Price T Rowe Associates Inc. MD Has $75.50 Million Position in Kadant Inc. (NYSE:KAI)

Price T Rowe Associates Inc. MD cut its holdings in shares of Kadant Inc. (NYSE:KAI) by 0.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 230,117 shares of the industrial products company’s stock after selling 916 shares during the period. Price T Rowe Associates Inc. MD owned about 1.96% of Kadant worth $75,502,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Kadant by 46.3% during the first quarter. Vanguard Group Inc. now owns 967,638 shares of the industrial products company’s stock worth $317,482,000 after purchasing an additional 306,352 shares during the period. Capital World Investors acquired a new position in Kadant during the 1st quarter worth about $92,993,000. abrdn plc grew its position in shares of Kadant by 16.2% in the 4th quarter. abrdn plc now owns 118,583 shares of the industrial products company’s stock valued at $33,240,000 after buying an additional 16,541 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Kadant by 0.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 114,766 shares of the industrial products company’s stock valued at $32,170,000 after buying an additional 611 shares during the period. Finally, Raymond James & Associates increased its stake in shares of Kadant by 137.9% in the fourth quarter. Raymond James & Associates now owns 82,151 shares of the industrial products company’s stock valued at $23,028,000 after buying an additional 47,618 shares during the period. 96.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. William Blair reiterated an “outperform” rating on shares of Kadant in a report on Tuesday, April 30th. Barrington Research reiterated an “outperform” rating and set a $360.00 price objective on shares of Kadant in a research report on Wednesday, June 26th.

Insider Transactions at Kadant

In other news, Director Erin L. Russell sold 1,112 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $279.25, for a total transaction of $310,526.00. Following the completion of the sale, the director now owns 3,802 shares of the company’s stock, valued at approximately $1,061,708.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.40% of the company’s stock.

Kadant Stock Down 0.5 %

Shares of Kadant stock opened at $354.09 on Tuesday. The stock’s 50-day moving average is $298.12 and its 200 day moving average is $299.41. Kadant Inc. has a one year low of $196.99 and a one year high of $359.55. The firm has a market cap of $4.16 billion, a price-to-earnings ratio of 36.88 and a beta of 1.24. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.05 and a quick ratio of 1.27.

Kadant (NYSE:KAI) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.96 by $0.42. The firm had revenue of $248.98 million for the quarter, compared to analysts’ expectations of $245.56 million. Kadant had a return on equity of 15.60% and a net margin of 11.53%. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the prior year, the business earned $2.40 EPS. Equities research analysts anticipate that Kadant Inc. will post 10.03 EPS for the current year.

Kadant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 8th. Stockholders of record on Thursday, July 11th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 0.36%. The ex-dividend date is Thursday, July 11th. Kadant’s dividend payout ratio (DPR) is 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.