Kadant Inc (KAI) CEO Sells $2,076,400.00 in Stock
Kadant Inc (NYSE:KAI) CEO Jonathan W. Painter sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $103.82, for a total value of $2,076,400.00. Following the completion of the transaction, the chief executive officer now directly owns 76,082 shares in the company, valued at $7,898,833.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Shares of Kadant Inc (NYSE:KAI) traded down $3.40 during trading hours on Friday, hitting $106.35. The stock had a trading volume of 62,935 shares, compared to its average volume of 81,770. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 27.00 and a beta of 1.43.
Kadant (NYSE:KAI) last issued its earnings results on Monday, October 30th. The industrial products company reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.35. Kadant had a return on equity of 15.26% and a net margin of 8.17%. The company had revenue of $152.79 million for the quarter, compared to analyst estimates of $141.33 million. During the same period in the prior year, the firm earned $0.81 earnings per share. Kadant’s revenue for the quarter was up 44.8% on a year-over-year basis. equities analysts anticipate that Kadant Inc will post 4.39 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Thursday, October 12th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date is Wednesday, October 11th. Kadant’s payout ratio is currently 24.85%.
Several brokerages have issued reports on KAI. Zacks Investment Research raised Kadant from a “hold” rating to a “strong-buy” rating and set a $126.00 price target on the stock in a research note on Thursday. Sidoti lowered Kadant from a “buy” rating to a “neutral” rating and set a $102.00 target price on the stock. in a research report on Tuesday, October 3rd. ValuEngine lowered Kadant from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Finally, BidaskClub lowered Kadant from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $104.67.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Kadant by 3.6% in the 2nd quarter. Vanguard Group Inc. now owns 471,416 shares of the industrial products company’s stock valued at $35,450,000 after buying an additional 16,174 shares during the last quarter. Handelsbanken Fonder AB raised its position in Kadant by 7.1% in the 2nd quarter. Handelsbanken Fonder AB now owns 345,000 shares of the industrial products company’s stock valued at $25,944,000 after buying an additional 23,000 shares during the last quarter. Northern Trust Corp raised its position in Kadant by 9.1% in the 2nd quarter. Northern Trust Corp now owns 290,388 shares of the industrial products company’s stock valued at $21,836,000 after buying an additional 24,194 shares during the last quarter. State Street Corp raised its position in Kadant by 1.3% in the 2nd quarter. State Street Corp now owns 233,894 shares of the industrial products company’s stock valued at $17,590,000 after buying an additional 2,895 shares during the last quarter. Finally, Phocas Financial Corp. raised its position in Kadant by 4.7% in the 2nd quarter. Phocas Financial Corp. now owns 167,382 shares of the industrial products company’s stock valued at $12,587,000 after buying an additional 7,471 shares during the last quarter. 90.93% of the stock is owned by institutional investors and hedge funds.
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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