Kadant Inc. (NYSE:KAI) Shares Purchased by Rhumbline Advisers

Rhumbline Advisers boosted its position in shares of Kadant Inc. (NYSE:KAI) by 4.0% in the second quarter, HoldingsChannel.com reports. The fund owned 19,031 shares of the industrial products company’s stock after acquiring an additional 726 shares during the quarter. Rhumbline Advisers’ holdings in Kadant were worth $5,591,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in the company. Wells Fargo & Company MN lifted its stake in Kadant by 1,578.8% during the 4th quarter. Wells Fargo & Company MN now owns 74,185 shares of the industrial products company’s stock valued at $20,795,000 after acquiring an additional 69,766 shares during the period. Capital World Investors purchased a new stake in shares of Kadant in the first quarter worth about $92,993,000. Vanguard Group Inc. grew its holdings in Kadant by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 661,286 shares of the industrial products company’s stock worth $185,365,000 after acquiring an additional 2,885 shares during the period. Norges Bank acquired a new position in Kadant in the fourth quarter valued at approximately $6,917,000. Finally, Stifel Financial Corp boosted its position in Kadant by 2,082.5% in the 4th quarter. Stifel Financial Corp now owns 40,355 shares of the industrial products company’s stock worth $11,312,000 after purchasing an additional 38,506 shares in the last quarter. Hedge funds and other institutional investors own 96.13% of the company’s stock.

Kadant Price Performance

Kadant stock opened at $323.59 on Friday. The stock has a market capitalization of $3.80 billion, a P/E ratio of 33.71 and a beta of 1.21. The company’s fifty day moving average price is $318.24 and its 200 day moving average price is $303.22. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.40 and a current ratio of 2.25. Kadant Inc. has a 1 year low of $214.21 and a 1 year high of $363.40.

Kadant (NYSE:KAI) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.81 EPS for the quarter, topping analysts’ consensus estimates of $2.43 by $0.38. The business had revenue of $275.00 million during the quarter, compared to analysts’ expectations of $263.50 million. Kadant had a net margin of 11.35% and a return on equity of 15.48%. The company’s quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.54 earnings per share. As a group, equities research analysts anticipate that Kadant Inc. will post 9.93 earnings per share for the current fiscal year.

Kadant Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Shareholders of record on Thursday, October 10th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend is Thursday, October 10th. Kadant’s dividend payout ratio (DPR) is presently 13.33%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Barrington Research reiterated an “outperform” rating and issued a $360.00 target price on shares of Kadant in a research note on Wednesday, June 26th. DA Davidson raised their target price on Kadant from $290.00 to $300.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st.

Kadant Profile

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.