Kadant Inc. (NYSE:KAI) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its position in Kadant Inc. (NYSE:KAI) by 1.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,562 shares of the industrial products company’s stock after selling 89 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of Kadant worth $2,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in KAI. Associated Banc Corp boosted its stake in shares of Kadant by 7.5% during the 3rd quarter. Associated Banc Corp now owns 831 shares of the industrial products company’s stock worth $281,000 after acquiring an additional 58 shares in the last quarter. Cerity Partners LLC acquired a new position in Kadant in the 3rd quarter worth about $538,000. Champlain Investment Partners LLC boosted its position in Kadant by 34.8% during the third quarter. Champlain Investment Partners LLC now owns 122,624 shares of the industrial products company’s stock worth $41,447,000 after purchasing an additional 31,675 shares in the last quarter. Icon Wealth Advisors LLC acquired a new stake in Kadant in the third quarter valued at approximately $28,000. Finally, Citigroup Inc. increased its position in shares of Kadant by 223.1% in the third quarter. Citigroup Inc. now owns 14,893 shares of the industrial products company’s stock valued at $5,034,000 after buying an additional 10,283 shares in the last quarter. 96.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Barrington Research reiterated an “outperform” rating and set a $360.00 target price on shares of Kadant in a research report on Wednesday, October 30th.

Kadant Trading Up 0.8 %

Shares of Kadant stock opened at $408.16 on Monday. The company has a current ratio of 2.29, a quick ratio of 1.46 and a debt-to-equity ratio of 0.37. Kadant Inc. has a twelve month low of $249.51 and a twelve month high of $429.95. The firm has a market capitalization of $4.79 billion, a PE ratio of 41.78 and a beta of 1.25. The firm’s 50-day moving average price is $363.03 and its 200 day moving average price is $327.01.

Kadant (NYSE:KAI) last released its earnings results on Tuesday, October 29th. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.43 by $0.41. Kadant had a return on equity of 15.10% and a net margin of 11.12%. The business had revenue of $271.61 million for the quarter, compared to the consensus estimate of $266.38 million. During the same quarter last year, the business posted $2.69 earnings per share. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. On average, sell-side analysts predict that Kadant Inc. will post 10.11 EPS for the current fiscal year.

Kadant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 6th. Stockholders of record on Thursday, January 9th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date is Thursday, January 9th. Kadant’s dividend payout ratio (DPR) is 13.10%.

Insider Transactions at Kadant

In other Kadant news, Director Thomas C. Leonard sold 152 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $398.21, for a total transaction of $60,527.92. Following the transaction, the director now owns 4,250 shares of the company’s stock, valued at approximately $1,692,392.50. The trade was a 3.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Rebecca Martinez O’mara sold 300 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $392.59, for a total value of $117,777.00. Following the completion of the sale, the director now directly owns 1,293 shares of the company’s stock, valued at $507,618.87. This trade represents a 18.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,052 shares of company stock valued at $1,091,455. Corporate insiders own 1.40% of the company’s stock.

About Kadant

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.