Kadant Inc $KAI Stock Purchased by ProShare Advisors LLC

ProShare Advisors LLC grew its position in Kadant Inc (NYSE:KAI) by 35.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,709 shares of the industrial products company’s stock after acquiring an additional 8,895 shares during the quarter. ProShare Advisors LLC’s holdings in Kadant were worth $8,816,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Simplicity Wealth LLC purchased a new stake in shares of Kadant in the third quarter valued at about $283,000. Sterling Capital Management LLC boosted its stake in shares of Kadant by 845.2% during the third quarter. Sterling Capital Management LLC now owns 397 shares of the industrial products company’s stock worth $104,000 after buying an additional 355 shares during the period. Inspire Investing LLC boosted its stake in shares of Kadant by 11.9% during the third quarter. Inspire Investing LLC now owns 2,416 shares of the industrial products company’s stock worth $632,000 after buying an additional 257 shares during the period. Root Financial Partners LLC purchased a new position in shares of Kadant during the third quarter worth about $31,000. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Kadant by 1.6% during the third quarter. Nisa Investment Advisors LLC now owns 2,917 shares of the industrial products company’s stock worth $763,000 after buying an additional 46 shares during the last quarter. 96.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on KAI shares. Wall Street Zen upgraded Kadant from a “hold” rating to a “buy” rating in a research report on Saturday, September 12th. DA Davidson increased their price objective on Kadant from $306.00 to $335.00 and gave the stock a “neutral” rating in a research report on Thursday, August 6th. Finally, Weiss Ratings cut shares of Kadant from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, October 23rd. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Kadant currently has a consensus rating of “Hold” and a consensus price target of $357.50.

Kadant Stock Down 0.3%

Kadant stock opened at $282.67 on Wednesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.63 and a current ratio of 2.59. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of 30.39 and a beta of 1.19. Kadant Inc has a fifty-two week low of $244.87 and a fifty-two week high of $354.07. The stock’s fifty day moving average is $274.29 and its two-hundred day moving average is $306.40.

Kadant (NYSE:KAI) last released its quarterly earnings results on Tuesday, November 3rd. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.00 by $0.64. The business had revenue of $313.16 million during the quarter, compared to the consensus estimate of $302.03 million. Kadant had a return on equity of 13.16% and a net margin of 9.52%. The business’s revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.59 EPS. Analysts predict that Kadant Inc will post 12.56 EPS for the current fiscal year.

Kadant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 12th. Shareholders of record on Thursday, October 15th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 0.5%. The ex-dividend date is Thursday, October 15th. Kadant’s dividend payout ratio (DPR) is 15.48%.

Kadant Company Profile

Kadant Inc (NYSE: KAI) is a global supplier of technologies and equipment used in the pulp and paper, recycling, and industrial processing industries. The company designs and manufactures products that help customers process fiber, manage fluids, improve production efficiency, and handle industrial materials.

Its offerings include systems and equipment for stock preparation, paper-machine cleaning, doctoring, filtration, water management, and fluid-handling applications. Kadant also provides material-handling and conveying equipment, as well as products used in recycling and other industrial processes.