Kadant Inc. (NYSE:KAI) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its holdings in shares of Kadant Inc. (NYSE:KAI) by 4.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,236 shares of the industrial products company’s stock after selling 61 shares during the period. PNC Financial Services Group Inc.’s holdings in Kadant were worth $347,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Headinvest LLC acquired a new position in shares of Kadant during the 3rd quarter valued at $25,000. Parallel Advisors LLC boosted its position in shares of Kadant by 58.2% in the fourth quarter. Parallel Advisors LLC now owns 106 shares of the industrial products company’s stock worth $30,000 after buying an additional 39 shares during the period. First Horizon Advisors Inc. grew its stake in shares of Kadant by 37.0% in the fourth quarter. First Horizon Advisors Inc. now owns 185 shares of the industrial products company’s stock valued at $52,000 after buying an additional 50 shares in the last quarter. Financial Management Professionals Inc. purchased a new stake in shares of Kadant during the 4th quarter valued at about $54,000. Finally, Eagle Bay Advisors LLC acquired a new position in Kadant during the 4th quarter worth approximately $94,000. 96.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Kadant

In other Kadant news, Director Erin L. Russell sold 1,112 shares of the 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 transaction, the director now owns 3,802 shares of the company’s stock, valued at approximately $1,061,708.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.40% of the stock is owned by corporate insiders.

Kadant Price Performance

Shares of NYSE KAI opened at $293.78 on Friday. The company has a quick ratio of 1.27, a current ratio of 2.05 and a debt-to-equity ratio of 0.39. Kadant Inc. has a fifty-two week low of $196.99 and a fifty-two week high of $354.02. The business has a 50 day moving average price of $280.45 and a two-hundred day moving average price of $291.96. The firm has a market cap of $3.45 billion, a PE ratio of 30.60 and a beta of 1.25.

Kadant (NYSE:KAI) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.38 earnings per share 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 business had revenue of $248.98 million during the quarter, compared to the consensus estimate of $245.56 million. During the same quarter last year, the company earned $2.40 earnings per share. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. Sell-side analysts expect that Kadant Inc. will post 10.03 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. Investors of record on Thursday, July 11th will be paid a $0.32 dividend. The ex-dividend date is Thursday, July 11th. This represents a $1.28 dividend on an annualized basis and a yield of 0.44%. Kadant’s dividend payout ratio (DPR) is 13.33%.

Analysts Set New Price Targets

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

Kadant Profile

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.