Shares of Kadant Inc. (NYSE:KAI) have been given an average rating of “Buy” by the six analysts that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $93.00.
KAI has been the topic of a number of research reports. Barrington Research upped their price target on Kadant from $80.00 to $86.00 and gave the company an “outperform” rating in a research report on Wednesday, May 31st. Sidoti reiterated a “buy” rating and set a $95.00 price target (up from $85.00) on shares of Kadant in a research report on Saturday, June 3rd. Zacks Investment Research upgraded Kadant from a “hold” rating to a “strong-buy” rating and set a $98.00 price target on the stock in a research report on Saturday, August 5th. BidaskClub cut shares of Kadant from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Finally, ValuEngine upgraded shares of Kadant from a “hold” rating to a “buy” rating in a research report on Friday.
A number of hedge funds have recently made changes to their positions in the company. Wells Fargo & Company MN increased its position in Kadant by 8.9% in the first quarter. Wells Fargo & Company MN now owns 852,205 shares of the industrial products company’s stock worth $50,580,000 after buying an additional 69,468 shares during the period. Macquarie Group Ltd. increased its position in Kadant by 14.7% in the first quarter. Macquarie Group Ltd. now owns 558,797 shares of the industrial products company’s stock worth $33,165,000 after buying an additional 71,662 shares during the period. Vanguard Group Inc. increased its position in Kadant by 3.6% in the second quarter. Vanguard Group Inc. now owns 471,416 shares of the industrial products company’s stock worth $35,450,000 after buying an additional 16,174 shares during the period. Handelsbanken Fonder AB increased its position in Kadant by 7.1% in the second quarter. Handelsbanken Fonder AB now owns 345,000 shares of the industrial products company’s stock worth $25,944,000 after buying an additional 23,000 shares during the period. Finally, Northern Trust Corp increased its position in Kadant by 9.1% in the second quarter. Northern Trust Corp now owns 290,388 shares of the industrial products company’s stock worth $21,836,000 after buying an additional 24,194 shares during the period. 91.05% of the stock is owned by institutional investors.
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Shares of Kadant (KAI) traded up 0.23% on Friday, reaching $87.05. 35,775 shares of the company traded hands. The company has a market capitalization of $957.90 million, a PE ratio of 28.74 and a beta of 1.36. Kadant has a one year low of $49.19 and a one year high of $89.90. The firm has a 50-day moving average price of $82.46 and a 200 day moving average price of $71.12.
Kadant (NYSE:KAI) last posted its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.13. The firm had revenue of $110.24 million for the quarter, compared to the consensus estimate of $113.49 million. Kadant had a net margin of 7.44% and a return on equity of 10.77%. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.88 EPS. Equities analysts forecast that Kadant will post $4.03 EPS for the current fiscal year.
Kadant announced that its board has authorized a share repurchase plan on Wednesday, May 17th that authorizes the company to buyback $20.00 million in shares. This buyback authorization authorizes the industrial products company to reacquire up to 2.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
Kadant Company Profile
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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