Envestnet Portfolio Solutions Inc. Cuts Position in Kadant Inc. (NYSE:KAI)

Envestnet Portfolio Solutions Inc. reduced its stake in shares of Kadant Inc. (NYSE:KAI) by 10.5% in the fourth quarter, HoldingsChannel reports. The firm owned 1,216 shares of the industrial products company’s stock after selling 143 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Kadant were worth $420,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Hilltop National Bank purchased a new stake in shares of Kadant during the fourth quarter valued at about $26,000. Westside Investment Management Inc. purchased a new stake in Kadant during the third quarter valued at approximately $31,000. Jones Financial Companies Lllp boosted its stake in Kadant by 267.9% in the fourth quarter. Jones Financial Companies Lllp now owns 103 shares of the industrial products company’s stock valued at $36,000 after acquiring an additional 75 shares in the last quarter. Washington Trust Advisors Inc. purchased a new position in Kadant in the fourth quarter worth $85,000. Finally, Avanza Fonder AB purchased a new position in Kadant in the fourth quarter worth $160,000. Institutional investors own 96.13% of the company’s stock.

Kadant Stock Performance

Shares of Kadant stock opened at $345.86 on Thursday. The firm has a market capitalization of $4.07 billion, a P/E ratio of 36.48 and a beta of 1.25. Kadant Inc. has a 52 week low of $249.51 and a 52 week high of $429.95. The company has a quick ratio of 1.46, a current ratio of 2.29 and a debt-to-equity ratio of 0.37. The company has a 50 day moving average price of $367.51 and a 200 day moving average price of $359.53.

Kadant (NYSE:KAI) last posted its quarterly earnings data on Wednesday, February 12th. The industrial products company reported $2.25 EPS for the quarter, topping the consensus estimate of $2.08 by $0.17. Kadant had a net margin of 10.59% and a return on equity of 14.66%. Sell-side analysts expect that Kadant Inc. will post 9.97 EPS for the current year.

Kadant Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 7th. Investors of record on Wednesday, April 9th will be issued a dividend of $0.34 per share. This is an increase from Kadant’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Wednesday, April 9th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.39%. Kadant’s payout ratio is 14.35%.

Analyst Upgrades and Downgrades

Separately, Barrington Research reissued an “outperform” rating and issued a $410.00 price objective on shares of Kadant in a research report on Friday, February 14th.

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.