Kadant (NYSE:KAI) Sees Large Volume Increase – Time to Buy?

Shares of Kadant Inc. (NYSE:KAI) saw strong trading volume on Tuesday . 144,062 shares traded hands during mid-day trading, an increase of 32% from the previous session’s volume of 109,178 shares.The stock last traded at $402.56 and had previously closed at $388.46.

Wall Street Analysts Forecast Growth

Separately, Barrington Research reaffirmed an “outperform” rating and set a $410.00 target price on shares of Kadant in a report on Friday.

Kadant Stock Up 1.8 %

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 50 day simple moving average is $362.92 and its two-hundred day simple moving average is $349.99. The firm has a market cap of $4.64 billion, a price-to-earnings ratio of 40.49 and a beta of 1.29.

Kadant (NYSE:KAI) last issued its quarterly earnings data on Wednesday, February 12th. The industrial products company reported $2.25 earnings per share for the quarter, topping the consensus estimate of $2.08 by $0.17. Kadant had a net margin of 11.12% and a return on equity of 15.10%. On average, equities analysts forecast that Kadant Inc. will post 10.11 EPS for the current year.

Hedge Funds Weigh In On Kadant

Several hedge funds and other institutional investors have recently made changes to their positions in KAI. Creative Planning raised its position in shares of Kadant by 17.1% in the 3rd quarter. Creative Planning now owns 4,511 shares of the industrial products company’s stock valued at $1,525,000 after buying an additional 660 shares in the last quarter. Bleakley Financial Group LLC raised its position in shares of Kadant by 9.7% in the 3rd quarter. Bleakley Financial Group LLC now owns 2,380 shares of the industrial products company’s stock valued at $804,000 after buying an additional 211 shares in the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Kadant in the 3rd quarter valued at approximately $74,000. Wealth Enhancement Advisory Services LLC raised its position in shares of Kadant by 16.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 793 shares of the industrial products company’s stock valued at $268,000 after buying an additional 110 shares in the last quarter. Finally, abrdn plc raised its position in shares of Kadant by 1.1% in the 3rd quarter. abrdn plc now owns 71,495 shares of the industrial products company’s stock valued at $24,165,000 after buying an additional 796 shares in the last quarter. 96.13% of the stock is currently owned by institutional investors and hedge funds.

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.