Raymond James Trust N.A. Sells 296 Shares of Kadant Inc. (NYSE:KAI)

Raymond James Trust N.A. cut its holdings in Kadant Inc. (NYSE:KAI) by 19.0% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,263 shares of the industrial products company’s stock after selling 296 shares during the period. Raymond James Trust N.A.’s holdings in Kadant were worth $427,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Ashton Thomas Securities LLC purchased a new stake in shares of Kadant during the third quarter worth $25,000. Opal Wealth Advisors LLC bought a new stake in shares of Kadant during the 2nd quarter valued at $29,000. Park Place Capital Corp lifted its holdings in Kadant by 68.6% during the 3rd 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 in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new position in Kadant in 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 buying an additional 190 shares in the last quarter. 96.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. DA Davidson increased their price target on shares of Kadant from $290.00 to $300.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Barrington Research reissued an “outperform” rating and issued a $360.00 price target on shares of Kadant in a report on Wednesday, October 30th.

Kadant Stock Performance

NYSE:KAI opened at $423.23 on Wednesday. The stock has a market cap of $4.97 billion, a P/E ratio of 43.32 and a beta of 1.21. 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 business’s 50-day moving average price is $349.32 and its two-hundred day moving average price is $318.89. Kadant Inc. has a twelve month low of $249.51 and a twelve month high of $429.95.

Kadant (NYSE:KAI) last announced its earnings results on Tuesday, October 29th. 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 11.12% and a return on equity of 15.10%. The business had revenue of $271.61 million for the quarter, compared to the consensus estimate of $266.38 million. During the same period last year, the firm posted $2.69 earnings per share. Kadant’s quarterly revenue was up 11.2% on a year-over-year basis. As a group, equities analysts predict that Kadant Inc. will post 10.11 EPS for the current fiscal year.

Kadant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 6th. Investors of record on Thursday, January 9th will be given a $0.32 dividend. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $1.28 annualized dividend and a yield of 0.30%. Kadant’s dividend payout ratio (DPR) is presently 13.10%.

Insider Activity at Kadant

In other Kadant news, Director Thomas C. Leonard sold 152 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $398.21, for a total transaction of $60,527.92. Following the transaction, the director now directly owns 4,250 shares in the company, valued at $1,692,392.50. This trade represents a 3.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Fredrik H. Westerhout sold 600 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the vice president now owns 1,437 shares of the company’s stock, valued at approximately $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 have sold a total of 3,052 shares of company stock valued at $1,091,455 over the last 90 days. 1.40% of the stock is owned by insiders.

Kadant Company 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.