Penobscot Investment Management Company Inc. Purchases Shares of 750 Kadant Inc. (NYSE:KAI)

Penobscot Investment Management Company Inc. bought a new stake in Kadant Inc. (NYSE:KAI) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 750 shares of the industrial products company’s stock, valued at approximately $210,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of KAI. Russell Investments Group Ltd. boosted its stake in Kadant by 23.1% in the 4th quarter. Russell Investments Group Ltd. now owns 4,408 shares of the industrial products company’s stock valued at $1,236,000 after buying an additional 826 shares in the last quarter. Mountain Pacific Investment Advisers Inc. ID lifted its stake in Kadant by 3.1% in the fourth quarter. Mountain Pacific Investment Advisers Inc. ID now owns 58,584 shares of the industrial products company’s stock valued at $16,422,000 after buying an additional 1,748 shares during the period. Linden Thomas Advisory Services LLC grew its position in shares of Kadant by 26.5% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 1,532 shares of the industrial products company’s stock worth $429,000 after buying an additional 321 shares during the period. abrdn plc grew its holdings in Kadant by 16.2% during the fourth quarter. abrdn plc now owns 118,583 shares of the industrial products company’s stock valued at $33,240,000 after purchasing an additional 16,541 shares during the period. Finally, Quantum Private Wealth LLC bought a new stake in shares of Kadant in the 4th quarter valued at $286,000. 96.13% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Jonathan W. Painter sold 7,000 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $330.25, for a total value of $2,311,750.00. Following the sale, the director now owns 7,615 shares in the company, valued at approximately $2,514,853.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Thomas C. Leonard sold 217 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $323.81, for a total transaction of $70,266.77. Following the completion of the sale, the director now owns 11,080 shares of the company’s stock, valued at $3,587,814.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jonathan W. Painter sold 7,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $330.25, for a total transaction of $2,311,750.00. Following the completion of the transaction, the director now directly owns 7,615 shares in the company, valued at $2,514,853.75. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,798 shares of company stock valued at $2,899,004. 1.40% of the stock is owned by company insiders.

Kadant Stock Down 4.5 %

KAI stock opened at $261.50 on Thursday. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.05 and a quick ratio of 1.34. The stock has a market capitalization of $3.07 billion, a P/E ratio of 27.24 and a beta of 1.30. Kadant Inc. has a fifty-two week low of $183.67 and a fifty-two week high of $354.02. The business has a 50-day moving average of $310.93 and a 200-day moving average of $282.45.

Kadant (NYSE:KAI) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, topping the consensus estimate of $1.96 by $0.42. Kadant had a net margin of 11.53% and a return on equity of 15.88%. The business had revenue of $248.98 million during the quarter, compared to analysts’ expectations of $245.56 million. During the same quarter in the prior year, the company posted $2.40 earnings per share. The firm’s revenue was up 8.4% on a year-over-year basis. On average, sell-side analysts anticipate that Kadant Inc. will post 9.96 earnings per share for the current fiscal year.

Kadant Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 8th. Shareholders of record on Wednesday, April 10th will be paid a $0.32 dividend. The ex-dividend date is Tuesday, April 9th. This represents a $1.28 dividend on an annualized basis and a yield of 0.49%. This is a boost from Kadant’s previous quarterly dividend of $0.29. Kadant’s dividend payout ratio (DPR) is currently 13.33%.

Analysts Set New Price Targets

KAI has been the subject of several recent analyst reports. StockNews.com downgraded Kadant from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. Barrington Research reissued an “outperform” rating and set a $360.00 target price on shares of Kadant in a research note on Monday.

Kadant Profile

Kadant Inc supplies technologies and engineered systems worldwide. It operates in three segments: Flow Control, Industrial Processing, and Material Handling. The Flow Control segment develops, manufactures, and markets fluid-handling systems and equipment, such as rotary joints, syphons, turbulator bars, expansion joints, and engineered steam and condensate systems; and doctoring, cleaning, and filtration systems and related consumables consisting of doctor systems and holders, doctor blades, cleaning shower and fabric-conditioning systems, forming systems and wear surfaces, and water-filtration systems.