State Street Corp Grows Stock Holdings in Kadant Inc. (NYSE:KAI)

State Street Corp lifted its position in shares of Kadant Inc. (NYSE:KAI) by 2.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 280,797 shares of the industrial products company’s stock after purchasing an additional 6,412 shares during the period. State Street Corp owned 2.39% of Kadant worth $94,909,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Ashton Thomas Securities LLC purchased a new position in Kadant during the 3rd quarter valued at $25,000. Icon Wealth Advisors LLC bought a new position in shares of Kadant in the 3rd quarter worth approximately $28,000. Park Place Capital Corp lifted its stake in shares of Kadant by 68.6% in the 3rd quarter. Park Place Capital Corp now owns 204 shares of the industrial products company’s stock valued at $69,000 after purchasing an additional 83 shares during the period. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Kadant during the third quarter valued at approximately $74,000. Finally, Benjamin F. Edwards & Company Inc. grew its stake in Kadant by 226.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 274 shares of the industrial products company’s stock worth $80,000 after purchasing an additional 190 shares during the period. 96.13% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Rebecca Martinez O’mara sold 300 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $392.59, for a total value of $117,777.00. Following the transaction, the director now owns 1,293 shares in the company, valued at $507,618.87. This represents a 18.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas C. Leonard sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $337.40, for a total transaction of $674,800.00. Following the sale, the director now directly owns 4,250 shares of the company’s stock, valued at approximately $1,433,950. This represents a 32.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,052 shares of company stock worth $1,091,455. 1.40% of the stock is owned by insiders.

Kadant Stock Down 2.6 %

Kadant stock opened at $360.30 on Tuesday. Kadant Inc. has a 12 month low of $249.51 and a 12 month high of $429.95. The stock has a fifty day simple moving average of $369.61 and a two-hundred day simple moving average of $331.69. The company has a current ratio of 2.29, a quick ratio of 1.46 and a debt-to-equity ratio of 0.37. The firm has a market cap of $4.23 billion, a price-to-earnings ratio of 36.88 and a beta of 1.25.

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

Kadant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 6th. Investors of record on Thursday, January 9th will be given a dividend of $0.32 per share. The ex-dividend date is Thursday, January 9th. This represents a $1.28 dividend on an annualized basis and a yield of 0.36%. Kadant’s dividend payout ratio (DPR) is 13.10%.

Analyst Ratings Changes

Separately, Barrington Research reaffirmed an “outperform” rating and set a $360.00 target price on shares of Kadant in a research note on Wednesday, October 30th.

About Kadant

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.