Zacks Investment Research upgraded shares of Kadant (NYSE:KAI) from a hold rating to a buy rating in a report released on Wednesday morning. They currently have $104.00 price objective on the industrial products company’s stock.
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) “
KAI has been the topic of several other reports. ValuEngine lowered shares of Kadant from a buy rating to a hold rating in a research report on Monday, December 11th. Barrington Research reiterated an outperform rating and issued a $110.00 price objective on shares of Kadant in a research report on Thursday, March 1st. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $105.33.
Kadant stock opened at $93.90 on Wednesday. Kadant has a 52 week low of $57.55 and a 52 week high of $114.00. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.37 and a current ratio of 2.01. The stock has a market capitalization of $1,057.04, a P/E ratio of 20.91 and a beta of 1.37.
Kadant (NYSE:KAI) last released its quarterly earnings data on Thursday, February 15th. The industrial products company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.08 by $0.06. Kadant had a net margin of 6.04% and a return on equity of 15.93%. The business had revenue of $149.14 million for the quarter, compared to analyst estimates of $144.50 million. analysts forecast that Kadant will post 5.02 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 10th. Investors of record on Thursday, April 12th will be given a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, April 11th. This is a positive change from Kadant’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a dividend yield of 0.94%. Kadant’s payout ratio is currently 18.71%.
In other Kadant news, insider Jeffrey L. Powell sold 7,277 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $100.38, for a total value of $730,465.26. Following the transaction, the insider now directly owns 7,102 shares in the company, valued at approximately $712,898.76. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jeffrey L. Powell sold 6,102 shares of the company’s stock in a transaction dated Thursday, March 8th. The shares were sold at an average price of $101.41, for a total transaction of $618,803.82. Following the completion of the transaction, the insider now owns 5,000 shares in the company, valued at $507,050. The disclosure for this sale can be found here. Insiders sold a total of 15,854 shares of company stock worth $1,607,931 over the last quarter. Insiders own 5.59% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in KAI. Nationwide Fund Advisors lifted its holdings in Kadant by 4.2% in the 3rd quarter. Nationwide Fund Advisors now owns 87,955 shares of the industrial products company’s stock valued at $8,668,000 after purchasing an additional 3,522 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in Kadant by 53.7% in the 3rd quarter. New York State Common Retirement Fund now owns 34,624 shares of the industrial products company’s stock valued at $3,412,000 after purchasing an additional 12,100 shares in the last quarter. Rhumbline Advisers lifted its holdings in Kadant by 52.7% in the 3rd quarter. Rhumbline Advisers now owns 22,514 shares of the industrial products company’s stock valued at $2,219,000 after purchasing an additional 7,774 shares in the last quarter. American International Group Inc. lifted its holdings in Kadant by 8.1% in the 3rd quarter. American International Group Inc. now owns 7,274 shares of the industrial products company’s stock valued at $717,000 after purchasing an additional 544 shares in the last quarter. Finally, Virginia Retirement Systems ET AL purchased a new position in Kadant in the 3rd quarter valued at about $473,000. Institutional investors own 90.70% of the company’s stock.
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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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