Kadant Inc. (NYSE:KAI) Shares Acquired by Cannon Global Investment Management LLC

Cannon Global Investment Management LLC increased its stake in shares of Kadant Inc. (NYSE:KAI) by 128.6% in the 4th quarter, Holdings Channel reports. The firm owned 1,600 shares of the industrial products company’s stock after purchasing an additional 900 shares during the period. Kadant accounts for 1.2% of Cannon Global Investment Management LLC’s investment portfolio, making the stock its 29th largest holding. Cannon Global Investment Management LLC’s holdings in Kadant were worth $552,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Kadant by 25.0% during the fourth quarter. Vanguard Group Inc. now owns 1,218,273 shares of the industrial products company’s stock valued at $420,292,000 after acquiring an additional 243,267 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in shares of Kadant during the fourth quarter worth approximately $193,595,000. State Street Corp increased its position in shares of Kadant by 2.3% during the third quarter. State Street Corp now owns 280,797 shares of the industrial products company’s stock worth $94,909,000 after purchasing an additional 6,412 shares in the last quarter. FMR LLC increased its position in shares of Kadant by 1.1% during the third quarter. FMR LLC now owns 144,344 shares of the industrial products company’s stock worth $48,788,000 after purchasing an additional 1,629 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of Kadant by 1.6% during the third quarter. Janus Henderson Group PLC now owns 130,291 shares of the industrial products company’s stock worth $44,036,000 after buying an additional 2,068 shares in the last quarter. 96.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Barrington Research reaffirmed an “outperform” rating and set a $410.00 target price on shares of Kadant in a report on Friday, February 14th.

Kadant Price Performance

KAI stock opened at $333.16 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.29 and a quick ratio of 1.46. The business has a 50 day simple moving average of $368.04 and a 200-day simple moving average of $359.00. The firm has a market capitalization of $3.92 billion, a PE ratio of 35.14 and a beta of 1.25. Kadant Inc. has a 1 year low of $249.51 and a 1 year high of $429.95.

Kadant (NYSE:KAI) last issued its earnings results on Wednesday, February 12th. The industrial products company reported $2.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.17. Kadant had a return on equity of 14.66% and a net margin of 10.59%. Equities research analysts anticipate that Kadant Inc. will post 9.97 earnings per share for the current fiscal year.

Kadant Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 7th. Stockholders of record on Wednesday, April 9th will be paid a $0.34 dividend. This is a boost from Kadant’s previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, April 9th. This represents a $1.36 annualized dividend and a dividend yield of 0.41%. Kadant’s dividend payout ratio is 14.35%.

About Kadant

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.