Shares of Kadant Inc. (NYSE:KAI – Get Free Report) were up 5.4% on Wednesday following a stronger than expected earnings report. The company traded as high as $343.53 and last traded at $337.82. Approximately 14,523 shares traded hands during trading, a decline of 82% from the average daily volume of 80,439 shares. The stock had previously closed at $320.55.
The industrial products company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.43 by $0.41. Kadant had a net margin of 11.35% and a return on equity of 15.48%. The company had revenue of $271.61 million for the quarter, compared to analyst estimates of $266.38 million. During the same period last year, the firm earned $2.69 earnings per share. The firm’s revenue was up 11.2% on a year-over-year basis.
Kadant Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 7th. Shareholders of record on Thursday, October 10th will be given a $0.32 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $1.28 annualized dividend and a yield of 0.38%. Kadant’s dividend payout ratio is currently 13.17%.
Wall Street Analysts Forecast Growth
Get Our Latest Stock Analysis on Kadant
Insider Activity at Kadant
In other news, Director Thomas C. Leonard sold 2,000 shares of the company’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $337.40, for a total transaction of $674,800.00. Following the sale, the director now directly owns 4,250 shares in the company, valued at $1,433,950. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 1.40% of the stock is owned by company insiders.
Hedge Funds Weigh In On Kadant
A number of large investors have recently modified their holdings of the company. Asset Management One Co. Ltd. bought a new stake in shares of Kadant in the third quarter worth about $111,000. Cannon Global Investment Management LLC purchased a new position in Kadant during the 3rd quarter valued at $237,000. US Bancorp DE raised its stake in Kadant by 6.4% in the third quarter. US Bancorp DE now owns 1,933 shares of the industrial products company’s stock worth $653,000 after buying an additional 116 shares in the last quarter. abrdn plc lifted its position in Kadant by 1.1% during the 3rd quarter. abrdn plc now owns 71,495 shares of the industrial products company’s stock valued at $24,165,000 after acquiring an additional 796 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Kadant by 16.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 793 shares of the industrial products company’s stock valued at $268,000 after buying an additional 110 shares during the last quarter. 96.13% of the stock is owned by hedge funds and other institutional investors.
Kadant Stock Performance
The firm has a market capitalization of $3.99 billion, a PE ratio of 32.98 and a beta of 1.21. The company has a current ratio of 2.25, a quick ratio of 1.40 and a debt-to-equity ratio of 0.42. The business’s 50 day simple moving average is $322.41 and its two-hundred day simple moving average is $305.09.
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.
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