2,403 Kadant Inc $KAI Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lessened its stake in Kadant Inc (NYSE:KAI) by 4.4% during the third quarter, Holdings Channel reports. The firm owned 52,259 shares of the industrial products company’s stock after selling 2,403 shares during the period. Pictet Asset Management Holding SA’s holdings in Kadant were worth $13,667,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in KAI. Root Financial Partners LLC purchased a new stake in shares of Kadant during the 3rd quarter valued at $31,000. Quantbot Technologies LP acquired a new stake in shares of Kadant during the 2nd quarter worth $33,000. Public Employees Retirement System of Ohio purchased a new position in shares of Kadant in the 2nd quarter worth $35,000. Legacies Wealth LLC purchased a new position in shares of Kadant in the 3rd quarter worth $49,000. Finally, Parallel Advisors LLC boosted its holdings in Kadant by 79.2% in the first quarter. Parallel Advisors LLC now owns 172 shares of the industrial products company’s stock valued at $50,000 after acquiring an additional 76 shares during the last quarter. Institutional investors and hedge funds own 96.13% of the company’s stock.

Kadant Trading Down 1.9%

KAI opened at $296.28 on Friday. The firm’s 50 day moving average is $274.30 and its 200-day moving average is $305.56. Kadant Inc has a 52-week low of $244.87 and a 52-week high of $354.07. The company has a quick ratio of 5.26, a current ratio of 2.49 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $3.50 billion, a P/E ratio of 29.90 and a beta of 1.19.

Kadant (NYSE:KAI) last announced its earnings results on Tuesday, November 3rd. The industrial products company reported $3.64 earnings per share for the quarter, beating 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 net margin of 9.81% and a return on equity of 14.05%. The business’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.59 earnings per share. Analysts expect that Kadant Inc will post 12.67 EPS for the current fiscal year.

Kadant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 12th. Shareholders of record on Thursday, October 15th were issued a $0.36 dividend. The ex-dividend date was Thursday, October 15th. This represents a $1.44 dividend on an annualized basis and a yield of 0.5%. Kadant’s payout ratio is currently 14.53%.

Analyst Upgrades and Downgrades

KAI has been the subject of a number of research reports. DA Davidson boosted their price target on Kadant from $306.00 to $335.00 and gave the company a “neutral” rating in a research report on Thursday, August 6th. Wall Street Zen lowered Kadant from a “buy” rating to a “hold” rating in a research note on Saturday, November 7th. Finally, Weiss Ratings downgraded Kadant from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, October 23rd. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $357.50.

Kadant Profile

Kadant Inc. is a global supplier of technologies and engineered systems used in industrial processing and papermaking. Its products help customers manage fluids, process materials, and improve the efficiency of manufacturing operations. The company’s offerings include fluid-handling equipment such as rotary joints, syphons, and expansion joints; doctoring, cleaning, and filtration systems; and equipment for stock preparation and paper recycling. Kadant also provides material-processing technologies for applications including packaging, tissue, corrugated products, and other industrial markets.