California Public Employees Retirement System reduced its stake in Kadant Inc (NYSE:KAI) by 12.0% during the first quarter, Holdings Channel reports. The fund owned 16,800 shares of the industrial products company’s stock after selling 2,300 shares during the period. California Public Employees Retirement System’s holdings in Kadant were worth $997,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wells Fargo & Company MN boosted its position in Kadant by 8.9% in the first quarter. Wells Fargo & Company MN now owns 852,205 shares of the industrial products company’s stock valued at $50,580,000 after buying an additional 69,468 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Kadant by 54.1% in the first quarter. Bank of New York Mellon Corp now owns 121,378 shares of the industrial products company’s stock valued at $7,204,000 after buying an additional 42,617 shares during the last quarter. Martingale Asset Management L P boosted its position in Kadant by 883.8% in the first quarter. Martingale Asset Management L P now owns 47,310 shares of the industrial products company’s stock valued at $2,808,000 after buying an additional 42,501 shares during the last quarter. Dean Investment Associates LLC boosted its position in Kadant by 69.2% in the first quarter. Dean Investment Associates LLC now owns 83,640 shares of the industrial products company’s stock valued at $4,964,000 after buying an additional 34,195 shares during the last quarter. Finally, Seizert Capital Partners LLC boosted its position in Kadant by 327.8% in the first quarter. Seizert Capital Partners LLC now owns 32,282 shares of the industrial products company’s stock valued at $1,916,000 after buying an additional 24,736 shares during the last quarter. Hedge funds and other institutional investors own 91.45% of the company’s stock.

Kadant Inc (KAI) traded up 0.59% on Friday, reaching $85.40. The company’s stock had a trading volume of 81,395 shares. The firm has a 50-day moving average price of $78.95 and a 200 day moving average price of $68.66. Kadant Inc has a 52-week low of $49.20 and a 52-week high of $89.90. The firm has a market capitalization of $939.74 million, a P/E ratio of 28.19 and a beta of 1.36.

Kadant (NYSE:KAI) last posted its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $1.04 EPS for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.13. Kadant had a return on equity of 12.68% and a net margin of 8.10%. The company had revenue of $110.24 million for the quarter, compared to the consensus estimate of $113.49 million. During the same quarter in the previous year, the business earned $0.88 EPS. The company’s quarterly revenue was down 1.4% compared to the same quarter last year. Equities analysts anticipate that Kadant Inc will post $4.03 earnings per share for the current fiscal year.

Kadant announced that its board has approved a share buyback program on Wednesday, May 17th that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the industrial products company to reacquire up to 2.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 10th. Stockholders of record on Thursday, July 13th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date was Tuesday, July 11th. Kadant’s dividend payout ratio is presently 27.72%.

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Several research analysts have issued reports on KAI shares. Zacks Investment Research upgraded Kadant from a “sell” rating to a “hold” rating and set a $80.00 price objective for the company in a research report on Monday, May 1st. Sidoti reiterated a “buy” rating and issued a $95.00 price objective (up previously from $85.00) on shares of Kadant in a research report on Saturday, June 3rd. Barrington Research increased their price objective on Kadant from $80.00 to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 31st. William Blair upgraded Kadant from a “market perform” rating to an “outperform” rating in a research report on Wednesday, May 3rd. Finally, BidaskClub cut Kadant from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Kadant has an average rating of “Buy” and an average target price of $77.20.

About Kadant

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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Institutional Ownership by Quarter for Kadant (NYSE:KAI)

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