Kadant Inc. (NYSE:KAI) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D decreased its position in Kadant Inc. (NYSE:KAI) by 20.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,889 shares of the industrial products company’s stock after selling 1,740 shares during the period. State of New Jersey Common Pension Fund D owned 0.06% of Kadant worth $2,024,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in KAI. Benjamin F. Edwards & Company Inc. purchased a new stake in Kadant in the 1st quarter valued at about $28,000. Opal Wealth Advisors LLC acquired a new stake in shares of Kadant during the second quarter valued at about $29,000. Parallel Advisors LLC raised its stake in shares of Kadant by 58.2% in the 4th quarter. Parallel Advisors LLC now owns 106 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 39 shares during the period. Covestor Ltd lifted its holdings in shares of Kadant by 31,600.0% in the 1st quarter. Covestor Ltd now owns 317 shares of the industrial products company’s stock worth $104,000 after acquiring an additional 316 shares during the last quarter. Finally, Fidelis Capital Partners LLC purchased a new position in shares of Kadant during the 1st quarter worth approximately $141,000. Institutional investors and hedge funds own 96.13% of the company’s stock.

Kadant Price Performance

Shares of KAI opened at $332.85 on Friday. The company has a market cap of $3.91 billion, a P/E ratio of 34.67 and a beta of 1.21. Kadant Inc. has a fifty-two week low of $214.21 and a fifty-two week high of $363.40. The company has a quick ratio of 1.40, a current ratio of 2.25 and a debt-to-equity ratio of 0.42. The firm’s 50 day moving average price is $320.19 and its 200 day moving average price is $303.37.

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

Kadant Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Barrington Research restated an “outperform” rating and set a $360.00 price target on shares of Kadant in a research note on Friday. DA Davidson increased their target price on Kadant from $290.00 to $300.00 and gave the stock a “neutral” rating in a research note 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.