Kadant Inc. (NYSE:KAI) Short Interest Down 7.5% in March

Kadant Inc. (NYSE:KAIGet Free Report) saw a significant decline in short interest during the month of March. As of March 15th, there was short interest totalling 860,400 shares, a decline of 7.5% from the February 29th total of 929,700 shares. Approximately 7.4% of the company’s stock are sold short. Based on an average trading volume of 94,800 shares, the days-to-cover ratio is currently 9.1 days.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on KAI shares. StockNews.com downgraded shares of Kadant from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Barrington Research restated an “outperform” rating and issued a $300.00 price objective on shares of Kadant in a research note on Wednesday, February 14th.

View Our Latest Report on Kadant

Kadant Stock Performance

NYSE KAI traded down $10.99 on Tuesday, reaching $316.32. The stock had a trading volume of 27,273 shares, compared to its average volume of 96,989. The stock has a market cap of $3.71 billion, a P/E ratio of 32.06 and a beta of 1.28. Kadant has a 12-month low of $183.19 and a 12-month high of $354.02. The business’s 50-day moving average price is $313.96 and its 200 day moving average price is $272.47. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.34 and a current ratio of 2.05.

Kadant (NYSE:KAIGet Free Report) last issued its quarterly earnings results on Wednesday, February 14th. The industrial products company reported $2.41 earnings per share for the quarter, topping analysts’ consensus estimates of $2.10 by $0.31. Kadant had a net margin of 12.12% and a return on equity of 16.20%. The firm had revenue of $238.68 million during the quarter, compared to analysts’ expectations of $227.54 million. As a group, equities analysts expect that Kadant will post 9.98 earnings per share for the current year.

Kadant Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 8th. Shareholders of record on Wednesday, April 10th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, April 9th. This is an increase from Kadant’s previous quarterly dividend of $0.29. This represents a $1.28 annualized dividend and a yield of 0.40%. Kadant’s dividend payout ratio is currently 11.72%.

Insider Buying and Selling

In other news, Director Jonathan W. Painter sold 7,000 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $330.25, for a total value of $2,311,750.00. Following the sale, the director now directly owns 7,615 shares in the company, valued at approximately $2,514,853.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Jonathan W. Painter sold 7,000 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $330.25, for a total value of $2,311,750.00. Following the transaction, the director now owns 7,615 shares of the company’s stock, valued at $2,514,853.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Stacy D. Krause sold 881 shares of Kadant stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $327.00, for a total value of $288,087.00. The disclosure for this sale can be found here. Insiders sold 8,798 shares of company stock worth $2,899,004 over the last 90 days. 1.40% of the stock is owned by insiders.

Institutional Trading of Kadant

A number of hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC lifted its holdings in shares of Kadant by 58.2% during the fourth quarter. Parallel Advisors LLC now owns 106 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 39 shares during the period. First Horizon Advisors Inc. raised its stake in shares of Kadant by 37.0% during the 4th quarter. First Horizon Advisors Inc. now owns 185 shares of the industrial products company’s stock worth $52,000 after buying an additional 50 shares in the last quarter. Arizona State Retirement System lifted its holdings in Kadant by 1.6% in the third quarter. Arizona State Retirement System now owns 3,332 shares of the industrial products company’s stock valued at $752,000 after acquiring an additional 53 shares during the period. Dark Forest Capital Management LP boosted its holdings in Kadant by 70.4% during the first quarter. Dark Forest Capital Management LP now owns 138 shares of the industrial products company’s stock worth $29,000 after buying an additional 57 shares in the last quarter. Finally, Amalgamated Bank grew its position in Kadant by 3.1% during the fourth quarter. Amalgamated Bank now owns 1,925 shares of the industrial products company’s stock worth $342,000 after buying an additional 57 shares during the period. 96.13% of the stock is owned by institutional investors and hedge funds.

About Kadant

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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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