Kadant Inc (NYSE:KAI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Thursday, November 2nd. The firm presently has a $126.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 26.13% from the company’s current price.
According to Zacks, “Kadant Inc. is a leading supplier of a range of products and systems for the global papermaking and paper-recycling industries, including de-inking systems, stock-preparation equipment, water-management systems, and papermaking accessories. Through its majority-owned Thermo Fibergen subsidiary, the company also develops and commercializes composite building materials produced from natural fiber and recycled plastic. Kadant is a public subsidiary of Thermo Electron Corporation.(Press Release) “
A number of other brokerages also recently weighed in on KAI. BidaskClub downgraded Kadant from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Sidoti downgraded Kadant from a “buy” rating to a “neutral” rating and set a $102.00 price target on the stock. in a research report on Tuesday, October 3rd. Finally, ValuEngine raised Kadant from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Kadant has an average rating of “Buy” and a consensus target price of $104.67.
Shares of Kadant (NYSE:KAI) traded down $0.35 during mid-day trading on Thursday, hitting $99.90. The company had a trading volume of 70,800 shares, compared to its average volume of 59,733. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.35 and a quick ratio of 1.65. Kadant has a 1-year low of $56.15 and a 1-year high of $114.00. The company has a market cap of $1,103.48, a P/E ratio of 24.94 and a beta of 1.43.
Kadant (NYSE:KAI) last issued its quarterly earnings data on Monday, October 30th. The industrial products company reported $1.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.35. Kadant had a return on equity of 14.84% and a net margin of 8.17%. The business had revenue of $152.79 million for the quarter, compared to the consensus estimate of $141.33 million. During the same period last year, the business earned $0.81 EPS. The firm’s revenue was up 44.8% compared to the same quarter last year. sell-side analysts predict that Kadant will post 4.39 earnings per share for the current fiscal year.
WARNING: This article was originally posted by BBNS and is the sole property of of BBNS. If you are accessing this article on another publication, it was copied illegally and reposted in violation of US and international copyright & trademark laws. The correct version of this article can be viewed at https://baseballnewssource.com/markets/kadant-inc-kai-upgraded-to-strong-buy-by-zacks-investment-research/1752528.html.
In other news, Director William P. Tully sold 1,250 shares of Kadant stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $89.60, for a total transaction of $112,000.00. Following the sale, the director now owns 5,250 shares of the company’s stock, valued at approximately $470,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jonathan W. Painter sold 20,000 shares of Kadant stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $103.82, for a total value of $2,076,400.00. Following the sale, the chief executive officer now directly owns 76,082 shares in the company, valued at approximately $7,898,833.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,687 shares of company stock worth $2,887,844. Company insiders own 5.59% of the company’s stock.
Several large investors have recently made changes to their positions in KAI. Citigroup Inc. grew its holdings in shares of Kadant by 24.2% during the 2nd quarter. Citigroup Inc. now owns 1,411 shares of the industrial products company’s stock worth $106,000 after purchasing an additional 275 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Kadant during the 2nd quarter worth approximately $127,000. BNP Paribas Arbitrage SA grew its holdings in shares of Kadant by 718.3% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 1,743 shares of the industrial products company’s stock worth $131,000 after purchasing an additional 1,530 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new stake in shares of Kadant during the 2nd quarter worth approximately $150,000. Finally, C M Bidwell & Associates Ltd. acquired a new stake in shares of Kadant during the 2nd quarter worth approximately $176,000. 92.09% of the stock is currently owned by institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Kadant Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kadant Inc and related companies with our FREE daily email newsletter.