Kadant Inc (KAI) Downgraded by Zacks Investment Research
Zacks Investment Research lowered shares of Kadant Inc (NYSE:KAI) from a strong-buy rating to a hold rating in a research report sent to investors on Wednesday.
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) “
Other analysts have also recently issued reports about the company. ValuEngine raised Kadant from a hold rating to a buy rating in a research note on Friday, September 1st. BidaskClub cut Kadant from a buy rating to a hold rating in a research note on Monday, July 24th. Finally, Sidoti cut Kadant from a buy rating to a neutral rating and set a $102.00 target price on the stock. in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $95.33.
Shares of Kadant (KAI) traded down 0.20% on Wednesday, hitting $97.60. The stock had a trading volume of 73,587 shares. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 32.22 and a beta of 1.36. Kadant has a 52 week low of $49.20 and a 52 week high of $100.99. The company has a 50-day moving average of $90.92 and a 200 day moving average of $76.79.
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, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.13. The company had revenue of $110.24 million for the quarter, compared to analysts’ expectations of $113.49 million. Kadant had a return on equity of 12.68% and a net margin of 8.10%. Kadant’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period last year, the firm earned $0.88 earnings per share. On average, equities research analysts predict that Kadant will post $4.03 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Thursday, October 12th will be paid a $0.21 dividend. The ex-dividend date is Wednesday, October 11th. This represents a $0.84 annualized dividend and a dividend yield of 0.86%. Kadant’s payout ratio is presently 27.72%.
In related news, Director William P. Tully sold 1,250 shares of the firm’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $89.60, for a total value of $112,000.00. Following the sale, the director now directly owns 5,250 shares of the company’s stock, valued at $470,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.59% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of KAI. Citigroup Inc. boosted its position in Kadant by 24.2% during the 2nd quarter. Citigroup Inc. now owns 1,411 shares of the industrial products company’s stock valued at $106,000 after acquiring an additional 275 shares in the last quarter. SG Americas Securities LLC bought a new stake in Kadant during the 2nd quarter valued at approximately $127,000. BNP Paribas Arbitrage SA boosted its position in Kadant by 718.3% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 1,743 shares of the industrial products company’s stock valued at $131,000 after acquiring an additional 1,530 shares in the last quarter. Hillsdale Investment Management Inc. bought a new stake in Kadant during the 2nd quarter valued at approximately $150,000. Finally, Victory Capital Management Inc. boosted its position in Kadant by 30.0% during the 1st quarter. Victory Capital Management Inc. now owns 2,969 shares of the industrial products company’s stock valued at $176,000 after acquiring an additional 686 shares in the last quarter. 90.69% of the stock is currently owned by institutional investors and hedge funds.
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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