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Kadant (KAI) Authorizes $50M Worth of Share Buyback Program
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Kadant Inc. (KAI - Free Report) yesterday announced rewards for shareholders in the form of share buyback authorization. We believe that the repurchase program is in sync with its commitment to rewarding shareholders handsomely.
The company’s shares inched down 0.6% yesterday to eventually close the trading session at $279.13.
Details on Share Buyback Programs
Under the buyback program, Kadant has been authorized by its board of directors to repurchase up to $50 million worth of shares. Subject to market conditions and other factors, the buyback can be carried out in the open market or through privately negotiated transactions, including under Securities Exchange Act Rule 10b-5-1 trading plans. This program is effective from May 16, 2024, till May 16, 2025.
It is worth mentioning that KAI currently has a share repurchase program for an amount of $50 million, which will expire on May 18, 2024. However, it did not repurchase any shares under this program.
Also, the company’s board of directors approved a quarterly cash dividend of 32 cents per share, payable to shareholders on Aug 8, 2024, of record as of Jul 11, 2024. Notably, in the first three months of 2024, it paid out dividends worth $3.4 million to its shareholders.
Zacks Rank & Price Performance
Kadant, with a $3.3 billion market capitalization, currently carries a Zacks Rank #3 (Hold). It is likely to benefit from solid demand for both aftermarket parts and capital equipment, contribution from organic assets and focus on operational execution. However, rising costs and expenses remain concerning.
Image Source: Zacks Investment Research
The company’s shares have gained 7.8% compared with the industry’s growth of 20% in the past six months.
The Zacks Consensus Estimate for KAI’s 2024 earnings has improved 0.3% over the past 60 days. It has a trailing four-quarter average earnings surprise of 19%.
3 Promising Stocks
Some better-ranked stocks from the same space are discussed below.
Image: Bigstock
Kadant (KAI) Authorizes $50M Worth of Share Buyback Program
Kadant Inc. (KAI - Free Report) yesterday announced rewards for shareholders in the form of share buyback authorization. We believe that the repurchase program is in sync with its commitment to rewarding shareholders handsomely.
The company’s shares inched down 0.6% yesterday to eventually close the trading session at $279.13.
Details on Share Buyback Programs
Under the buyback program, Kadant has been authorized by its board of directors to repurchase up to $50 million worth of shares. Subject to market conditions and other factors, the buyback can be carried out in the open market or through privately negotiated transactions, including under Securities Exchange Act Rule 10b-5-1 trading plans. This program is effective from May 16, 2024, till May 16, 2025.
It is worth mentioning that KAI currently has a share repurchase program for an amount of $50 million, which will expire on May 18, 2024. However, it did not repurchase any shares under this program.
Also, the company’s board of directors approved a quarterly cash dividend of 32 cents per share, payable to shareholders on Aug 8, 2024, of record as of Jul 11, 2024. Notably, in the first three months of 2024, it paid out dividends worth $3.4 million to its shareholders.
Zacks Rank & Price Performance
Kadant, with a $3.3 billion market capitalization, currently carries a Zacks Rank #3 (Hold). It is likely to benefit from solid demand for both aftermarket parts and capital equipment, contribution from organic assets and focus on operational execution. However, rising costs and expenses remain concerning.
Image Source: Zacks Investment Research
The company’s shares have gained 7.8% compared with the industry’s growth of 20% in the past six months.
The Zacks Consensus Estimate for KAI’s 2024 earnings has improved 0.3% over the past 60 days. It has a trailing four-quarter average earnings surprise of 19%.
3 Promising Stocks
Some better-ranked stocks from the same space are discussed below.
Luxfer Holdings (LXFR - Free Report) presently sports a Zacks Rank #1 (Strong Buy). It has a trailing four-quarter average earnings surprise of 122.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for LXFR’s 2024 earnings has increased 13.5% in the past 60 days.
Crane Company (CR - Free Report) presently carries a Zacks Rank of 2 (Buy). It delivered a trailing four-quarter average earnings surprise of 15.2%.
In the past 60 days, the Zacks Consensus Estimate for CR’s 2024 earnings has risen 3.3%.
Tennant Company (TNC - Free Report) currently carries a Zacks Rank of 2. TNC delivered a trailing four-quarter average earnings surprise of 38%.
In the past 60 days, the Zacks Consensus Estimate for its 2024 earnings has inched up 1.9%.