Bank of New York Mellon Corp reduced its stake in Kadant Inc. (NYSE:KAI) by 7.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 102,663 shares of the industrial products company’s stock after selling 7,872 shares during the period. Bank of New York Mellon Corp’s holdings in Kadant were worth $9,871,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC increased its holdings in shares of Kadant by 90.4% in the first quarter. SG Americas Securities LLC now owns 1,978 shares of the industrial products company’s stock valued at $187,000 after purchasing an additional 939 shares during the last quarter. Nisa Investment Advisors LLC acquired a new position in shares of Kadant in the second quarter valued at $212,000. Brinker Capital Inc. acquired a new position in shares of Kadant in the first quarter valued at $208,000. Citadel Advisors LLC acquired a new position in shares of Kadant in the first quarter valued at $232,000. Finally, Xact Kapitalforvaltning AB acquired a new position in shares of Kadant in the first quarter valued at $244,000. Hedge funds and other institutional investors own 97.60% of the company’s stock.

KAI stock opened at $107.10 on Wednesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.19 and a current ratio of 1.87. Kadant Inc. has a 52 week low of $90.65 and a 52 week high of $114.00. The stock has a market capitalization of $1.22 billion, a P/E ratio of 24.09 and a beta of 1.31.

Kadant (NYSE:KAI) last released its quarterly earnings results on Tuesday, July 31st. The industrial products company reported $1.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.07. Kadant had a net margin of 6.15% and a return on equity of 16.05%. The business had revenue of $154.90 million for the quarter, compared to the consensus estimate of $151.54 million. During the same period in the prior year, the company posted $1.04 earnings per share. Kadant’s revenue was up 40.6% compared to the same quarter last year. analysts predict that Kadant Inc. will post 5.06 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 8th. Investors of record on Thursday, October 11th will be paid a $0.22 dividend. The ex-dividend date is Wednesday, October 10th. This represents a $0.88 annualized dividend and a dividend yield of 0.82%. Kadant’s dividend payout ratio (DPR) is presently 19.60%.

In related news, Director Thomas C. Leonard sold 1,000 shares of the company’s stock in a transaction dated Friday, September 21st. The shares were sold at an average price of $110.00, for a total value of $110,000.00. Following the transaction, the director now directly owns 22,100 shares in the company, valued at $2,431,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michael J. Mckenney sold 5,000 shares of the company’s stock in a transaction dated Friday, September 7th. The shares were sold at an average price of $103.00, for a total transaction of $515,000.00. Following the completion of the transaction, the chief financial officer now owns 11,624 shares in the company, valued at $1,197,272. The disclosure for this sale can be found here. Insiders sold 10,500 shares of company stock worth $1,089,175 over the last 90 days. 5.40% of the stock is currently owned by corporate insiders.

KAI has been the topic of several research reports. ValuEngine upgraded shares of Kadant from a “hold” rating to a “buy” rating in a research note on Tuesday, September 18th. Zacks Investment Research downgraded shares of Kadant from a “hold” rating to a “sell” rating in a research note on Friday, August 3rd. Finally, Barrington Research set a $112.00 price target on shares of Kadant and gave the company a “buy” rating in a research note on Wednesday, August 1st.

About Kadant

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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Institutional Ownership by Quarter for Kadant (NYSE:KAI)

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