24,675 Shares in Kadant Inc. (NYSE:KAI) Purchased by Norges Bank

Norges Bank purchased a new position in Kadant Inc. (NYSE:KAIFree Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 24,675 shares of the industrial products company’s stock, valued at approximately $6,917,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Beacon Pointe Advisors LLC purchased a new position in shares of Kadant in the 4th quarter worth about $208,000. Eagle Bay Advisors LLC purchased a new stake in Kadant during the fourth quarter valued at about $94,000. Principal Financial Group Inc. lifted its holdings in Kadant by 32.1% during the fourth quarter. Principal Financial Group Inc. now owns 4,905 shares of the industrial products company’s stock valued at $1,375,000 after purchasing an additional 1,192 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in Kadant during the fourth quarter valued at about $224,000. Finally, Teacher Retirement System of Texas lifted its holdings in Kadant by 27.8% during the fourth quarter. Teacher Retirement System of Texas now owns 1,154 shares of the industrial products company’s stock valued at $323,000 after purchasing an additional 251 shares during the last quarter. 96.13% of the stock is owned by hedge funds and other institutional investors.

Kadant Trading Down 0.3 %

Shares of Kadant stock opened at $279.88 on Friday. Kadant Inc. has a 12-month low of $196.99 and a 12-month high of $354.02. The company has a market cap of $3.29 billion, a price-to-earnings ratio of 29.15 and a beta of 1.25. The company has a current ratio of 2.05, a quick ratio of 1.27 and a debt-to-equity ratio of 0.39. The company’s 50-day moving average price is $286.02 and its 200-day moving average price is $289.65.

Kadant (NYSE:KAIGet Free Report) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.96 by $0.42. Kadant had a net margin of 11.53% and a return on equity of 15.60%. The firm had revenue of $248.98 million for the quarter, compared to the consensus estimate of $245.56 million. During the same period in the prior year, the firm posted $2.40 earnings per share. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. On average, equities analysts expect that Kadant Inc. will post 10.01 earnings per share for the current fiscal year.

Kadant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 8th. Stockholders of record on Thursday, July 11th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Thursday, July 11th. Kadant’s payout ratio is 13.33%.

Wall Street Analyst Weigh In

KAI has been the topic of several recent research reports. Barrington Research reaffirmed an “outperform” rating and set a $360.00 price objective on shares of Kadant in a report on Wednesday. William Blair reaffirmed an “outperform” rating on shares of Kadant in a report on Tuesday, April 30th.

View Our Latest Report on KAI

Insider Transactions at Kadant

In other news, Director Erin L. Russell sold 1,112 shares of the 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 sale, the director now directly owns 3,802 shares of the company’s stock, valued at $1,061,708.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, SVP Stacy D. Krause sold 881 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $327.00, for a total value of $288,087.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Erin L. Russell sold 1,112 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $279.25, for a total transaction of $310,526.00. Following the completion of the transaction, the director now owns 3,802 shares in the company, valued at $1,061,708.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,693 shares of company stock valued at $827,513. 1.40% of the stock is currently owned by corporate insiders.

Kadant Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Kadant (NYSE:KAI)

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