Raymond James Trust N.A. Buys 172 Shares of Kadant Inc. (NYSE:KAI)

Raymond James Trust N.A. grew its position in Kadant Inc. (NYSE:KAI) by 12.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,559 shares of the industrial products company’s stock after buying an additional 172 shares during the quarter. Raymond James Trust N.A.’s holdings in Kadant were worth $458,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in KAI. Raymond James & Associates grew its holdings in shares of Kadant by 6.5% during the 2nd quarter. Raymond James & Associates now owns 84,117 shares of the industrial products company’s stock valued at $24,712,000 after purchasing an additional 5,167 shares during the last quarter. AlphaMark Advisors LLC acquired a new stake in shares of Kadant during the 2nd quarter valued at $345,000. Diversified Trust Co bought a new stake in Kadant during the 2nd quarter worth $237,000. Curated Wealth Partners LLC increased its holdings in Kadant by 204.9% in the 2nd quarter. Curated Wealth Partners LLC now owns 1,969 shares of the industrial products company’s stock worth $578,000 after purchasing an additional 3,846 shares in the last quarter. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Kadant during the second quarter valued at about $29,000. 96.13% of the stock is currently owned by institutional investors.

Kadant Stock Down 0.4 %

Kadant stock opened at $319.29 on Wednesday. The firm has a market cap of $3.75 billion, a price-to-earnings ratio of 33.26 and a beta of 1.24. Kadant Inc. has a 52-week low of $213.87 and a 52-week high of $363.40. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.40 and a current ratio of 2.25. The firm has a 50 day moving average price of $312.43 and a two-hundred day moving average price of $304.12.

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

Wall Street Analyst Weigh In

KAI has been the subject of a number of research reports. DA Davidson raised their price objective on shares of Kadant from $290.00 to $300.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Barrington Research reissued an “outperform” rating and issued a $360.00 price objective on shares of Kadant in a research note on Wednesday, June 26th. Finally, William Blair reaffirmed an “outperform” rating on shares of Kadant in a research report on Tuesday, April 30th.

Insider Activity

In related news, Director Erin L. Russell sold 1,112 shares of the firm’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $279.25, for a total value of $310,526.00. Following the transaction, the director now owns 3,802 shares of the company’s stock, valued at approximately $1,061,708.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.40% of the stock is currently owned by company insiders.

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.