Kadant Inc. (NYSE:KAI) Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC cut its position in Kadant Inc. (NYSE:KAI) by 1.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 484,593 shares of the industrial products company’s stock after selling 7,250 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Kadant were worth $163,792,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC acquired a new position in Kadant during the third quarter worth $25,000. Icon Wealth Advisors LLC acquired a new position in Kadant during the third quarter worth $28,000. Opal Wealth Advisors LLC acquired a new position in Kadant during the second quarter worth $29,000. Park Place Capital Corp raised its holdings in Kadant by 68.6% during the third quarter. Park Place Capital Corp now owns 204 shares of the industrial products company’s stock worth $69,000 after purchasing an additional 83 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Kadant in the third quarter worth $74,000. 96.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Barrington Research reissued an “outperform” rating and issued a $360.00 price target on shares of Kadant in a report on Wednesday, October 30th.

Insider Activity

In related news, Director Thomas C. Leonard sold 2,000 shares of the stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $337.40, for a total transaction of $674,800.00. Following the completion of the sale, the director now directly owns 4,250 shares in the company, valued at approximately $1,433,950. This trade represents a 32.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Fredrik H. Westerhout sold 600 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $397.25, for a total transaction of $238,350.00. Following the transaction, the vice president now directly owns 1,437 shares in the company, valued at $570,848.25. The trade was a 29.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,052 shares of company stock worth $1,091,455 over the last quarter. Corporate insiders own 1.40% of the company’s stock.

Kadant Stock Up 2.3 %

Shares of Kadant stock opened at $412.79 on Monday. 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 business’s 50 day simple moving average is $355.60 and its 200-day simple moving average is $322.19. The stock has a market capitalization of $4.85 billion, a price-to-earnings ratio of 42.25 and a beta of 1.21. Kadant Inc. has a twelve month low of $249.51 and a twelve month high of $429.95.

Kadant (NYSE:KAI) last issued its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.43 by $0.41. The business had revenue of $271.61 million during the quarter, compared to analyst estimates 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 company posted $2.69 EPS. Equities research analysts forecast that Kadant Inc. will post 10.11 earnings per share for the current year.

Kadant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 6th. Stockholders of record on Thursday, January 9th will be issued a $0.32 dividend. The ex-dividend date is Thursday, January 9th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.31%. Kadant’s payout ratio is currently 13.10%.

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.