Kadant Inc. (NYSE:KAI) Short Interest Up 14.7% in March

Kadant Inc. (NYSE:KAI) was the recipient of a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 987,100 shares, an increase of 14.7% from the March 15th total of 860,400 shares. Based on an average daily trading volume, of 97,200 shares, the days-to-cover ratio is currently 10.2 days. Currently, 8.5% of the company’s stock are sold short.

Kadant Stock Performance

KAI stock traded down $0.32 during midday trading on Tuesday, reaching $290.60. The company had a trading volume of 50,135 shares, compared to its average volume of 94,466. The company has a quick ratio of 1.34, a current ratio of 2.05 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average price of $317.66 and a 200 day moving average price of $278.53. The firm has a market capitalization of $3.41 billion, a PE ratio of 29.35 and a beta of 1.28. Kadant has a fifty-two week low of $183.19 and a fifty-two week high of $354.02.

Kadant (NYSE:KAI) last issued its quarterly earnings data on Wednesday, February 14th. The industrial products company reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.10 by $0.31. The business had revenue of $238.68 million during the quarter, compared to the consensus estimate of $227.54 million. Kadant had a return on equity of 16.20% and a net margin of 12.12%. Analysts anticipate that Kadant will post 9.98 earnings per share for the current year.

Kadant Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 8th. Stockholders of record on Wednesday, April 10th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, April 9th. This is an increase from Kadant’s previous quarterly dividend of $0.29. This represents a $1.28 annualized dividend and a dividend yield of 0.44%. Kadant’s payout ratio is currently 12.93%.

Insider Activity at Kadant

In related news, Director Thomas C. Leonard sold 217 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $323.81, for a total value of $70,266.77. Following the completion of the sale, the director now directly owns 11,080 shares of the company’s stock, valued at $3,587,814.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Jonathan W. Painter sold 7,000 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $330.25, for a total value of $2,311,750.00. Following the completion of the sale, the director now directly owns 7,615 shares of the company’s stock, valued at $2,514,853.75. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Thomas C. Leonard sold 217 shares of Kadant stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $323.81, for a total value of $70,266.77. Following the completion of the transaction, the director now owns 11,080 shares of the company’s stock, valued at $3,587,814.80. The disclosure for this sale can be found here. Insiders sold a total of 8,798 shares of company stock valued at $2,899,004 over the last three months. 1.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Kadant

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Wasatch Advisors Inc. boosted its position in shares of Kadant by 3.6% during the first quarter. Wasatch Advisors Inc. now owns 1,608,728 shares of the industrial products company’s stock worth $312,399,000 after buying an additional 55,595 shares during the period. BlackRock Inc. boosted its stake in Kadant by 4.8% during the 2nd quarter. BlackRock Inc. now owns 912,175 shares of the industrial products company’s stock valued at $202,594,000 after purchasing an additional 42,069 shares in the last quarter. Vanguard Group Inc. boosted its stake in Kadant by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 661,286 shares of the industrial products company’s stock valued at $185,365,000 after purchasing an additional 2,885 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC bought a new position in Kadant during the 3rd quarter valued at $110,849,000. Finally, Macquarie Group Ltd. boosted its stake in Kadant by 2.3% during the 1st quarter. Macquarie Group Ltd. now owns 444,471 shares of the industrial products company’s stock valued at $92,681,000 after purchasing an additional 9,878 shares in the last quarter. 96.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. StockNews.com downgraded Kadant from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Barrington Research restated an “outperform” rating and issued a $300.00 target price on shares of Kadant in a research note on Wednesday, February 14th.

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.