Pictet Asset Management Ltd. raised its holdings in shares of Kadant Inc. (NYSE:KAI) by 1.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 93,760 shares of the industrial products company’s stock after buying an additional 1,270 shares during the period. Pictet Asset Management Ltd. owned about 0.84% of Kadant worth $10,112,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Ramsey Quantitative Systems acquired a new position in Kadant during the third quarter valued at approximately $121,000. PEAK6 Investments L.P. acquired a new position in Kadant during the second quarter valued at approximately $207,000. Milestone Group Inc. acquired a new position in Kadant during the third quarter valued at approximately $216,000. GSA Capital Partners LLP acquired a new position in Kadant during the second quarter valued at approximately $236,000. Finally, KBC Group NV acquired a new position in Kadant during the second quarter valued at approximately $260,000. 91.39% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Thomas C. Leonard sold 1,000 shares of the business’s stock in a transaction on Friday, September 21st. The shares were sold at an average price of $110.00, for a total transaction of $110,000.00. Following the transaction, the director now directly owns 22,100 shares of the company’s stock, valued at $2,431,000. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William P. Tully sold 750 shares of the business’s stock in a transaction on Thursday, November 15th. The stock was sold at an average price of $99.66, for a total transaction of $74,745.00. Following the transaction, the director now directly owns 6,025 shares in the company, valued at $600,451.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,250 shares of company stock worth $648,920. Corporate insiders own 5.40% of the company’s stock.
NYSE KAI opened at $82.56 on Friday. Kadant Inc. has a 52 week low of $81.87 and a 52 week high of $111.85. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.23 and a current ratio of 1.88. The firm has a market cap of $959.89 million, a PE ratio of 18.39 and a beta of 1.22.
Kadant (NYSE:KAI) last posted its earnings results on Tuesday, October 30th. The industrial products company reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.15. Kadant had a net margin of 6.91% and a return on equity of 15.90%. The business had revenue of $165.80 million for the quarter, compared to analysts’ expectations of $164.72 million. During the same period in the previous year, the company posted $1.49 earnings per share. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Kadant Inc. will post 5.03 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 6th. Stockholders of record on Wednesday, January 9th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, January 8th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.07%. Kadant’s payout ratio is currently 19.60%.
KAI has been the topic of a number of recent research reports. ValuEngine raised shares of Kadant from a “hold” rating to a “buy” rating in a research report on Tuesday, September 18th. Zacks Investment Research cut shares of Kadant from a “buy” rating to a “hold” rating in a research report on Thursday, November 1st. Finally, Barrington Research set a $112.00 target price on shares of Kadant and gave the stock a “buy” rating in a research report on Wednesday, October 31st.
Kadant Inc supplies equipment and critical components used in papermaking, paper recycling, recycling and waste management, and other process industries worldwide. The company operates in two segments, Papermaking Systems and Wood Processing Systems. The Papermaking Systems segment develops, manufactures, and markets custom-engineered stock-preparation systems and equipment for the preparation of wastepaper for conversion into recycled paper and balers, as well as related equipment used in the processing of recyclable and waste materials; and fluid-handling systems and equipment used in industrial piping systems to compensate for movement, as well as to transfer fluid, power, and data.
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