Allspring Global Investments Holdings LLC Sells 5,376 Shares of Kadant Inc. (NYSE:KAI)

Allspring Global Investments Holdings LLC decreased its holdings in Kadant Inc. (NYSE:KAI) by 11.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 41,843 shares of the industrial products company’s stock after selling 5,376 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Kadant were worth $14,143,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Xponance Inc. lifted its holdings in shares of Kadant by 5.2% in the second quarter. Xponance Inc. now owns 744 shares of the industrial products company’s stock valued at $219,000 after purchasing an additional 37 shares in the last quarter. Trust Point Inc. lifted 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 in the last quarter. Wealth Alliance lifted its stake in Kadant by 7.0% during the 2nd quarter. Wealth Alliance now owns 718 shares of the industrial products company’s stock valued at $211,000 after acquiring an additional 47 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its stake 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 acquiring an additional 57 shares in the last quarter. Finally, Arizona State Retirement System grew 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 worth $963,000 after acquiring an additional 62 shares in the last quarter. Institutional investors and hedge funds own 96.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on KAI. DA Davidson boosted their price target on shares of Kadant from $290.00 to $300.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Barrington Research restated an “outperform” rating and issued a $360.00 target price on shares of Kadant in a research note on Friday, September 20th.

Insider Buying and Selling at Kadant

In other news, Director Thomas C. Leonard sold 2,000 shares of the stock in a transaction 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 owns 4,250 shares in the company, valued at approximately $1,433,950. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.40% of the company’s stock.

Kadant Trading Down 0.5 %

NYSE KAI opened at $316.45 on Friday. The business’s fifty day moving average is $321.82 and its 200-day moving average is $304.68. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.25 and a quick ratio of 1.40. The stock has a market capitalization of $3.72 billion, a price-to-earnings ratio of 32.96 and a beta of 1.21. Kadant Inc. has a one year low of $214.21 and a one year high of $363.40.

Kadant (NYSE:KAI) last announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.81 EPS for the quarter, topping 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 firm posted $2.54 earnings per share. The company’s revenue for the quarter was up 12.2% on a year-over-year basis. Equities research analysts predict that Kadant Inc. will post 9.93 EPS 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 given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Thursday, October 10th. Kadant’s dividend payout ratio is currently 13.33%.

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.