First Mercantile Trust Co. cut its position in Kadant Inc. (NYSE:KAI) by 9.7% during the first quarter, HoldingsChannel reports. The institutional investor owned 1,215 shares of the industrial products company’s stock after selling 130 shares during the quarter. First Mercantile Trust Co.’s holdings in Kadant were worth $107,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in KAI. Handelsbanken Fonder AB boosted its position in Kadant by 43.2% in the fourth quarter. Handelsbanken Fonder AB now owns 770,867 shares of the industrial products company’s stock valued at $62,795,000 after buying an additional 232,564 shares in the last quarter. Royce & Associates LP boosted its position in Kadant by 17.8% in the fourth quarter. Royce & Associates LP now owns 573,285 shares of the industrial products company’s stock valued at $46,700,000 after buying an additional 86,463 shares in the last quarter. Macquarie Group Ltd. boosted its position in Kadant by 11.6% in the fourth quarter. Macquarie Group Ltd. now owns 704,600 shares of the industrial products company’s stock valued at $57,396,000 after buying an additional 73,020 shares in the last quarter. Millennium Management LLC boosted its position in Kadant by 1,212.7% in the fourth quarter. Millennium Management LLC now owns 69,942 shares of the industrial products company’s stock valued at $5,697,000 after buying an additional 64,614 shares in the last quarter. Finally, Stifel Financial Corp boosted its position in Kadant by 61.5% in the fourth quarter. Stifel Financial Corp now owns 93,148 shares of the industrial products company’s stock valued at $7,574,000 after buying an additional 35,459 shares in the last quarter. Hedge funds and other institutional investors own 92.63% of the company’s stock.

Shares of KAI stock opened at $87.49 on Thursday. Kadant Inc. has a 1 year low of $76.44 and a 1 year high of $111.85. The company has a market cap of $974.82 million, a PE ratio of 15.86 and a beta of 1.11. 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 (NYSE:KAI) last announced its earnings results on Monday, April 29th. The industrial products company reported $1.24 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.11. Kadant had a net margin of 9.22% and a return on equity of 17.26%. The company had revenue of $171.30 million for the quarter, compared to analyst estimates of $164.37 million. During the same period in the prior year, the business earned $1.07 earnings per share. Kadant’s quarterly revenue was up 14.8% on a year-over-year basis. Research analysts predict that Kadant Inc. will post 5.31 EPS 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 given a dividend of $0.23 per share. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.05%.

A number of brokerages have recently issued reports on KAI. Zacks Investment Research upgraded shares of Kadant from a “sell” rating to a “hold” rating in a research report on Wednesday, May 15th. ValuEngine upgraded shares of Kadant from a “sell” rating to a “hold” rating in a research report on Thursday, April 4th. Barrington Research reiterated a “buy” rating and set a $112.00 target price on shares of Kadant in a research report on Monday, January 28th. Finally, Seaport Global Securities lowered shares of Kadant from a “buy” rating to a “neutral” rating and set a $97.09 target price on the stock. in a research report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Kadant currently has an average rating of “Hold” and a consensus price target of $103.55.

In other news, Director William P. Tully sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $88.36, for a total transaction of $132,540.00. Following the transaction, the director now directly owns 5,200 shares in the company, valued at $459,472. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael J. Mckenney sold 2,261 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 17,318 shares in the company, valued at $1,491,426.16. The disclosure for this sale can be found here. Insiders have sold 13,857 shares of company stock worth $1,223,075 over the last quarter. 5.50% of the stock is owned by company insiders.

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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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