Pier Capital LLC lessened its position in shares of Kadant (NYSE:KAI) by 4.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 59,369 shares of the industrial products company’s stock after selling 2,583 shares during the quarter. Pier Capital LLC owned approximately 0.54% of Kadant worth $5,961,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company boosted its stake in Kadant by 1.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,302 shares of the industrial products company’s stock valued at $625,000 after buying an additional 92 shares in the last quarter. American International Group Inc. boosted its stake in Kadant by 8.1% in the 3rd quarter. American International Group Inc. now owns 7,274 shares of the industrial products company’s stock valued at $717,000 after buying an additional 544 shares in the last quarter. Swiss National Bank boosted its stake in Kadant by 4.5% in the 4th quarter. Swiss National Bank now owns 18,700 shares of the industrial products company’s stock valued at $1,877,000 after buying an additional 800 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Kadant in the 4th quarter valued at $104,000. Finally, Meeder Asset Management Inc. boosted its stake in Kadant by 264.1% in the 4th quarter. Meeder Asset Management Inc. now owns 1,653 shares of the industrial products company’s stock valued at $166,000 after buying an additional 1,199 shares in the last quarter. 90.70% of the stock is currently owned by institutional investors.
Shares of Kadant (NYSE:KAI) opened at $99.90 on Tuesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.01 and a quick ratio of 1.37. Kadant has a one year low of $56.15 and a one year high of $114.00. The company has a market capitalization of $1,123.20, a price-to-earnings ratio of 22.78 and a beta of 1.36.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 10th. Shareholders of record on Thursday, April 12th will be given a $0.22 dividend. This is an increase from Kadant’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Wednesday, April 11th. This represents a $0.88 annualized dividend and a yield of 0.88%. Kadant’s payout ratio is presently 30.43%.
In other Kadant news, insider Eric T. Langevin sold 8,932 shares of Kadant stock in a transaction on Tuesday, December 26th. The stock was sold at an average price of $99.69, for a total value of $890,431.08. Following the completion of the transaction, the insider now owns 34,382 shares in the company, valued at approximately $3,427,541.58. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Eric T. Langevin sold 7,000 shares of Kadant stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $99.62, for a total value of $697,340.00. Following the completion of the transaction, the chief operating officer now owns 34,382 shares of the company’s stock, valued at approximately $3,425,134.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,554 shares of company stock valued at $3,773,468. Corporate insiders own 5.59% of the company’s stock.
KAI has been the topic of several recent analyst reports. ValuEngine raised Kadant from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Zacks Investment Research lowered Kadant from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Kadant in a research note on Thursday, March 1st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $112.67.
Kadant Inc is a supplier of equipment and components used in process industries. In addition, the Company manufactures granules made from papermaking by-products. Its segments include Papermaking Systems and Wood Processing Systems. The Company has a customer base, which includes paper and oriented strand board (OSB) manufacturers.
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