Apollon Wealth Management LLC Cuts Holdings in Kadant Inc. (NYSE:KAI)

Apollon Wealth Management LLC reduced its position in shares of Kadant Inc. (NYSE:KAI) by 7.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,774 shares of the industrial products company’s stock after selling 150 shares during the quarter. Apollon Wealth Management LLC’s holdings in Kadant were worth $600,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC boosted its position in Kadant by 1.2% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,349,437 shares of the industrial products company’s stock worth $396,438,000 after purchasing an additional 15,512 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Kadant by 46.3% during the 1st quarter. Vanguard Group Inc. now owns 967,638 shares of the industrial products company’s stock valued at $317,482,000 after buying an additional 306,352 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Kadant by 1.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 314,366 shares of the industrial products company’s stock valued at $92,355,000 after buying an additional 5,700 shares in the last quarter. Capital World Investors purchased a new stake in Kadant in the 1st quarter worth $92,993,000. Finally, Raymond James & Associates raised its position in Kadant by 6.5% during the second quarter. Raymond James & Associates now owns 84,117 shares of the industrial products company’s stock worth $24,712,000 after acquiring an additional 5,167 shares during the period. 96.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on KAI shares. Barrington Research reissued an “outperform” rating and set a $360.00 target price on shares of Kadant in a research note on Wednesday, October 30th. DA Davidson increased their target price on Kadant from $290.00 to $300.00 and gave the company a “neutral” rating in a report on Thursday, August 1st.

Insider Buying and Selling

In other news, Director Thomas C. Leonard sold 2,000 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $337.40, for a total value of $674,800.00. Following the completion of the sale, the director now owns 4,250 shares of the company’s stock, valued at $1,433,950. This represents a 32.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.40% of the stock is owned by company insiders.

Kadant Stock Down 0.2 %

Shares of NYSE KAI opened at $391.88 on Friday. The stock has a market cap of $4.60 billion, a PE ratio of 40.11 and a beta of 1.21. The company has a current ratio of 2.29, a quick ratio of 1.46 and a debt-to-equity ratio of 0.37. Kadant Inc. has a 12-month low of $249.51 and a 12-month high of $422.54. The company has a 50-day moving average of $338.30 and a 200 day moving average of $313.18.

Kadant (NYSE:KAI) last posted its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.43 by $0.41. The firm had revenue of $271.61 million during the quarter, compared to analysts’ expectations of $266.38 million. Kadant had a return on equity of 15.10% and a net margin of 11.12%. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.69 earnings per share. As a group, sell-side analysts predict that Kadant Inc. will post 10.11 EPS for the current fiscal year.

Kadant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 6th. Investors of record on Thursday, January 9th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date of this dividend is Thursday, January 9th. Kadant’s dividend payout ratio is currently 13.10%.

Kadant Company Profile

Kadant Inc supplies technologies and engineered systems worldwide. It operates in three segments: Flow Control, Industrial Processing, and Material Handling. The Flow Control segment develops, manufactures, and markets fluid-handling systems and equipment, such as rotary joints, syphons, turbulator bars, expansion joints, and engineered steam and condensate systems; and doctoring, cleaning, and filtration systems and related consumables consisting of doctor systems and holders, doctor blades, cleaning shower and fabric-conditioning systems, forming systems and wear surfaces, and water-filtration systems.