Oppenheimer Asset Management Inc. Sells 1,368 Shares of Kadant Inc. (NYSE:KAI)

Oppenheimer Asset Management Inc. decreased its stake in shares of Kadant Inc. (NYSE:KAI) by 6.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 19,072 shares of the industrial products company’s stock after selling 1,368 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Kadant were worth $6,580,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in KAI. Ashton Thomas Securities LLC acquired a new position in Kadant during the 3rd quarter worth about $25,000. Hilltop National Bank bought a new position in Kadant in the 4th quarter worth approximately $26,000. Icon Wealth Advisors LLC bought a new position in Kadant in the 3rd quarter worth approximately $28,000. Westside Investment Management Inc. bought a new position in Kadant in the 3rd quarter worth approximately $31,000. Finally, Asset Management One Co. Ltd. bought a new position in Kadant in the 3rd quarter worth approximately $111,000. Institutional investors and hedge funds own 96.13% of the company’s stock.

Kadant Price Performance

Shares of KAI stock opened at $374.30 on Friday. The stock has a 50-day moving average price of $365.97 and a 200 day moving average price of $353.91. 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 cap of $4.40 billion, a price-to-earnings ratio of 39.48 and a beta of 1.29. Kadant Inc. has a 12 month low of $249.51 and a 12 month high of $429.95.

Kadant (NYSE:KAI) last announced its quarterly earnings data on Wednesday, February 12th. The industrial products company reported $2.25 earnings per share (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%. Research analysts expect that Kadant Inc. will post 9.97 EPS for the current year.

Wall Street Analysts Forecast Growth

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