Today, Smith Asset Management Group LP Sold shares of Kadant Inc. (KAI)

Today, Smith Asset Management Group LP Sold shares of Kadant Inc. (KAI)
Smith Asset Management Group LP lowered its position in Kadant Inc. (NYSE:KAI) by 10.5% during the third quarter, Holdings Channel reports. The firm owned 41,970 shares of the company’s stock after selling 4,930 shares during the period. Smith Asset Management Group LP owned about 0.39% of Kadant worth $2,187,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Royce & Associates LP boosted its stake in Kadant by 64.5% in the second quarter. Royce & Associates LP now owns 846,967 shares of the company’s stock worth $43,627,000 after buying an additional 332,000 shares during the period. Wells Fargo & Company MN boosted its stake in Kadant by 5.4% in the third quarter. Wells Fargo & Company MN now owns 731,760 shares of the company’s stock worth $38,132,000 after buying an additional 37,485 shares during the period. Macquarie Group Ltd. boosted its stake in Kadant by 26.5% in the second quarter. Macquarie Group Ltd. now owns 434,335 shares of the company’s stock worth $22,373,000 after buying an additional 90,883 shares during the period. Vanguard Group Inc. boosted its stake in Kadant by 0.9% in the second quarter. Vanguard Group Inc. now owns 411,149 shares of the company’s stock worth $21,178,000 after buying an additional 3,620 shares during the period. Finally, Eagle Asset Management Inc. boosted its stake in Kadant by 70.4% in the second quarter. Eagle Asset Management Inc. now owns 264,270 shares of the company’s stock worth $13,612,000 after buying an additional 109,194 shares during the period. Institutional investors and hedge funds own 89.02% of the company’s stock.

Shares of Kadant Inc. (NYSE:KAI) traded up 0.16% during midday trading on Friday, reaching $61.00. The company’s stock had a trading volume of 12,074 shares. The company has a market capitalization of $665.75 million, a P/E ratio of 19.48 and a beta of 1.25. The stock has a 50 day moving average of $54.67 and a 200-day moving average of $52.67. Kadant Inc. has a 1-year low of $33.38 and a 1-year high of $61.30.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 9th. Shareholders of record on Thursday, January 12th will be given a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, January 10th. This represents a $0.76 dividend on an annualized basis and a yield of 1.25%. Kadant’s payout ratio is currently 24.28%.

Several equities analysts recently issued reports on KAI shares. Zacks Investment Research upgraded Kadant from a “hold” rating to a “strong-buy” rating and set a $60.00 price target on the stock in a research report on Saturday, November 5th. Seaport Global Securities cut Kadant from an “accumulate” rating to a “neutral” rating and set a $58.00 price target on the stock. in a research report on Friday, August 5th. William Blair started coverage on Kadant in a research report on Friday, September 16th. They issued a “market perform” rating and a $49.00 price target on the stock. Finally, Barrington Research boosted their price target on Kadant from $55.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, August 5th.

In other Kadant news, Director Thomas C. Leonard sold 5,000 shares of the company’s stock in a transaction dated Wednesday, October 5th. The shares were sold at an average price of $51.80, for a total value of $259,000.00. Following the completion of the transaction, the director now directly owns 17,500 shares of the company’s stock, valued at approximately $906,500. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jeffrey L. Powell sold 7,773 shares of the company’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $51.20, for a total transaction of $397,977.60. Following the completion of the transaction, the insider now directly owns 11,078 shares of the company’s stock, valued at $567,193.60. The disclosure for this sale can be found here. 5.80% of the stock is currently owned by company insiders.

Kadant Company Profile

Kadant Inc is a supplier of equipment used in process industries. The process industries, including papermaking, paper recycling and oriented strand board (OSB), an engineered wood panel product used primarily in home construction. In addition, the Company manufactures granules made from papermaking byproducts.

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