Victory Capital Management Inc. Sells 175 Shares of Kadant Inc. (NYSE:KAI)

Victory Capital Management Inc. lessened its position in Kadant Inc. (NYSE:KAI) by 5.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,050 shares of the industrial products company’s stock after selling 175 shares during the period. Victory Capital Management Inc.’s holdings in Kadant were worth $896,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Rhumbline Advisers boosted its stake in shares of Kadant by 4.0% in the 2nd quarter. Rhumbline Advisers now owns 19,031 shares of the industrial products company’s stock valued at $5,591,000 after purchasing an additional 726 shares in the last quarter. Aptus Capital Advisors LLC boosted its stake in shares of Kadant by 24.7% in the 2nd quarter. Aptus Capital Advisors LLC now owns 20,421 shares of the industrial products company’s stock valued at $5,999,000 after purchasing an additional 4,049 shares in the last quarter. Farther Finance Advisors LLC acquired a new stake in shares of Kadant in the 2nd quarter valued at $363,000. Principal Financial Group Inc. boosted its stake in shares of Kadant by 10.5% in the 2nd quarter. Principal Financial Group Inc. now owns 6,596 shares of the industrial products company’s stock valued at $1,938,000 after purchasing an additional 628 shares in the last quarter. Finally, F M Investments LLC acquired a new stake in shares of Kadant in the 2nd quarter valued at $13,495,000. Institutional investors and hedge funds own 96.13% of the company’s stock.

Kadant Stock Down 2.6 %

Shares of NYSE KAI opened at $332.85 on Friday. The firm’s 50-day simple moving average is $320.19 and its 200 day simple moving average is $303.37. The company has a market cap of $3.91 billion, a price-to-earnings ratio of 35.00 and a beta of 1.21. 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 Inc. has a 12-month low of $214.21 and a 12-month high of $363.40.

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

Kadant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Shareholders of record on Thursday, October 10th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend is Thursday, October 10th. Kadant’s dividend payout ratio is presently 13.33%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Barrington Research restated an “outperform” rating and issued a $360.00 target price on shares of Kadant in a research note on Friday. DA Davidson upped their price target on shares of Kadant from $290.00 to $300.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st.

Kadant Company 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.