Kadant (KAI) Rating Increased to Buy at ValuEngine
ValuEngine upgraded shares of Kadant (NYSE:KAI) from a hold rating to a buy rating in a research report report published on Thursday.
KAI has been the topic of several other research reports. Zacks Investment Research cut shares of Kadant from a strong-buy rating to a hold rating in a research note on Wednesday, January 3rd. Barrington Research reiterated an outperform rating and set a $110.00 price target on shares of Kadant in a research note on Thursday. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Kadant has a consensus rating of Buy and a consensus price target of $112.67.
Kadant (NYSE KAI) traded up $2.20 during trading hours on Thursday, reaching $97.30. 47,865 shares of the company’s stock were exchanged, compared to its average volume of 64,147. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.65 and a current ratio of 2.01. Kadant has a fifty-two week low of $56.15 and a fifty-two week high of $114.00. The company has a market cap of $1,073.02, a P/E ratio of 35.25 and a beta of 1.36.
In other news, CFO Michael J. Mckenney sold 3,600 shares of Kadant stock in a transaction on Monday, December 11th. The shares were sold at an average price of $99.14, for a total transaction of $356,904.00. Following the transaction, the chief financial officer now owns 19,160 shares in the company, valued at approximately $1,899,522.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Eric T. Langevin sold 700 shares of Kadant stock in a transaction on Wednesday, December 27th. The stock was sold at an average price of $100.56, for a total transaction of $70,392.00. Following the transaction, the chief operating officer now owns 28,850 shares in the company, valued at approximately $2,901,156. The disclosure for this sale can be found here. Insiders have sold a total of 34,096 shares of company stock worth $3,405,170 in the last quarter. Corporate insiders own 5.59% of the company’s stock.
Several institutional investors have recently modified their holdings of KAI. SG Americas Securities LLC purchased a new position in shares of Kadant during the 4th quarter worth $104,000. Meeder Asset Management Inc. boosted its stake in shares of Kadant by 264.1% during the 4th quarter. Meeder Asset Management Inc. now owns 1,653 shares of the industrial products company’s stock worth $166,000 after acquiring an additional 1,199 shares during the last quarter. Highbridge Capital Management LLC purchased a new position in shares of Kadant during the 3rd quarter worth $302,000. Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Kadant during the 3rd quarter worth $329,000. Finally, ClariVest Asset Management LLC purchased a new position in shares of Kadant during the 3rd quarter worth $378,000. Institutional investors and hedge funds own 91.03% of the company’s stock.
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Kadant Company Profile
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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