Prudential Financial Inc. Trims Stake in Kadant Inc (KAI)

Prudential Financial Inc. cut its stake in Kadant Inc (NYSE:KAI) by 33.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,014 shares of the industrial products company’s stock after selling 11,760 shares during the period. Prudential Financial Inc. owned 0.21% of Kadant worth $2,268,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in KAI. Citigroup Inc. boosted its holdings in shares of Kadant by 24.2% during the 2nd quarter. Citigroup Inc. now owns 1,411 shares of the industrial products company’s stock worth $106,000 after buying an additional 275 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Kadant during the 2nd quarter worth approximately $127,000. BNP Paribas Arbitrage SA boosted its holdings in shares of Kadant by 718.3% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 1,743 shares of the industrial products company’s stock worth $131,000 after buying an additional 1,530 shares in the last quarter. Hillsdale Investment Management Inc. bought a new position in shares of Kadant during the 2nd quarter worth approximately $150,000. Finally, C M Bidwell & Associates Ltd. bought a new position in shares of Kadant during the 2nd quarter worth approximately $176,000. Institutional investors and hedge funds own 90.99% of the company’s stock.

A number of equities analysts have issued reports on the company. Sidoti cut Kadant from a “buy” rating to a “neutral” rating and set a $102.00 price target on the stock. in a 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, Zacks Investment Research lowered Kadant from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 4th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $104.67.

In related news, Director William P. Tully sold 1,250 shares of the stock in a transaction on Monday, September 18th. The stock was sold at an average price of $89.60, for a total value of $112,000.00. Following the completion of the sale, the director now directly owns 5,250 shares of the company’s stock, valued at approximately $470,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Sandra L. Lambert sold 6,437 shares of the stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $108.66, for a total value of $699,444.42. Following the completion of the sale, the vice president now directly owns 20,942 shares of the company’s stock, valued at $2,275,557.72. The disclosure for this sale can be found here. Insiders sold a total of 27,687 shares of company stock valued at $2,887,844 over the last three months. 5.59% of the stock is currently owned by insiders.

Shares of Kadant Inc (NYSE:KAI) traded up $0.75 during trading hours on Tuesday, hitting $102.30. The stock had a trading volume of 77,900 shares, compared to its average volume of 59,377. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.35 and a quick ratio of 1.65. Kadant Inc has a one year low of $56.15 and a one year high of $114.00. The firm has a market capitalization of $1,117.79, a price-to-earnings ratio of 25.26 and a beta of 1.36.

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. The company had revenue of $152.79 million for the quarter, compared to analyst estimates of $141.33 million. Kadant had a return on equity of 14.84% and a net margin of 8.17%. Kadant’s revenue for the quarter was up 44.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.81 earnings per share. research analysts anticipate that Kadant Inc will post 4.39 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 8th. Investors of record on Thursday, January 11th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date is Wednesday, January 10th. Kadant’s payout ratio is currently 24.85%.

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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.

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Institutional Ownership by Quarter for Kadant (NYSE:KAI)

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