Westside Investment Management Inc. Purchases Shares of 92 Kadant Inc. (NYSE:KAI)

Westside Investment Management Inc. acquired a new stake in shares of Kadant Inc. (NYSE:KAI) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 92 shares of the industrial products company’s stock, valued at approximately $31,000.

Several other large investors have also modified their holdings of the stock. Ashton Thomas Securities LLC purchased a new position in Kadant during the third quarter worth approximately $25,000. Icon Wealth Advisors LLC purchased a new position in shares of Kadant in the 3rd quarter worth $28,000. Park Place Capital Corp raised its position in shares of Kadant by 68.6% in the 3rd quarter. Park Place Capital Corp now owns 204 shares of the industrial products company’s stock worth $69,000 after buying an additional 83 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new position in Kadant in the third quarter valued at $74,000. Finally, Benjamin F. Edwards & Company Inc. grew its position in Kadant by 226.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 274 shares of the industrial products company’s stock valued at $80,000 after acquiring an additional 190 shares during the period. 96.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Kadant news, Director Thomas C. Leonard sold 2,000 shares of the company’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 transaction, the director now directly owns 4,250 shares of the company’s stock, valued at $1,433,950. This represents a 32.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Rebecca Martinez O’mara sold 300 shares of Kadant stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $392.59, for a total value of $117,777.00. Following the sale, the director now directly owns 1,293 shares in the company, valued at approximately $507,618.87. The trade was a 18.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,052 shares of company stock worth $1,091,455. 1.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Separately, Barrington Research reaffirmed an “outperform” rating and issued a $360.00 price objective on shares of Kadant in a research note on Wednesday, October 30th.

Kadant Stock Performance

NYSE:KAI opened at $382.08 on Friday. Kadant Inc. has a twelve month low of $249.51 and a twelve month high of $429.95. The firm has a market capitalization of $4.49 billion, a price-to-earnings ratio of 39.11 and a beta of 1.25. The company has a current ratio of 2.29, a quick ratio of 1.46 and a debt-to-equity ratio of 0.37. The firm’s fifty day simple moving average is $367.99 and its 200 day simple moving average is $329.57.

Kadant (NYSE:KAI) last issued its 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. The company had revenue of $271.61 million during the quarter, compared to the consensus estimate of $266.38 million. Kadant had a return on equity of 15.10% and a net margin of 11.12%. The company’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.69 earnings per share. As a group, equities research analysts expect that Kadant Inc. will post 10.11 earnings per share for the current fiscal year.

Kadant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 6th. Stockholders of record on Thursday, January 9th will be given a dividend of $0.32 per share. The ex-dividend date is Thursday, January 9th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.34%. Kadant’s payout ratio is currently 13.10%.

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.