Handelsbanken Fonder AB Cuts Stake in Kadant Inc. (NYSE:KAI)

Handelsbanken Fonder AB cut its holdings in Kadant Inc. (NYSE:KAI) by 9.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 100,079 shares of the industrial products company’s stock after selling 10,700 shares during the quarter. Handelsbanken Fonder AB owned approximately 0.85% of Kadant worth $34,526,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in KAI. Creative Planning lifted its position in shares of Kadant by 17.1% in the 3rd quarter. Creative Planning now owns 4,511 shares of the industrial products company’s stock worth $1,525,000 after purchasing an additional 660 shares during the period. Whittier Trust Co. of Nevada Inc. bought a new position in Kadant in the third quarter worth approximately $74,000. Wealth Enhancement Advisory Services LLC lifted its holdings in Kadant by 16.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 793 shares of the industrial products company’s stock worth $268,000 after buying an additional 110 shares during the period. abrdn plc boosted 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 in the last quarter. Finally, US Bancorp DE increased its holdings in shares of Kadant by 6.4% in the 3rd quarter. US Bancorp DE now owns 1,933 shares of the industrial products company’s stock valued at $653,000 after acquiring an additional 116 shares during the period. 96.13% of the stock is currently owned by institutional investors.

Kadant Trading Down 1.9 %

NYSE KAI opened at $387.61 on Friday. The firm has a market cap of $4.55 billion, a PE ratio of 40.89 and a beta of 1.29. Kadant Inc. has a 52 week low of $249.51 and a 52 week high of $429.95. The company has a quick ratio of 1.46, a current ratio of 2.29 and a debt-to-equity ratio of 0.37. The company has a 50 day moving average price of $363.33 and a 200 day moving average price of $350.56.

Kadant (NYSE:KAI) last issued its quarterly earnings results on Wednesday, February 12th. The industrial products company reported $2.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.08 by $0.17. Kadant had a return on equity of 14.66% and a net margin of 10.59%. As a group, sell-side analysts forecast that Kadant Inc. will post 9.91 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Barrington Research reaffirmed an “outperform” rating and set a $410.00 price objective on shares of Kadant in a research report on Friday, February 14th.

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.