Kadant Inc. (NYSE:KAI) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its position in Kadant Inc. (NYSE:KAI) by 19.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 33,710 shares of the industrial products company’s stock after selling 8,133 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.29% of Kadant worth $11,698,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Ashton Thomas Securities LLC acquired a new stake in Kadant during the third quarter worth about $25,000. Hilltop National Bank acquired a new stake in shares of Kadant during the 4th quarter worth approximately $26,000. Icon Wealth Advisors LLC purchased a new position in shares of Kadant during the 3rd quarter valued at approximately $28,000. Westside Investment Management Inc. acquired a new position in shares of Kadant in the 3rd quarter valued at $31,000. Finally, Whittier Trust Co. of Nevada Inc. purchased a new stake in Kadant during the third quarter worth $74,000. 96.13% of the stock is currently owned by hedge funds and other institutional investors.

Kadant Stock Up 10.2 %

Shares of KAI opened at $390.21 on Tuesday. The firm has a market cap of $4.58 billion, a P/E ratio of 39.94 and a beta of 1.29. Kadant Inc. has a 12 month low of $249.51 and a 12 month high of $429.95. The stock’s 50 day moving average is $362.93 and its two-hundred day moving average is $349.38. 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 (NYSE:KAI) last issued its quarterly earnings results on Wednesday, February 12th. The industrial products company reported $2.25 EPS for the quarter, topping the consensus estimate of $2.08 by $0.17. Kadant had a net margin of 11.12% and a return on equity of 15.10%. Analysts predict that Kadant Inc. will post 10.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Barrington Research reaffirmed an “outperform” rating and issued a $410.00 price objective on shares of Kadant in a report on Friday.

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.