Whittier Trust Co. of Nevada Inc. Invests $74,000 in Kadant Inc. (NYSE:KAI)

Whittier Trust Co. of Nevada Inc. purchased a new stake in Kadant Inc. (NYSE:KAI) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 218 shares of the industrial products company’s stock, valued at approximately $74,000.

A number of other hedge funds have also recently bought and sold shares of the business. Xponance Inc. boosted its stake in shares of Kadant by 5.2% during the 2nd quarter. Xponance Inc. now owns 744 shares of the industrial products company’s stock valued at $219,000 after buying an additional 37 shares during the last quarter. Trust Point Inc. boosted its stake in Kadant by 1.1% during the 3rd quarter. Trust Point Inc. now owns 4,178 shares of the industrial products company’s stock valued at $1,412,000 after acquiring an additional 45 shares during the last quarter. Wealth Alliance grew its holdings in Kadant by 7.0% during the 2nd quarter. Wealth Alliance now owns 718 shares of the industrial products company’s stock worth $211,000 after acquiring an additional 47 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its position in shares of Kadant by 7.1% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 855 shares of the industrial products company’s stock worth $280,000 after purchasing an additional 57 shares during the last quarter. Finally, Arizona State Retirement System raised its stake in shares of Kadant by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 3,279 shares of the industrial products company’s stock valued at $963,000 after purchasing an additional 62 shares in the last quarter. Institutional investors and hedge funds own 96.13% of the company’s stock.

Insider Buying and Selling at Kadant

In other news, Director Thomas C. Leonard sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $337.40, for a total transaction of $674,800.00. Following the completion of the transaction, the director now directly owns 4,250 shares in the company, valued at approximately $1,433,950. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

KAI has been the subject of several research analyst reports. DA Davidson boosted their price objective on 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 set a $360.00 price target on shares of Kadant in a research report on Friday, September 20th.

Kadant Stock Performance

Shares of NYSE KAI opened at $317.01 on Thursday. The stock has a market capitalization of $3.72 billion, a P/E ratio of 33.02 and a beta of 1.21. The firm’s 50-day moving average price is $321.33 and its two-hundred day moving average price is $304.42. Kadant Inc. has a 52-week low of $214.21 and a 52-week high of $363.40. The company has a quick ratio of 1.40, a current ratio of 2.25 and a debt-to-equity ratio of 0.42.

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

Kadant Dividend Announcement

The company 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 dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date is Thursday, October 10th. Kadant’s payout ratio is 13.33%.

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.