Raymond James Trust N.A. Sells 296 Shares of Kadant Inc. (NYSE:KAI)

Raymond James Trust N.A. lessened its stake in shares of Kadant Inc. (NYSE:KAI) by 19.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,263 shares of the industrial products company’s stock after selling 296 shares during the quarter. Raymond James Trust N.A.’s holdings in Kadant were worth $427,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Ashton Thomas Securities LLC bought a new position in Kadant in the third quarter worth approximately $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Kadant during the second quarter worth approximately $29,000. Park Place Capital Corp lifted its holdings in shares of Kadant by 68.6% in the 3rd quarter. Park Place Capital Corp now owns 204 shares of the industrial products company’s stock worth $69,000 after purchasing an additional 83 shares in the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in Kadant in the 3rd quarter valued at $74,000. Finally, Benjamin F. Edwards & Company Inc. increased its stake in Kadant by 226.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 274 shares of the industrial products company’s stock valued at $80,000 after purchasing an additional 190 shares in the last quarter. 96.13% of the stock is currently owned by institutional investors and hedge funds.

Kadant Price Performance

KAI opened at $423.23 on Wednesday. Kadant Inc. has a 1 year low of $249.51 and a 1 year high of $429.95. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.29 and a quick ratio of 1.46. The company has a market capitalization of $4.97 billion, a price-to-earnings ratio of 43.32 and a beta of 1.21. The firm’s fifty day moving average price is $349.32 and its two-hundred day moving average price is $318.89.

Kadant (NYSE:KAI) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.43 by $0.41. The business had revenue of $271.61 million for the quarter, compared to analysts’ expectations of $266.38 million. Kadant had a net margin of 11.12% and a return on equity of 15.10%. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.69 earnings per share. As a group, analysts anticipate that Kadant Inc. will post 10.11 earnings per share for the current fiscal year.

Kadant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 6th. Investors of record on Thursday, January 9th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $1.28 dividend on an annualized basis and a yield of 0.30%. Kadant’s dividend payout ratio (DPR) is currently 13.10%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Barrington Research reiterated an “outperform” rating and set a $360.00 price objective on shares of Kadant in a report on Wednesday, October 30th. DA Davidson lifted their price target on Kadant from $290.00 to $300.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st.

Insiders Place Their Bets

In other Kadant news, VP Fredrik H. Westerhout sold 600 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $397.25, for a total value of $238,350.00. Following the transaction, the vice president now directly owns 1,437 shares in the company, valued at $570,848.25. The trade was a 29.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rebecca Martinez O’mara sold 300 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $392.59, for a total transaction of $117,777.00. Following the sale, the director now owns 1,293 shares of the company’s stock, valued at approximately $507,618.87. The trade was a 18.83 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,052 shares of company stock valued at $1,091,455. Insiders own 1.40% of the company’s stock.

Kadant Company 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.