King Luther Capital Management Corp Sells 1,347 Shares of Kadant Inc. (NYSE:KAI)

King Luther Capital Management Corp decreased its holdings in Kadant Inc. (NYSE:KAI) by 15.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 7,108 shares of the industrial products company’s stock after selling 1,347 shares during the period. King Luther Capital Management Corp owned approximately 0.06% of Kadant worth $2,088,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Teacher Retirement System of Texas grew its position in Kadant by 27.8% in 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 acquiring an additional 251 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in Kadant in the 4th quarter valued at approximately $224,000. Principal Financial Group Inc. boosted its position in Kadant by 32.1% in 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 buying an additional 1,192 shares in the last quarter. Beacon Pointe Advisors LLC bought a new stake in shares of Kadant during the fourth quarter worth $208,000. Finally, Norges Bank acquired a new position in shares of Kadant during the fourth quarter worth $6,917,000. Institutional investors and hedge funds own 96.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. DA Davidson boosted their price objective on Kadant from $290.00 to $300.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Barrington Research reaffirmed an “outperform” rating and issued a $360.00 price objective on shares of Kadant in a research note on Friday.

Kadant Stock Performance

Shares of Kadant stock opened at $332.98 on Friday. The stock has a market cap of $3.91 billion, a price-to-earnings ratio of 34.69 and a beta of 1.21. Kadant Inc. has a twelve month low of $214.21 and a twelve month high of $363.40. The company’s fifty day moving average is $320.36 and its 200 day moving average is $303.30. The company has a quick ratio of 1.40, a current ratio of 2.25 and a debt-to-equity ratio of 0.42.

Kadant (NYSE:KAI) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.43 by $0.38. The company had revenue of $275.00 million during the quarter, compared to analysts’ expectations of $263.50 million. Kadant had a return on equity of 15.48% and a net margin of 11.35%. The business’s quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.54 earnings per share. Sell-side analysts forecast that Kadant Inc. will post 9.93 EPS for the current year.

Kadant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 7th. Stockholders of record on Thursday, October 10th will be given a $0.32 dividend. The ex-dividend date is Thursday, October 10th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.38%. Kadant’s dividend payout ratio (DPR) is currently 13.33%.

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.