Kadant Inc (NYSE:KAI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday. The firm currently has a $126.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price target points to a potential upside of 16.08% from the stock’s previous close.

According to Zacks, “Kadant Inc. is a leading supplier of a range of products and systems for the global papermaking and paper-recycling industries, including de-inking systems, stock-preparation equipment, water-management systems, and papermaking accessories. Through its majority-owned Thermo Fibergen subsidiary, the company also develops and commercializes composite building materials produced from natural fiber and recycled plastic. Kadant is a public subsidiary of Thermo Electron Corporation.(Press Release) “

Several other analysts have also issued reports on KAI. ValuEngine lowered shares of Kadant from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Sidoti lowered shares of Kadant from a “buy” rating to a “neutral” rating and set a $102.00 target price for the company. in a report on Tuesday, October 3rd. Finally, BidaskClub lowered shares of Kadant from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $104.67.

Kadant (NYSE:KAI) last posted its quarterly earnings results on Monday, October 30th. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.35. Kadant had a net margin of 8.17% and a return on equity of 15.26%. The business had revenue of $152.79 million during the quarter, compared to analyst estimates of $141.33 million. During the same period in the prior year, the business posted $0.81 earnings per share. The company’s revenue was up 44.8% on a year-over-year basis.

TRADEMARK VIOLATION WARNING: “Zacks Investment Research Upgrades Kadant Inc (KAI) to “Strong-Buy”” was first published by American Banking News and is the sole property of of American Banking News. If you are reading this news story on another publication, it was copied illegally and reposted in violation of United States & international copyright and trademark laws. The legal version of this news story can be viewed at https://www.americanbankingnews.com/2017/11/02/zacks-investment-research-upgrades-kadant-inc-kai-to-strong-buy.html.

In other news, Director William P. Tully sold 1,250 shares of the stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $89.60, for a total transaction of $112,000.00. Following the completion of the sale, the director now directly owns 5,250 shares in the company, valued at $470,400. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 5.59% of the company’s stock.

Several institutional investors have recently bought and sold shares of KAI. American International Group Inc. boosted its holdings in shares of Kadant by 7.1% during the first quarter. American International Group Inc. now owns 6,601 shares of the industrial products company’s stock worth $392,000 after purchasing an additional 435 shares during the period. Teachers Advisors LLC raised its stake in Kadant by 40.8% in the first quarter. Teachers Advisors LLC now owns 24,684 shares of the industrial products company’s stock worth $1,465,000 after buying an additional 7,157 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake in Kadant by 14.7% in the first quarter. TIAA CREF Investment Management LLC now owns 58,220 shares of the industrial products company’s stock worth $3,455,000 after buying an additional 7,479 shares in the last quarter. Vanguard Group Inc. raised its stake in Kadant by 4.5% in the first quarter. Vanguard Group Inc. now owns 455,242 shares of the industrial products company’s stock worth $27,019,000 after buying an additional 19,603 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Kadant by 5.1% in the first quarter. Geode Capital Management LLC now owns 120,698 shares of the industrial products company’s stock worth $7,163,000 after buying an additional 5,826 shares in the last quarter. Institutional investors own 90.93% of the company’s stock.

About Kadant

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.

Get a free copy of the Zacks research report on Kadant (KAI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Kadant Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kadant Inc and related companies with MarketBeat.com's FREE daily email newsletter.