NewEdge Wealth LLC Sells 1,700 Shares of Kadant Inc. (NYSE:KAI)

NewEdge Wealth LLC reduced its stake in Kadant Inc. (NYSE:KAI) by 15.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 9,667 shares of the industrial products company’s stock after selling 1,700 shares during the period. NewEdge Wealth LLC’s holdings in Kadant were worth $3,335,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Zhang Financial LLC grew its holdings in Kadant by 0.8% in the fourth quarter. Zhang Financial LLC now owns 5,256 shares of the industrial products company’s stock worth $1,813,000 after purchasing an additional 40 shares during the period. Franklin Resources Inc. grew its holdings in Kadant by 1.0% in the third quarter. Franklin Resources Inc. now owns 4,510 shares of the industrial products company’s stock worth $1,483,000 after purchasing an additional 44 shares during the period. King Luther Capital Management Corp grew its holdings in Kadant by 0.7% in the third quarter. King Luther Capital Management Corp now owns 7,156 shares of the industrial products company’s stock worth $2,419,000 after purchasing an additional 48 shares during the period. Associated Banc Corp grew its holdings in Kadant by 7.5% in the third quarter. Associated Banc Corp now owns 831 shares of the industrial products company’s stock worth $281,000 after purchasing an additional 58 shares during the period. Finally, Sheets Smith Wealth Management grew its holdings in Kadant by 3.2% in the fourth quarter. Sheets Smith Wealth Management now owns 2,239 shares of the industrial products company’s stock worth $772,000 after purchasing an additional 69 shares during the period. 96.13% of the stock is owned by institutional investors.

Kadant Price Performance

Shares of KAI opened at $374.30 on Friday. The firm’s 50-day simple moving average is $365.97 and its two-hundred day simple moving average is $353.91. Kadant Inc. has a fifty-two week low of $249.51 and a fifty-two week high of $429.95. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.46 and a current ratio of 2.29. The stock has a market cap of $4.40 billion, a PE ratio of 39.48 and a beta of 1.29.

Kadant (NYSE:KAI) last posted its quarterly earnings results on Wednesday, February 12th. The industrial products company reported $2.25 EPS for the quarter, beating analysts’ consensus estimates of $2.08 by $0.17. Kadant had a net margin of 10.59% and a return on equity of 14.66%. Analysts anticipate that Kadant Inc. will post 9.97 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Barrington Research restated an “outperform” rating and issued a $410.00 price objective on shares of Kadant in a report on Friday, February 14th.

Kadant Company 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.