Insider Selling: Kadant Inc. (KAI) Director Sells 5,000 Shares of Stock
Kadant Inc. (NYSE:KAI) Director Thomas C. Leonard sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 5th. The shares were sold at an average price of $51.80, for a total value of $259,000.00. Following the completion of the transaction, the director now owns 17,500 shares in the company, valued at approximately $906,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Shares of Kadant Inc. (NYSE:KAI) opened at 50.88 on Friday. Kadant Inc. has a 52-week low of $33.38 and a 52-week high of $56.57. The stock has a market cap of $554.44 million, a P/E ratio of 16.46 and a beta of 1.38. The firm’s 50 day moving average price is $53.10 and its 200 day moving average price is $50.59.
Kadant (NYSE:KAI) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.88 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.23. The company earned $111.83 million during the quarter, compared to the consensus estimate of $104.44 million. Kadant had a net margin of 8.39% and a return on equity of 13.55%. The firm’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.78 earnings per share. On average, analysts expect that Kadant Inc. will post $3.04 EPS for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Thursday, October 13th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend is Tuesday, October 11th. Kadant’s dividend payout ratio (DPR) is currently 24.60%.
Several equities analysts recently commented on KAI shares. Zacks Investment Research downgraded Kadant from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 13th. Seaport Global Securities upgraded Kadant from a “neutral” rating to a “buy” rating and set a $58.00 price objective on the stock in a research note on Thursday, August 18th. William Blair started coverage on Kadant in a research note on Friday, September 16th. They issued a “market perform” rating and a $49.00 price objective on the stock. Finally, Barrington Research upped their price objective on Kadant from $55.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, August 5th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $54.00.
Several large investors have recently made changes to their positions in the stock. Dean Investment Associates LLC increased its stake in shares of Kadant by 4.7% in the second quarter. Dean Investment Associates LLC now owns 47,205 shares of the company’s stock valued at $2,432,000 after buying an additional 2,140 shares during the period. Northpointe Capital LLC increased its stake in shares of Kadant by 18.0% in the second quarter. Northpointe Capital LLC now owns 58,772 shares of the company’s stock valued at $3,027,000 after buying an additional 8,961 shares during the period. Bank of Montreal Can purchased a new stake in shares of Kadant during the second quarter valued at $1,147,000. Eagle Asset Management Inc. increased its stake in shares of Kadant by 70.4% in the second quarter. Eagle Asset Management Inc. now owns 264,270 shares of the company’s stock valued at $13,612,000 after buying an additional 109,194 shares during the period. Finally, Metropolitan Life Insurance Co. NY increased its stake in shares of Kadant by 3.7% in the first quarter. Metropolitan Life Insurance Co. NY now owns 8,868 shares of the company’s stock valued at $400,000 after buying an additional 319 shares during the period. 87.85% of the stock is owned by institutional investors.
Kadant Company Profile
Kadant Inc is a supplier of equipment used in process industries. The process industries, including papermaking, paper recycling and oriented strand board (OSB), an engineered wood panel product used primarily in home construction. In addition, the Company manufactures granules made from papermaking byproducts.
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