 52-week low of $56.15 and a 52-week high of $114.00. The firm has a market capitalization of $1,088.62, a price-to-earnings ratio of 24.60 and a beta of 1.36. The company has a quick ratio of 1.65, a current ratio of 2.35 and a debt-to-equity ratio of 0.84.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 8th. Investors of record on Thursday, January 11th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Wednesday, January 10th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.86%. Kadant’s dividend payout ratio is presently 24.85%.
In other Kadant news, CEO Jonathan W. Painter sold 20,000 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $103.82, for a total value of $2,076,400.00. Following the completion of the sale, the chief executive officer now owns 76,082 shares in the company, valued at approximately $7,898,833.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Michael J. Mckenney sold 3,600 shares of the stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $99.14, for a total transaction of $356,904.00. Following the completion of the sale, the chief financial officer now owns 19,160 shares of the company’s stock, valued at approximately $1,899,522.40. The disclosure for this sale can be found here. Insiders sold a total of 31,287 shares of company stock worth $3,244,748 in the last 90 days. 5.59% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of the business. Macquarie Group Ltd. increased its stake in Kadant by 12.7% in the 3rd quarter. Macquarie Group Ltd. now owns 506,956 shares of the industrial products company’s stock valued at $49,960,000 after buying an additional 57,222 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Kadant by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 471,416 shares of the industrial products company’s stock valued at $35,450,000 after acquiring an additional 16,174 shares during the period. Northern Trust Corp grew its position in shares of Kadant by 9.1% during the 2nd quarter. Northern Trust Corp now owns 290,388 shares of the industrial products company’s stock valued at $21,836,000 after acquiring an additional 24,194 shares during the period. State Street Corp grew its position in shares of Kadant by 1.3% during the 2nd quarter. State Street Corp now owns 233,894 shares of the industrial products company’s stock valued at $17,590,000 after acquiring an additional 2,895 shares during the period. Finally, Eagle Asset Management Inc. grew its position in shares of Kadant by 2.3% during the 3rd quarter. Eagle Asset Management Inc. now owns 226,042 shares of the industrial products company’s stock valued at $22,547,000 after acquiring an additional 5,164 shares during the period. Hedge funds and other institutional investors own 90.99% of the company’s stock.
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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