Rhumbline Advisers Has $2.49 Million Stake in Kadant Inc. (NYSE:KAI)

Rhumbline Advisers lowered its stake in shares of Kadant Inc. (NYSE:KAI) by 6.6% in the second quarter, Holdings Channel reports. The institutional investor owned 14,159 shares of the industrial products company’s stock after selling 1,004 shares during the period. Rhumbline Advisers’ holdings in Kadant were worth $2,493,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Advisor Group Holdings Inc. raised its position in shares of Kadant by 37.7% during the second quarter. Advisor Group Holdings Inc. now owns 314 shares of the industrial products company’s stock valued at $55,000 after buying an additional 86 shares during the last quarter. New York State Common Retirement Fund raised its position in shares of Kadant by 0.6% during the second quarter. New York State Common Retirement Fund now owns 15,244 shares of the industrial products company’s stock valued at $2,684,000 after buying an additional 94 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Kadant by 2.7% during the first quarter. AQR Capital Management LLC now owns 4,529 shares of the industrial products company’s stock valued at $838,000 after buying an additional 118 shares during the last quarter. Oppenheimer Asset Management Inc. raised its position in shares of Kadant by 1.7% during the first quarter. Oppenheimer Asset Management Inc. now owns 11,606 shares of the industrial products company’s stock valued at $2,147,000 after buying an additional 190 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of Kadant by 6.0% during the first quarter. Envestnet Asset Management Inc. now owns 3,381 shares of the industrial products company’s stock valued at $626,000 after buying an additional 191 shares during the last quarter. 93.28% of the stock is owned by institutional investors and hedge funds.

In other Kadant news, Director Erin L. Russell sold 450 shares of the company’s stock in a transaction dated Thursday, June 24th. The shares were sold at an average price of $180.00, for a total transaction of $81,000.00. Following the sale, the director now directly owns 3,548 shares of the company’s stock, valued at $638,640. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Dara F. Mitchell sold 1,696 shares of the company’s stock in a transaction dated Thursday, August 5th. The stock was sold at an average price of $200.00, for a total transaction of $339,200.00. The disclosure for this sale can be found here. Insiders have sold 3,908 shares of company stock worth $728,550 over the last ninety days. Insiders own 1.90% of the company’s stock.

A number of brokerages have recently commented on KAI. Zacks Investment Research raised shares of Kadant from a “hold” rating to a “strong-buy” rating and set a $230.00 price objective for the company in a research report on Tuesday, August 10th. Barrington Research reissued an “outperform” rating and issued a $240.00 target price (up previously from $230.00) on shares of Kadant in a research note on Wednesday, August 25th.

NYSE KAI opened at $214.00 on Tuesday. The stock has a market cap of $2.48 billion, a P/E ratio of 35.26, a PEG ratio of 3.64 and a beta of 1.34. The company’s 50-day simple moving average is $197.40 and its 200 day simple moving average is $183.83. Kadant Inc. has a twelve month low of $104.15 and a twelve month high of $218.61. The company has a quick ratio of 1.81, a current ratio of 2.52 and a debt-to-equity ratio of 0.51.

Kadant (NYSE:KAI) last posted its earnings results on Tuesday, August 3rd. The industrial products company reported $2.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.51 by $0.50. The business had revenue of $195.81 million for the quarter, compared to analysts’ expectations of $178.07 million. Kadant had a net margin of 10.19% and a return on equity of 14.66%. Research analysts anticipate that Kadant Inc. will post 7.41 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 11th. Shareholders of record on Thursday, October 14th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, October 13th. This represents a $1.00 annualized dividend and a yield of 0.47%. Kadant’s dividend payout ratio is 20.00%.

Kadant Profile

Kadant, Inc is a global supplier of critical components and engineered systems used in process industries worldwide. The company’s products, technologies, and services play an integral role in enhancing process efficiency, optimizing energy utilization, and maximizing productivity in resource-intensive industries.

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Institutional Ownership by Quarter for Kadant (NYSE:KAI)

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