Smith Shellnut Wilson LLC ADV Purchases New Position in Kadant Inc. (NYSE:KAI)

Smith Shellnut Wilson LLC ADV bought a new position in shares of Kadant Inc. (NYSE:KAI) during the 2nd quarter, HoldingsChannel reports. The firm bought 825 shares of the industrial products company’s stock, valued at approximately $242,000.

A number of other large investors have also recently made changes to their positions in KAI. Allspring Global Investments Holdings LLC raised its stake in shares of Kadant by 87.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 47,219 shares of the industrial products company’s stock valued at $13,872,000 after purchasing an additional 22,020 shares during the period. Bank of New York Mellon Corp increased its position in shares of Kadant by 9.4% during the second quarter. Bank of New York Mellon Corp now owns 63,955 shares of the industrial products company’s stock valued at $18,789,000 after buying an additional 5,473 shares during the period. Raymond James Trust N.A. boosted its position in shares of Kadant by 12.4% in the second quarter. Raymond James Trust N.A. now owns 1,559 shares of the industrial products company’s stock valued at $458,000 after acquiring an additional 172 shares during the period. Raymond James & Associates increased its holdings in Kadant by 6.5% during the 2nd quarter. Raymond James & Associates now owns 84,117 shares of the industrial products company’s stock worth $24,712,000 after acquiring an additional 5,167 shares during the period. Finally, AlphaMark Advisors LLC purchased a new position in shares of Kadant during the 2nd quarter valued at $345,000. 96.13% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Erin L. Russell sold 1,112 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $279.25, for a total transaction of $310,526.00. Following the transaction, the director now directly owns 3,802 shares of the company’s stock, valued at $1,061,708.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.40% of the stock is owned by insiders.

Kadant Price Performance

Shares of KAI stock traded down $1.39 during trading hours on Tuesday, hitting $319.29. 30,966 shares of the company’s stock were exchanged, compared to its average volume of 86,520. The company has a market capitalization of $3.75 billion, a PE ratio of 33.40 and a beta of 1.24. The company has a current ratio of 2.25, a quick ratio of 1.40 and a debt-to-equity ratio of 0.42. Kadant Inc. has a 12-month low of $213.87 and a 12-month high of $363.40. The business’s 50 day simple moving average is $311.65 and its 200-day simple moving average is $304.04.

Kadant (NYSE:KAI) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.81 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $263.50 million. During the same period in the prior year, the business posted $2.54 earnings per share. The company’s revenue was up 12.2% on a year-over-year basis. On average, equities research analysts anticipate that Kadant Inc. will post 9.93 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on KAI shares. DA Davidson lifted their price objective on shares of Kadant from $290.00 to $300.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. William Blair restated an “outperform” rating on shares of Kadant in a research report on Tuesday, April 30th. Finally, Barrington Research reiterated an “outperform” rating and issued a $360.00 price objective on shares of Kadant in a report on Wednesday, June 26th.

About Kadant

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.