Kadant Inc. (NYSE:KAI) Sees Significant Growth in Short Interest

Kadant Inc. (NYSE:KAI) was the recipient of a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 1,540,000 shares, a growth of 32.8% from the February 13th total of 1,160,000 shares. Based on an average trading volume of 159,500 shares, the days-to-cover ratio is presently 9.7 days. Currently, 13.3% of the company’s stock are sold short.

Hedge Funds Weigh In On Kadant

Institutional investors and hedge funds have recently bought and sold shares of the stock. Hilltop National Bank bought a new position in Kadant during the fourth quarter worth $26,000. Icon Wealth Advisors LLC bought a new stake in Kadant in the 3rd quarter valued at $28,000. Westside Investment Management Inc. bought a new stake in Kadant in the 3rd quarter valued at $31,000. Jones Financial Companies Lllp increased its holdings in Kadant by 267.9% in the 4th quarter. Jones Financial Companies Lllp now owns 103 shares of the industrial products company’s stock valued at $36,000 after buying an additional 75 shares during the period. Finally, Washington Trust Advisors Inc. bought a new stake in Kadant in the 4th quarter valued at $85,000. Institutional investors own 96.13% of the company’s stock.

Kadant Stock Performance

Shares of NYSE:KAI traded up $2.52 during trading on Monday, reaching $354.98. The stock had a trading volume of 85,833 shares, compared to its average volume of 96,685. Kadant has a 52 week low of $249.51 and a 52 week high of $429.95. The firm has a market capitalization of $4.17 billion, a price-to-earnings ratio of 37.45 and a beta of 1.25. The company has a quick ratio of 1.46, a current ratio of 2.29 and a debt-to-equity ratio of 0.37. The stock has a fifty day simple moving average of $368.38 and a two-hundred day simple moving average of $358.25.

Kadant (NYSE:KAI) last released 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%. As a group, analysts anticipate that Kadant will post 9.97 earnings per share for the current fiscal year.

Kadant Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 7th. Investors of record on Wednesday, April 9th will be given a dividend of $0.34 per share. The ex-dividend date is Wednesday, April 9th. This represents a $1.36 dividend on an annualized basis and a yield of 0.38%. This is a positive change from Kadant’s previous quarterly dividend of $0.32. Kadant’s payout ratio is 14.35%.

Analyst Ratings Changes

Separately, Barrington Research reiterated an “outperform” rating and issued a $410.00 target price on shares of Kadant in a research note on Friday, 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.