Chevy Chase Trust Holdings LLC Sells 7,250 Shares of Kadant Inc. (NYSE:KAI)

Chevy Chase Trust Holdings LLC reduced its position in Kadant Inc. (NYSE:KAI) by 1.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 484,593 shares of the industrial products company’s stock after selling 7,250 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 4.13% of Kadant worth $163,792,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Erste Asset Management GmbH bought a new stake in Kadant during the third quarter valued at approximately $11,345,000. Verition Fund Management LLC bought a new stake in Kadant during the third quarter valued at approximately $317,000. Captrust Financial Advisors purchased a new position in shares of Kadant during the third quarter worth approximately $644,000. Icon Wealth Advisors LLC purchased a new position in shares of Kadant during the third quarter worth approximately $183,000. Finally, Hardy Reed LLC purchased a new position in shares of Kadant during the third quarter worth approximately $208,000. 96.13% of the stock is currently owned by institutional investors.

Insider Activity at Kadant

In related news, VP Fredrik H. Westerhout sold 600 shares of Kadant stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $397.25, for a total transaction of $238,350.00. Following the completion of the transaction, the vice president now directly owns 1,437 shares in the company, valued at approximately $570,848.25. This trade represents a 29.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas C. Leonard sold 152 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $398.21, for a total value of $60,527.92. Following the completion of the sale, the director now owns 4,250 shares of the company’s stock, valued at $1,692,392.50. This trade represents a 3.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,052 shares of company stock valued at $1,091,455 over the last quarter. 1.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

Kadant Price Performance

NYSE KAI opened at $412.79 on Monday. Kadant Inc. has a 52 week low of $249.51 and a 52 week high of $429.95. 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 firm has a market capitalization of $4.85 billion, a P/E ratio of 42.25 and a beta of 1.21. The company has a 50-day moving average price of $355.60 and a 200-day moving average price of $322.19.

Kadant (NYSE:KAI) last issued its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. Kadant’s revenue was up 11.2% on a year-over-year basis. During the same period last year, the company earned $2.69 earnings per share. Equities research analysts anticipate that Kadant Inc. will post 10.11 earnings per share for the current year.

Kadant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 6th. Investors of record on Thursday, January 9th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date is Thursday, January 9th. Kadant’s payout ratio is currently 13.10%.

Kadant 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.