Geode Capital Management LLC Sells 29,672 Shares of Kadant Inc. (NYSE:KAI)

Geode Capital Management LLC decreased its holdings in shares of Kadant Inc. (NYSE:KAI) by 10.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 266,986 shares of the industrial products company’s stock after selling 29,672 shares during the quarter. Geode Capital Management LLC owned about 2.27% of Kadant worth $90,259,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Ashton Thomas Securities LLC bought a new stake in shares of Kadant in the 3rd quarter valued at approximately $25,000. Icon Wealth Advisors LLC purchased a new stake in shares of Kadant in the third quarter valued at $28,000. Park Place Capital Corp lifted its holdings in shares of Kadant by 68.6% in the 3rd quarter. Park Place Capital Corp now owns 204 shares of the industrial products company’s stock worth $69,000 after acquiring an additional 83 shares during the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Kadant during the 3rd quarter worth about $74,000. Finally, Benjamin F. Edwards & Company Inc. grew its holdings in Kadant by 226.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 274 shares of the industrial products company’s stock valued at $80,000 after purchasing an additional 190 shares during the last quarter. Institutional investors own 96.13% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Barrington Research boosted their target price on Kadant from $360.00 to $410.00 and gave the company an “outperform” rating in a research report on Thursday.

Kadant Stock Down 0.2 %

Shares of KAI opened at $351.99 on Friday. The company has a current ratio of 2.29, a quick ratio of 1.46 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $4.13 billion, a P/E ratio of 36.03 and a beta of 1.25. The firm has a fifty day moving average price of $371.48 and a 200-day moving average price of $332.45. Kadant Inc. has a 12-month low of $249.51 and a 12-month high of $429.95.

Kadant (NYSE:KAI) last issued its earnings results on Tuesday, October 29th. The industrial products company reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.43 by $0.41. The business had revenue of $271.61 million during the quarter, compared to analysts’ expectations of $266.38 million. Kadant had a return on equity of 15.10% and a net margin of 11.12%. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.69 EPS. Equities research analysts expect that Kadant Inc. will post 10.11 earnings per share for the current year.

Kadant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 6th. Shareholders of record on Thursday, January 9th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date is Thursday, January 9th. Kadant’s dividend payout ratio (DPR) is 13.10%.

Insider Activity

In related news, Director Thomas C. Leonard sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $337.40, for a total value of $674,800.00. Following the completion of the transaction, the director now owns 4,250 shares of the company’s stock, valued at $1,433,950. The trade was a 32.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Rebecca Martinez O’mara sold 300 shares of the company’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 sale, the director now owns 1,293 shares of the company’s stock, valued at approximately $507,618.87. This represents a 18.83 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,052 shares of company stock worth $1,091,455. 1.40% of the stock is currently owned by corporate insiders.

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.