Handelsbanken Fonder AB Grows Holdings in Kadant Inc. (KAI)

Handelsbanken Fonder AB raised its holdings in shares of Kadant Inc. (NYSE:KAI) by 8.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 538,303 shares of the industrial products company’s stock after purchasing an additional 43,303 shares during the quarter. Kadant accounts for about 2.1% of Handelsbanken Fonder AB’s portfolio, making the stock its 13th largest position. Handelsbanken Fonder AB owned about 4.85% of Kadant worth $58,056,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in KAI. Citadel Advisors LLC bought a new stake in shares of Kadant in the 1st quarter worth about $232,000. Cubist Systematic Strategies LLC bought a new stake in shares of Kadant in the 1st quarter worth about $270,000. Amundi Pioneer Asset Management Inc. lifted its holdings in shares of Kadant by 6.6% in the 1st 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 during the last quarter. Millennium Management LLC lifted its holdings in shares of Kadant by 844.4% in the 1st 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 during the last quarter. Finally, Xact Kapitalforvaltning AB bought a new stake in shares of Kadant in the 1st quarter worth about $244,000. Institutional investors and hedge funds own 91.01% of the company’s stock.

KAI traded down $0.55 on Friday, reaching $96.93. 3,418 shares of the company traded hands, compared to its average volume of 61,392. Kadant Inc. has a one year low of $90.65 and a one year high of $114.00. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of 21.59 and a beta of 1.29. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.87 and a quick ratio of 1.19.

Kadant (NYSE:KAI) last announced its quarterly earnings data on Tuesday, July 31st. The industrial products company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. Kadant had a net margin of 6.15% and a return on equity of 16.05%. The company had revenue of $154.90 million during the quarter, compared to analyst estimates of $151.54 million. During the same quarter last year, the business posted $1.04 EPS. The firm’s revenue for the quarter was up 40.6% on a year-over-year basis. On average, equities analysts anticipate that Kadant Inc. will post 5.06 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 8th. Shareholders of record on Thursday, October 11th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date is Wednesday, October 10th. Kadant’s dividend payout ratio (DPR) is 19.60%.

A number of equities research analysts recently weighed in on the stock. ValuEngine upgraded shares of Kadant from a “hold” rating to a “buy” rating in a report on Tuesday, September 18th. Zacks Investment Research lowered shares of Kadant from a “hold” rating to a “sell” rating in a report on Friday, August 3rd. Finally, Barrington Research set a $112.00 price objective on shares of Kadant and gave the company a “buy” rating in a report on Wednesday, August 1st.

In other Kadant news, Director Thomas C. Leonard sold 1,000 shares of the firm’s stock in a transaction dated Friday, September 21st. The shares were sold at an average price of $110.00, for a total transaction of $110,000.00. Following the transaction, the director now owns 22,100 shares of the company’s stock, valued at approximately $2,431,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John M. Albertine sold 4,500 shares of the firm’s stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $103.15, for a total transaction of $464,175.00. Following the transaction, the director now directly owns 10,740 shares in the company, valued at approximately $1,107,831. The disclosure for this sale can be found here. Insiders have sold a total of 10,500 shares of company stock worth $1,089,175 in the last three months. Insiders own 5.40% of the company’s stock.

Kadant 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.

See Also: Asset Allocation

Institutional Ownership by Quarter for Kadant (NYSE:KAI)

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