Xact Kapitalforvaltning AB increased its holdings in Kadant Inc. (NYSE:KAI) by 42.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,679 shares of the industrial products company’s stock after purchasing an additional 1,100 shares during the quarter. Xact Kapitalforvaltning AB’s holdings in Kadant were worth $354,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Handelsbanken Fonder AB raised its holdings in shares of Kadant by 30.3% during the second quarter. Handelsbanken Fonder AB now owns 495,000 shares of the industrial products company’s stock valued at $47,594,000 after acquiring an additional 115,000 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Kadant during the first quarter valued at approximately $819,000. WINTON GROUP Ltd bought a new stake in Kadant in the first quarter worth approximately $1,754,000. Millennium Management LLC grew its position in Kadant by 844.4% in the first quarter. Millennium Management LLC now owns 76,645 shares of the industrial products company’s stock worth $7,243,000 after acquiring an additional 68,529 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. grew its position in Kadant by 6.6% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 38,673 shares of the industrial products company’s stock worth $3,654,000 after acquiring an additional 2,394 shares in the last quarter. Institutional investors and hedge funds own 92.85% of the company’s stock.
KAI stock opened at $91.55 on Friday. The company has a quick ratio of 1.38, a current ratio of 2.10 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 19.37 and a beta of 1.33. Kadant Inc. has a 12 month low of $82.70 and a 12 month high of $114.00.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 9th. Stockholders of record on Thursday, July 12th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date is Wednesday, July 11th. Kadant’s payout ratio is 19.60%.
Several research firms have commented on KAI. Zacks Investment Research downgraded shares of Kadant from a “buy” rating to a “hold” rating in a research report on Tuesday, July 17th. Barrington Research set a $112.00 target price on shares of Kadant and gave the stock a “buy” rating in a research report on Friday, June 29th. Finally, ValuEngine downgraded shares of Kadant from a “buy” rating to a “hold” rating in a research report on Thursday.
Kadant Company Profile
Kadant Inc supplies equipment and critical components used in papermaking, paper recycling, recycling and waste management, and other process industries worldwide. The company operates in two segments, Papermaking Systems and Wood Processing Systems. The Papermaking Systems segment develops, manufactures, and markets custom-engineered stock-preparation systems and equipment for the preparation of wastepaper for conversion into recycled paper and balers, as well as related equipment used in the processing of recyclable and waste materials; and fluid-handling systems and equipment used in industrial piping systems to compensate for movement, as well as to transfer fluid, power, and data.
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