Janney Montgomery Scott LLC lessened its stake in shares of Kennametal Inc. (NYSE:KMT) by 2.5% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 22,899 shares of the industrial products company’s stock after selling 589 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Kennametal were worth $704,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of KMT. Manchester Financial Inc. acquired a new stake in shares of Kennametal during the 2nd quarter worth about $30,000. Advisory Services Network LLC acquired a new stake in Kennametal in the 2nd quarter worth about $31,000. Tower Research Capital LLC TRC acquired a new stake in Kennametal in the 2nd quarter worth about $52,000. Quadrant Capital Group LLC raised its stake in Kennametal by 61.0% in the 3rd quarter. Quadrant Capital Group LLC now owns 1,939 shares of the industrial products company’s stock worth $55,000 after purchasing an additional 735 shares in the last quarter. Finally, Quantamental Technologies LLC acquired a new stake in Kennametal in the 2nd quarter worth about $72,000. Institutional investors own 98.04% of the company’s stock.
KMT has been the subject of several analyst reports. UBS Group dropped their price objective on shares of Kennametal from $35.00 to $27.00 and set a “sell” rating for the company in a research note on Wednesday, August 21st. TheStreet cut shares of Kennametal from a “b-” rating to a “c+” rating in a research note on Tuesday, August 27th. BMO Capital Markets dropped their price objective on shares of Kennametal from $30.50 to $25.00 and set a “market perform” rating for the company in a research note on Tuesday, October 22nd. Longbow Research cut shares of Kennametal from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 22nd. Finally, ValuEngine upgraded shares of Kennametal from a “hold” rating to a “buy” rating in a research note on Friday. Four analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $32.75.
Kennametal (NYSE:KMT) last issued its earnings results on Monday, November 4th. The industrial products company reported $0.17 EPS for the quarter, meeting the consensus estimate of $0.17. The company had revenue of $518.09 million during the quarter, compared to analysts’ expectations of $517.49 million. Kennametal had a net margin of 8.31% and a return on equity of 15.40%. The business’s revenue for the quarter was down 11.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.70 EPS. Sell-side analysts forecast that Kennametal Inc. will post 1.78 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Friday, November 8th. Kennametal’s payout ratio is presently 26.49%.
In other news, Director Cindy L. Davis sold 4,644 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $34.15, for a total value of $158,592.60. Following the completion of the transaction, the director now directly owns 11,529 shares in the company, valued at approximately $393,715.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.48% of the stock is currently owned by insiders.
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.
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