Kadant (NYSE:KAI – Get Free Report) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
Kadant Trading Up 0.6 %
NYSE:KAI traded up $1.65 during trading hours on Wednesday, hitting $267.35. The company had a trading volume of 97,164 shares, compared to its average volume of 63,697. Kadant has a 1 year low of $171.02 and a 1 year high of $272.11. The company has a market cap of $3.13 billion, a P/E ratio of 27.28 and a beta of 1.23. The company has a 50-day moving average of $241.06 and a 200 day moving average of $223.34. The company has a current ratio of 2.04, a quick ratio of 1.27 and a debt-to-equity ratio of 0.17.
Kadant (NYSE:KAI – Get Free Report) last announced its quarterly earnings data on Tuesday, October 31st. The industrial products company reported $2.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $0.45. Kadant had a net margin of 12.06% and a return on equity of 16.76%. The firm had revenue of $244.18 million during the quarter, compared to analyst estimates of $231.80 million. Sell-side analysts expect that Kadant will post 9.75 earnings per share for the current year.
Insider Buying and Selling
In related news, Director Erin L. Russell sold 1,250 shares of the business’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $219.48, for a total value of $274,350.00. Following the sale, the director now directly owns 4,177 shares in the company, valued at approximately $916,767.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Erin L. Russell sold 1,250 shares of the stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $219.48, for a total transaction of $274,350.00. Following the completion of the transaction, the director now owns 4,177 shares of the company’s stock, valued at approximately $916,767.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John M. Albertine sold 1,200 shares of Kadant stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $219.79, for a total transaction of $263,748.00. Following the completion of the sale, the director now owns 6,517 shares of the company’s stock, valued at approximately $1,432,371.43. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,029 shares of company stock worth $1,108,337. Company insiders own 1.40% of the company’s stock.
Hedge Funds Weigh In On Kadant
A number of hedge funds and other institutional investors have recently bought and sold shares of KAI. American Century Companies Inc. lifted its holdings in Kadant by 29.8% during the 3rd quarter. American Century Companies Inc. now owns 8,901 shares of the industrial products company’s stock worth $2,008,000 after buying an additional 2,045 shares in the last quarter. Deutsche Bank AG raised its stake in shares of Kadant by 14.4% in the third quarter. Deutsche Bank AG now owns 6,206 shares of the industrial products company’s stock valued at $1,400,000 after acquiring an additional 780 shares in the last quarter. Comerica Bank purchased a new position in Kadant in the third quarter valued at $51,000. Creative Planning acquired a new stake in Kadant in the 3rd quarter valued at about $258,000. Finally, iA Global Asset Management Inc. purchased a new position in shares of Kadant in the 3rd quarter valued at about $507,000. 96.13% of the stock is currently owned by hedge funds and other institutional investors.
About Kadant
Kadant Inc supplies technologies and engineered systems worldwide. It operates through 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, shower and fabric-conditioning systems, formation systems, and water-filtration systems.