Insider Selling: Thomas M. Obrien Sells 9,000 Shares of Kadant Stock (KAI)
Kadant (NYSE:KAI) CFO Thomas M. Obrien unloaded 9,000 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $38.99, for a total value of $350,910.00. Following the completion of the sale, the chief financial officer now directly owns 19,636 shares of the company’s stock, valued at approximately $765,608. The sale was disclosed in a document filed with the SEC, which is available at this link.
Separately, analysts at Zacks downgraded shares of Kadant from an “outperform” rating to a “neutral” rating in a research note on Monday, April 28th. They now have a $44.00 price target on the stock.
Shares of Kadant (NYSE:KAI) traded down 1.13% during mid-day trading on Tuesday, hitting $38.34. 3,533 shares of the company’s stock traded hands. Kadant has a one year low of $29.38 and a one year high of $41.95. The stock has a 50-day moving average of $36.79 and a 200-day moving average of $37.92. The company has a market cap of $428.4 million and a P/E ratio of 18.94.
Kadant (NYSE:KAI) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.47 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.47. The company had revenue of $93.40 million for the quarter, compared to the consensus estimate of $95.93 million. During the same quarter in the previous year, the company posted $0.47 earnings per share. The company’s revenue for the quarter was up 22.6% on a year-over-year basis. Analysts expect that Kadant will post $2.84 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, August 13th. Investors of record on Wednesday, July 16th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.55%. The ex-dividend date is Monday, July 14th.
Kadant Inc is a supplier of equipment used in the global papermaking and paper recycling industries and a manufacturer of granules made from papermaking byproducts.
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