Oppenheimer Asset Management Inc. Buys 5,867 Shares of Kadant Inc. (NYSE:KAI)

Oppenheimer Asset Management Inc. increased its stake in shares of Kadant Inc. (NYSE:KAI) by 40.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,440 shares of the industrial products company’s stock after acquiring an additional 5,867 shares during the quarter. Oppenheimer Asset Management Inc. owned about 0.17% of Kadant worth $6,909,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of KAI. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of Kadant by 1.2% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,349,437 shares of the industrial products company’s stock worth $396,438,000 after acquiring an additional 15,512 shares in the last quarter. Vanguard Group Inc. lifted its position in Kadant by 46.3% during the first quarter. Vanguard Group Inc. now owns 967,638 shares of the industrial products company’s stock valued at $317,482,000 after purchasing an additional 306,352 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Kadant by 1.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 314,366 shares of the industrial products company’s stock worth $92,355,000 after buying an additional 5,700 shares in the last quarter. Capital World Investors bought a new stake in shares of Kadant in the 1st quarter worth about $92,993,000. Finally, Raymond James & Associates raised its position in shares of Kadant by 6.5% during the 2nd quarter. Raymond James & Associates now owns 84,117 shares of the industrial products company’s stock valued at $24,712,000 after buying an additional 5,167 shares in the last quarter. 96.13% of the stock is owned by hedge funds and other institutional investors.

Kadant Stock Performance

Kadant stock opened at $392.44 on Friday. 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 firm has a market capitalization of $4.61 billion, a P/E ratio of 40.17 and a beta of 1.21. Kadant Inc. has a 1-year low of $249.51 and a 1-year high of $422.54. The company’s 50-day moving average is $336.49 and its 200 day moving average is $312.18.

Kadant (NYSE:KAI) last issued its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.43 by $0.41. Kadant had a return on equity of 15.10% and a net margin of 11.12%. The firm had revenue of $271.61 million for the quarter, compared to the consensus estimate of $266.38 million. During the same period in the prior year, the business posted $2.69 earnings per share. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. Research analysts forecast that Kadant Inc. will post 10.11 EPS for the current year.

Kadant Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Thursday, October 10th were paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date was Thursday, October 10th. Kadant’s dividend payout ratio is currently 13.10%.

Wall Street Analysts Forecast Growth

KAI has been the topic of several analyst reports. DA Davidson boosted their price objective on Kadant from $290.00 to $300.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Barrington Research reissued an “outperform” rating and set a $360.00 target price on shares of Kadant in a research report on Wednesday, October 30th.

Insider Transactions at Kadant

In other Kadant news, Director Thomas C. Leonard sold 2,000 shares of the business’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $337.40, for a total value of $674,800.00. Following the completion of the sale, the director now directly owns 4,250 shares of the company’s stock, valued at $1,433,950. The trade was a 32.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.40% of the company’s stock.

Kadant Profile

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.