Kadant Inc (KAI) Cut to “Neutral” at Sidoti
Sidoti downgraded shares of Kadant Inc (NYSE:KAI) from a buy rating to a neutral rating in a report released on Tuesday morning. Sidoti currently has $102.00 target price on the industrial products company’s stock.
A number of other equities analysts have also recently weighed in on KAI. ValuEngine cut shares of Kadant from a buy rating to a hold rating in a research report on Monday, October 2nd. Zacks Investment Research upgraded shares of Kadant from a hold rating to a strong-buy rating and set a $98.00 price objective for the company in a research report on Saturday, August 5th. Finally, BidaskClub cut shares of Kadant from a buy rating to a hold rating in a research report on Monday, July 24th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $95.33.
Kadant (NYSE:KAI) traded down 0.20% during trading on Tuesday, reaching $97.60. 73,587 shares of the company traded hands. The company has a market capitalization of $1.07 billion, a P/E ratio of 32.22 and a beta of 1.36. The firm has a 50-day moving average price of $90.92 and a 200-day moving average price of $76.79. Kadant has a 52 week low of $49.20 and a 52 week high of $100.99.
Kadant (NYSE:KAI) last posted its earnings results on Tuesday, August 1st. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.13. Kadant had a net margin of 8.10% and a return on equity of 12.68%. The firm had revenue of $110.24 million during the quarter, compared to analysts’ expectations of $113.49 million. During the same period in the previous year, the business posted $0.88 EPS. The business’s revenue was down 1.4% compared to the same quarter last year. Analysts forecast that Kadant will post $4.03 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Thursday, October 12th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date is Wednesday, October 11th. Kadant’s dividend payout ratio is presently 27.72%.
In other Kadant news, Director William P. Tully sold 1,250 shares of the company’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $89.60, for a total transaction of $112,000.00. Following the completion of the transaction, the director now directly owns 5,250 shares in the company, valued at $470,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.59% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. Macquarie Group Ltd. raised its position in Kadant by 14.7% during the first quarter. Macquarie Group Ltd. now owns 558,797 shares of the industrial products company’s stock worth $33,165,000 after acquiring an additional 71,662 shares during the period. Vanguard Group Inc. raised its position in Kadant by 3.6% during the second quarter. Vanguard Group Inc. now owns 471,416 shares of the industrial products company’s stock worth $35,450,000 after acquiring an additional 16,174 shares during the period. Handelsbanken Fonder AB raised its position in Kadant by 7.1% during the second quarter. Handelsbanken Fonder AB now owns 345,000 shares of the industrial products company’s stock worth $25,944,000 after acquiring an additional 23,000 shares during the period. Northern Trust Corp raised its position in Kadant by 9.1% during the second quarter. Northern Trust Corp now owns 290,388 shares of the industrial products company’s stock worth $21,836,000 after acquiring an additional 24,194 shares during the period. Finally, State Street Corp raised its position in Kadant by 1.3% during the second quarter. State Street Corp now owns 233,894 shares of the industrial products company’s stock worth $17,590,000 after acquiring an additional 2,895 shares during the period. Institutional investors own 90.69% of the company’s stock.
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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