MeadowBrook Investment Advisors LLC Reduces Stake in Kadant Inc. (NYSE:KAI)

MeadowBrook Investment Advisors LLC cut its position in Kadant Inc. (NYSE:KAI) by 28.0% in the third quarter, Holdings Channel reports. The firm owned 708 shares of the industrial products company’s stock after selling 276 shares during the period. MeadowBrook Investment Advisors LLC’s holdings in Kadant were worth $239,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC acquired a new stake in Kadant during the 3rd quarter worth approximately $25,000. Opal Wealth Advisors LLC purchased a new position in Kadant during the second quarter worth $29,000. Park Place Capital Corp increased its position in Kadant by 68.6% during the third quarter. Park Place Capital Corp now owns 204 shares of the industrial products company’s stock worth $69,000 after buying an additional 83 shares in the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Kadant in the third quarter valued at $74,000. Finally, Benjamin F. Edwards & Company Inc. grew its position in shares of Kadant by 226.2% in the second 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 during the period. 96.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Kadant Stock Up 0.7 %

Kadant stock traded up $2.59 during midday trading on Thursday, hitting $395.48. The stock had a trading volume of 2,965 shares, compared to its average volume of 80,513. The company has a current ratio of 2.29, a quick ratio of 1.46 and a debt-to-equity ratio of 0.37. The stock has a market cap of $4.64 billion, a P/E ratio of 40.21 and a beta of 1.21. Kadant Inc. has a 12 month low of $249.51 and a 12 month high of $422.54. The business has a fifty day moving average price of $334.70 and a 200 day moving average price of $311.61.

Kadant (NYSE:KAI) last posted its earnings results on Tuesday, October 29th. The industrial products company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.43 by $0.41. The company had revenue of $271.61 million during the quarter, compared to analyst estimates of $266.38 million. Kadant had a return on equity of 15.10% and a net margin of 11.12%. The business’s revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.69 earnings per share. Research analysts predict that Kadant Inc. will post 10.11 EPS for the current year.

Kadant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Thursday, October 10th were given a dividend of $0.32 per share. The ex-dividend date was Thursday, October 10th. This represents a $1.28 annualized dividend and a dividend yield of 0.32%. Kadant’s dividend payout ratio is presently 13.10%.

Insider Transactions 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. Insiders own 1.40% of the company’s stock.

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.