Oppenheimer Asset Management Inc. Has $4.28 Million Stake in Kadant Inc. (NYSE:KAI)

Oppenheimer Asset Management Inc. boosted its holdings in Kadant Inc. (NYSE:KAI) by 61.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,573 shares of the industrial products company’s stock after acquiring an additional 5,531 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Kadant were worth $4,281,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. bought a new position in shares of Kadant during the 1st quarter valued at approximately $28,000. Opal Wealth Advisors LLC bought a new stake in Kadant during the second quarter worth about $29,000. Parallel Advisors LLC grew its position in Kadant by 58.2% during the fourth quarter. Parallel Advisors LLC now owns 106 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 39 shares during the last quarter. Covestor Ltd grew its holdings in shares of Kadant by 31,600.0% during the 1st quarter. Covestor Ltd now owns 317 shares of the industrial products company’s stock valued at $104,000 after purchasing an additional 316 shares during the last quarter. Finally, Fidelis Capital Partners LLC purchased a new position in shares of Kadant in the first quarter worth about $141,000. Hedge funds and other institutional investors own 96.13% of the company’s stock.

Kadant Stock Performance

Shares of KAI stock opened at $325.65 on Tuesday. The firm has a market capitalization of $3.82 billion, a PE ratio of 33.92 and a beta of 1.21. Kadant Inc. has a 52 week low of $214.21 and a 52 week high of $363.40. The company has a quick ratio of 1.40, a current ratio of 2.25 and a debt-to-equity ratio of 0.42. The company has a 50 day moving average price of $318.76 and a 200-day moving average price of $302.93.

Kadant (NYSE:KAI) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.43 by $0.38. The business had revenue of $275.00 million during the quarter, compared to analysts’ expectations of $263.50 million. Kadant had a net margin of 11.35% and a return on equity of 15.48%. The firm’s revenue was up 12.2% on a year-over-year basis. During the same period in the prior year, the company earned $2.54 earnings per share. As a group, equities research analysts expect that Kadant Inc. will post 9.93 earnings per share for the current year.

Kadant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 7th. Stockholders of record on Thursday, October 10th will be given a $0.32 dividend. The ex-dividend date is Thursday, October 10th. This represents a $1.28 annualized dividend and a dividend yield of 0.39%. Kadant’s payout ratio is 13.33%.

Analysts Set New Price Targets

KAI has been the topic of a number of analyst reports. DA Davidson boosted their price objective on shares of Kadant from $290.00 to $300.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Barrington Research reiterated an “outperform” rating and issued a $360.00 price target on shares of Kadant in a research note on Wednesday, June 26th.

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.