Aviva PLC Trims Stock Position in Kadant Inc. (NYSE:KAI)

Posted by MarketBeat News on May 21st, 2023

Aviva PLC lessened its holdings in shares of Kadant Inc. (NYSE:KAI – Get Rating) by 38.5% in the 4th quarter, HoldingsChannel reports. The firm owned 5,448 shares of the industrial products company’s stock after selling 3,408 shares during the quarter. Aviva PLC’s holdings in Kadant were worth $968,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. Signaturefd LLC increased its holdings in Kadant by 58.6% in the fourth quarter. Signaturefd LLC now owns 157 shares of the industrial products company’s stock valued at $28,000 after buying an additional 58 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in Kadant by 182.4% in the third quarter. Rockefeller Capital Management L.P. now owns 192 shares of the industrial products company’s stock valued at $32,000 after buying an additional 124 shares in the last quarter. Lazard Asset Management LLC purchased a new position in Kadant in the first quarter valued at $47,000. CWM LLC increased its holdings in Kadant by 23.0% in the fourth quarter. CWM LLC now owns 439 shares of the industrial products company’s stock valued at $78,000 after buying an additional 82 shares in the last quarter. Finally, Great West Life Assurance Co. Can purchased a new position in Kadant in the third quarter valued at $95,000. Hedge funds and other institutional investors own 95.84% of the company’s stock.

Kadant Stock Up 0.3 %

KAI stock opened at $198.41 on Friday. The stock has a market capitalization of $2.32 billion, a P/E ratio of 21.52, a P/E/G ratio of 2.74 and a beta of 1.19. The firm has a 50-day simple moving average of $195.84 and a 200-day simple moving average of $194.56. The company has a quick ratio of 1.20, a current ratio of 1.99 and a debt-to-equity ratio of 0.26. Kadant Inc. has a 52 week low of $154.19 and a 52 week high of $221.27.

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Kadant (NYSE:KAI – Get Rating) last released its earnings results on Tuesday, May 2nd. The industrial products company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.13 by $0.27. The business had revenue of $229.80 million during the quarter, compared to analysts’ expectations of $221.63 million. Kadant had a net margin of 11.87% and a return on equity of 17.12%. The company’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.28 earnings per share. Equities analysts forecast that Kadant Inc. will post 9.02 earnings per share for the current fiscal year.

Kadant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 10th. Investors of record on Thursday, July 13th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $1.16 dividend on an annualized basis and a yield of 0.58%. Kadant’s payout ratio is presently 12.58%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on KAI shares. Seaport Res Ptn reaffirmed a “neutral” rating on shares of Kadant in a report on Monday, May 8th. DA Davidson lifted their price objective on shares of Kadant from $182.00 to $205.00 in a report on Friday, February 17th. Barrington Research reissued an “outperform” rating and set a $229.00 target price on shares of Kadant in a research note on Monday, February 13th. Finally, StockNews.com started coverage on shares of Kadant in a research note on Thursday. They set a “buy” rating for the company.

Insider Buying and Selling

In related news, CFO Michael J. Mckenney sold 1,364 shares of the business’s stock in a transaction dated Monday, March 20th. The shares were sold at an average price of $201.35, for a total transaction of $274,641.40. Following the transaction, the chief financial officer now directly owns 21,988 shares in the company, valued at $4,427,283.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Michael J. Mckenney sold 1,364 shares of the business’s stock in a transaction dated Monday, March 20th. The shares were sold at an average price of $201.35, for a total transaction of $274,641.40. Following the transaction, the chief financial officer now directly owns 21,988 shares in the company, valued at $4,427,283.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Stacy D. Krause sold 780 shares of the business’s stock in a transaction dated Monday, March 13th. The stock was sold at an average price of $205.10, for a total transaction of $159,978.00. Following the transaction, the senior vice president now owns 1,843 shares in the company, valued at $377,999.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,780 shares of company stock worth $1,179,960. 1.40% of the stock is owned by insiders.

About Kadant

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Kadant Inc is a global supplier of critical components and engineered systems used in process industries worldwide. The firm’s products, technologies, and services play an integral role in enhancing process efficiency, optimizing energy utilization, and maximizing productivity in resource-intensive industries.