Short Interest in Kadant Inc. (NYSE:KAI) Rises By 7.6%

Kadant Inc. (NYSE:KAI) saw a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 1,420,000 shares, a growth of 7.6% from the May 31st total of 1,320,000 shares. Based on an average trading volume of 82,000 shares, the days-to-cover ratio is currently 17.3 days.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Barrington Research reiterated an “outperform” rating and issued a $360.00 price target on shares of Kadant in a research note on Wednesday, June 26th. William Blair reissued an “outperform” rating on shares of Kadant in a report on Tuesday, April 30th.

Insider Buying and Selling

In related news, Director Erin L. Russell sold 1,112 shares of Kadant stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $279.25, for a total value of $310,526.00. Following the completion of the transaction, the director now owns 3,802 shares in the company, valued at $1,061,708.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.40% of the stock is owned by insiders.

Institutional Trading of Kadant

Several institutional investors and hedge funds have recently bought and sold shares of KAI. Headinvest LLC purchased a new stake in Kadant in the 3rd quarter valued at $25,000. Benjamin F. Edwards & Company Inc. purchased a new stake in Kadant in the 1st quarter valued at $28,000. Parallel Advisors LLC raised its position in Kadant by 58.2% in the 4th quarter. Parallel Advisors LLC now owns 106 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 39 shares during the last quarter. First Horizon Advisors Inc. raised its position in Kadant by 37.0% in the 4th quarter. First Horizon Advisors Inc. now owns 185 shares of the industrial products company’s stock valued at $52,000 after purchasing an additional 50 shares during the last quarter. Finally, Financial Management Professionals Inc. purchased a new stake in Kadant in the 4th quarter valued at $54,000. Hedge funds and other institutional investors own 96.13% of the company’s stock.

Kadant Stock Up 1.2 %

KAI stock opened at $296.38 on Thursday. The company has a current ratio of 2.05, a quick ratio of 1.27 and a debt-to-equity ratio of 0.39. Kadant has a twelve month low of $196.99 and a twelve month high of $354.02. The company’s 50 day moving average is $280.88 and its two-hundred day moving average is $292.30. The stock has a market cap of $3.48 billion, a P/E ratio of 30.87 and a beta of 1.24.

Kadant (NYSE:KAI) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.96 by $0.42. Kadant had a net margin of 11.53% and a return on equity of 15.60%. The company had revenue of $248.98 million for the quarter, compared to analysts’ expectations of $245.56 million. During the same quarter last year, the company earned $2.40 earnings per share. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. Research analysts expect that Kadant will post 10.03 earnings per share for the current fiscal year.

Kadant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 8th. Investors of record on Thursday, July 11th will be given a $0.32 dividend. The ex-dividend date is Thursday, July 11th. This represents a $1.28 annualized dividend and a yield of 0.43%. Kadant’s dividend payout ratio (DPR) is 13.33%.

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.