Texas Permanent School Fund Acquires 2,109 Shares of Kennametal Inc. (KMT)

Texas Permanent School Fund lifted its holdings in Kennametal Inc. (NYSE:KMT) by 3.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 55,836 shares of the industrial products company’s stock after purchasing an additional 2,109 shares during the quarter. Texas Permanent School Fund’s holdings in Kennametal were worth $2,052,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. boosted its stake in Kennametal by 3.2% during the fourth quarter. BlackRock Inc. now owns 9,522,676 shares of the industrial products company’s stock worth $316,914,000 after buying an additional 293,975 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Kennametal by 7.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,520,588 shares of the industrial products company’s stock worth $83,884,000 after acquiring an additional 177,905 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Kennametal by 2.2% during the fourth quarter. Victory Capital Management Inc. now owns 2,139,385 shares of the industrial products company’s stock worth $71,199,000 after acquiring an additional 45,830 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Kennametal by 0.7% during the fourth quarter. Bank of New York Mellon Corp now owns 1,913,432 shares of the industrial products company’s stock worth $63,678,000 after acquiring an additional 12,631 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its holdings in shares of Kennametal by 3,277.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,087,990 shares of the industrial products company’s stock worth $33,000 after acquiring an additional 1,055,775 shares in the last quarter. 99.52% of the stock is owned by hedge funds and other institutional investors.

Several analysts recently issued reports on KMT shares. Zacks Investment Research lowered Kennametal from a “hold” rating to a “sell” rating in a report on Wednesday, January 23rd. ValuEngine upgraded Kennametal from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Barclays upgraded Kennametal from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $38.00 to $44.00 in a report on Wednesday, April 3rd. Finally, KeyCorp lowered their target price on shares of Kennametal from $52.00 to $47.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 8th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $46.00.



In other news, VP Peter A. Dragich sold 35,346 shares of the firm’s stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $38.59, for a total value of $1,364,002.14. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Patrick S. Watson sold 2,265 shares of the firm’s stock in a transaction dated Wednesday, February 20th. The shares were sold at an average price of $37.93, for a total value of $85,911.45. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Kennametal stock traded down $0.16 during mid-day trading on Monday, hitting $33.26. 3,588 shares of the company’s stock were exchanged, compared to its average volume of 757,103. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.70 and a quick ratio of 1.34. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of 12.55, a PEG ratio of 1.31 and a beta of 2.09. Kennametal Inc. has a 1-year low of $30.32 and a 1-year high of $45.10.

Kennametal (NYSE:KMT) last posted its earnings results on Monday, May 6th. The industrial products company reported $0.77 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.79 by ($0.02). The business had revenue of $597.20 million for the quarter, compared to analyst estimates of $626.27 million. Kennametal had a return on equity of 19.66% and a net margin of 10.28%. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.70 earnings per share. As a group, sell-side analysts anticipate that Kennametal Inc. will post 3.06 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 14th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.41%. The ex-dividend date is Monday, May 13th. Kennametal’s payout ratio is 30.19%.

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Kennametal Company Profile

Kennametal Inc develops and applies tungsten carbides, ceramics, super-hard materials, and solutions for use in metal cutting and mission-critical wear applications to combat extreme conditions related with wear fatigue, corrosion, and high temperatures worldwide. The company operates through three segments: Industrial, Widia, and Infrastructure.

Further Reading: Beige Book

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Institutional Ownership by Quarter for Kennametal (NYSE:KMT)

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