Zacks Investment Research Upgrades Kadant (KAI) to “Hold”
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) “
KAI has been the topic of several other research reports. ValuEngine lowered shares of Kadant from a “hold” rating to a “sell” rating in a research note on Friday, March 1st. Barrington Research reissued a “buy” rating and set a $112.00 price objective on shares of Kadant in a research note on Monday, January 28th.
Kadant (NYSE:KAI) last posted its quarterly earnings data on Thursday, February 14th. The industrial products company reported $1.66 EPS for the quarter, topping the consensus estimate of $1.35 by $0.31. Kadant had a net margin of 9.53% and a return on equity of 17.14%. The business had revenue of $163.94 million for the quarter, compared to analyst estimates of $160.67 million. During the same quarter in the previous year, the firm posted $1.14 earnings per share. Kadant’s quarterly revenue was up 9.9% on a year-over-year basis. Research analysts anticipate that Kadant will post 5.31 EPS for the current fiscal year.
In related news, Director William P. Tully sold 1,500 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $88.36, for a total transaction of $132,540.00. Following the sale, the director now owns 5,200 shares of the company’s stock, valued at $459,472. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 5.50% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. CWM LLC bought a new position in shares of Kadant in the fourth quarter worth approximately $34,000. PNC Financial Services Group Inc. bought a new position in shares of Kadant in the fourth quarter worth approximately $81,000. Meeder Asset Management Inc. lifted its stake in shares of Kadant by 2,222.2% in the fourth quarter. Meeder Asset Management Inc. now owns 1,254 shares of the industrial products company’s stock worth $102,000 after buying an additional 1,200 shares in the last quarter. Great West Life Assurance Co. Can lifted its stake in shares of Kadant by 62.8% in the fourth quarter. Great West Life Assurance Co. Can now owns 1,587 shares of the industrial products company’s stock worth $124,000 after buying an additional 612 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Kadant by 12.5% in the fourth quarter. Legal & General Group Plc now owns 2,030 shares of the industrial products company’s stock worth $165,000 after buying an additional 225 shares in the last quarter. Hedge funds and other institutional investors own 93.35% of the company’s stock.
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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