Edgestream Partners L.P. Invests $2.04 Million in Kadant Inc. (NYSE:KAI)

Edgestream Partners L.P. bought a new position in shares of Kadant Inc. (NYSE:KAI) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 5,914 shares of the industrial products company’s stock, valued at approximately $2,040,000.

A number of other hedge funds also recently made changes to their positions in the business. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Kadant in the 4th quarter valued at about $193,595,000. State Street Corp raised its position in shares of Kadant by 2.3% in the third quarter. State Street Corp now owns 280,797 shares of the industrial products company’s stock worth $94,909,000 after buying an additional 6,412 shares in the last quarter. FMR LLC raised its position in shares of Kadant by 1.1% in the third quarter. FMR LLC now owns 144,344 shares of the industrial products company’s stock worth $48,788,000 after buying an additional 1,629 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Kadant by 1.6% in the third quarter. Janus Henderson Group PLC now owns 130,291 shares of the industrial products company’s stock worth $44,036,000 after buying an additional 2,068 shares in the last quarter. Finally, Champlain Investment Partners LLC raised its position in shares of Kadant by 34.8% in the third quarter. Champlain Investment Partners LLC now owns 122,624 shares of the industrial products company’s stock worth $41,447,000 after buying an additional 31,675 shares in the last quarter. 96.13% of the stock is currently owned by institutional investors.

Kadant Stock Up 0.5 %

KAI opened at $376.13 on Monday. The company has a market cap of $4.42 billion, a P/E ratio of 39.68 and a beta of 1.25. The business’s 50-day moving average price is $367.75 and its 200-day moving average price is $356.77. 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 $429.95.

Kadant (NYSE:KAI) last posted its earnings results on Wednesday, February 12th. The industrial products company reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.17. Kadant had a return on equity of 14.66% and a net margin of 10.59%. On average, equities analysts expect that Kadant Inc. will post 9.97 EPS for the current year.

Kadant Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 7th. Shareholders of record on Wednesday, April 9th will be given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 0.36%. This is a boost from Kadant’s previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, April 9th. Kadant’s payout ratio is presently 13.50%.

Analysts Set New Price Targets

Separately, Barrington Research restated an “outperform” rating and set a $410.00 price target on shares of Kadant in a research report on Friday, February 14th.

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.