Virginia Retirement Systems ET AL Invests $473,000 in Kadant Inc (KAI) Stock
Virginia Retirement Systems ET AL bought a new stake in Kadant Inc (NYSE:KAI) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 4,800 shares of the industrial products company’s stock, valued at approximately $473,000.
A number of other large investors have also bought and sold shares of KAI. Citigroup Inc. raised its position in Kadant by 24.2% in the second quarter. Citigroup Inc. now owns 1,411 shares of the industrial products company’s stock valued at $106,000 after purchasing an additional 275 shares during the period. SG Americas Securities LLC purchased a new stake in Kadant in the second quarter valued at $127,000. BNP Paribas Arbitrage SA raised its position in Kadant by 718.3% in the second quarter. BNP Paribas Arbitrage SA now owns 1,743 shares of the industrial products company’s stock valued at $131,000 after purchasing an additional 1,530 shares during the period. Hillsdale Investment Management Inc. purchased a new stake in Kadant in the second quarter valued at $150,000. Finally, C M Bidwell & Associates Ltd. purchased a new stake in shares of Kadant in the 2nd quarter valued at $176,000. Institutional investors own 90.99% of the company’s stock.
Several equities research analysts recently issued reports on the company. ValuEngine downgraded Kadant from a “buy” rating to a “hold” rating in a report on Monday. Zacks Investment Research upgraded Kadant from a “hold” rating to a “strong-buy” rating and set a $126.00 price objective on the stock in a report on Thursday, November 2nd. Finally, Sidoti downgraded Kadant from a “buy” rating to a “neutral” rating and set a $102.00 price objective on the stock. in a report on Tuesday, October 3rd. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $104.67.
In other news, CEO Jonathan W. Painter sold 20,000 shares of the company’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $103.82, for a total transaction of $2,076,400.00. Following the completion of the transaction, the chief executive officer now directly owns 76,082 shares of the company’s stock, valued at approximately $7,898,833.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Sandra L. Lambert sold 6,437 shares of the company’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $108.66, for a total value of $699,444.42. Following the transaction, the vice president now directly owns 20,942 shares of the company’s stock, valued at $2,275,557.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,687 shares of company stock valued at $2,887,844. Insiders own 5.59% of the company’s stock.
Kadant Inc (NYSE:KAI) traded down $3.95 on Tuesday, reaching $98.05. The company had a trading volume of 51,700 shares, compared to its average volume of 59,890. Kadant Inc has a 1 year low of $56.15 and a 1 year high of $114.00. The firm has a market cap of $1,122.75, a PE ratio of 25.37 and a beta of 1.36. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.35 and a quick ratio of 1.65.
Kadant (NYSE:KAI) last released its quarterly earnings data on Monday, October 30th. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.35. The business had revenue of $152.79 million during the quarter, compared to analysts’ expectations of $141.33 million. Kadant had a return on equity of 14.84% and a net margin of 8.17%. The business’s quarterly revenue was up 44.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.81 EPS. equities research analysts anticipate that Kadant Inc will post 4.39 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 8th. Stockholders of record on Thursday, January 11th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Wednesday, January 10th. This represents a $0.84 annualized dividend and a dividend yield of 0.86%. Kadant’s dividend payout ratio is currently 24.85%.
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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