Zacks Investment Research Upgrades Kadant Inc (KAI) to “Strong-Buy”
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.
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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.
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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