Kadant Inc (KAI) Receives Average Recommendation of “Buy” from Brokerages
Kadant Inc (NYSE:KAI) has received a consensus rating of “Buy” from the six analysts that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $79.67.
KAI has been the subject of a number of research analyst reports. Barrington Research upped their price target on shares of Kadant from $80.00 to $86.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 31st. Sidoti reaffirmed a “buy” rating and issued a $95.00 price target (up from $85.00) on shares of Kadant in a research note on Saturday, June 3rd. William Blair raised shares of Kadant from a “market perform” rating to an “outperform” rating in a research note on Wednesday, May 3rd. Zacks Investment Research raised shares of Kadant from a “sell” rating to a “hold” rating and set a $80.00 price target for the company in a research note on Monday, May 1st. Finally, BidaskClub lowered shares of Kadant from a “buy” rating to a “hold” rating in a research note on Monday.
Several hedge funds have recently added to or reduced their stakes in KAI. TFS Capital LLC acquired a new stake in Kadant during the first quarter worth approximately $286,000. Guggenheim Capital LLC acquired a new stake in Kadant during the fourth quarter worth approximately $201,000. Nationwide Fund Advisors increased its stake in Kadant by 25.7% in the first quarter. Nationwide Fund Advisors now owns 87,648 shares of the industrial products company’s stock worth $5,202,000 after buying an additional 17,910 shares during the last quarter. Victory Capital Management Inc. increased its stake in Kadant by 30.0% in the first quarter. Victory Capital Management Inc. now owns 2,969 shares of the industrial products company’s stock worth $176,000 after buying an additional 686 shares during the last quarter. Finally, Teachers Advisors LLC increased its stake in Kadant by 3.1% in the fourth quarter. Teachers Advisors LLC now owns 17,527 shares of the industrial products company’s stock worth $1,073,000 after buying an additional 523 shares during the last quarter. Institutional investors and hedge funds own 90.48% of the company’s stock.
Shares of Kadant (NYSE:KAI) traded up 1.30% on Monday, reaching $77.80. 58,736 shares of the company’s stock were exchanged. The company has a market capitalization of $855.80 million, a P/E ratio of 25.43 and a beta of 1.35. Kadant has a 1-year low of $49.20 and a 1-year high of $81.55. The stock’s 50-day moving average price is $77.16 and its 200-day moving average price is $66.82.
Kadant (NYSE:KAI) last issued its quarterly earnings results on Tuesday, May 2nd. The industrial products company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.16. The company had revenue of $102.86 million during the quarter, compared to analyst estimates of $99.30 million. Kadant had a net margin of 8.12% and a return on equity of 12.35%. Analysts anticipate that Kadant will post $3.46 EPS for the current fiscal year.
Kadant announced that its board has approved a share repurchase program on Wednesday, May 17th that allows the company to repurchase $20.00 million in outstanding shares. This repurchase authorization allows the industrial products company to purchase up to 2.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 10th. Stockholders of record on Thursday, July 13th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date is Tuesday, July 11th. Kadant’s dividend payout ratio is currently 27.45%.
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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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