Kadant (NYSE:KAI) Downgraded by ValuEngine

ValuEngine lowered shares of Kadant (NYSE:KAI) from a hold rating to a sell rating in a research note released on Thursday morning, ValuEngine reports.

Several other equities analysts also recently commented on the stock. Seaport Global Securities downgraded shares of Kadant from a buy rating to a neutral rating and set a $97.09 target price on the stock. in a report on Thursday, May 2nd. Zacks Investment Research raised shares of Kadant from a sell rating to a hold rating in a report on Wednesday, May 15th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. Kadant presently has an average rating of Hold and an average price target of $103.55.

NYSE:KAI traded down $2.07 during trading hours on Thursday, hitting $84.63. 51,167 shares of the stock traded hands, compared to its average volume of 67,654. The company has a current ratio of 2.07, a quick ratio of 1.35 and a debt-to-equity ratio of 0.94. Kadant has a 1 year low of $76.44 and a 1 year high of $111.85. The stock has a market capitalization of $968.82 million, a P/E ratio of 14.82 and a beta of 1.24. The firm has a 50 day moving average of $89.27.

Kadant (NYSE:KAI) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.31. Kadant had a net margin of 9.50% and a return on equity of 18.01%. The business had revenue of $177.20 million for the quarter, compared to the consensus estimate of $168.67 million. During the same quarter in the previous year, the firm earned $1.07 earnings per share. The company’s revenue for the quarter was up 14.4% on a year-over-year basis. As a group, research analysts forecast that Kadant will post 5.31 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 8th. Stockholders of record on Thursday, July 11th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.09%. The ex-dividend date is Wednesday, July 10th.

In other news, Chairman Jonathan W. Painter sold 10,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $93.67, for a total value of $936,700.00. Following the transaction, the chairman now owns 94,117 shares of the company’s stock, valued at $8,815,939.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael J. Mckenney sold 2,261 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $86.12, for a total transaction of $194,717.32. Following the completion of the transaction, the insider now directly owns 17,318 shares in the company, valued at approximately $1,491,426.16. The disclosure for this sale can be found here. Insiders sold 91,949 shares of company stock worth $8,329,452 in the last three months. Insiders own 5.50% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in KAI. Bank of New York Mellon Corp boosted its holdings in shares of Kadant by 5.4% in the 4th quarter. Bank of New York Mellon Corp now owns 106,323 shares of the industrial products company’s stock worth $8,661,000 after acquiring an additional 5,487 shares in the last quarter. Great West Life Assurance Co. Can boosted its holdings in shares of Kadant by 62.8% in the 4th quarter. Great West Life Assurance Co. Can now owns 1,587 shares of the industrial products company’s stock worth $124,000 after acquiring an additional 612 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Kadant by 10.5% in the 4th quarter. Geode Capital Management LLC now owns 119,324 shares of the industrial products company’s stock worth $9,720,000 after acquiring an additional 11,383 shares in the last quarter. Two Sigma Investments LP acquired a new position in shares of Kadant in the 4th quarter worth approximately $974,000. Finally, Two Sigma Advisers LP boosted its holdings in shares of Kadant by 25.1% in the 4th quarter. Two Sigma Advisers LP now owns 3,465 shares of the industrial products company’s stock worth $282,000 after acquiring an additional 696 shares in the last quarter. 92.70% of the stock is currently owned by hedge funds and other institutional investors.

Kadant Company Profile

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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