Janney Montgomery Scott LLC grew its stake in shares of Kennametal Inc. (NYSE:KMT) by 2.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,673 shares of the industrial products company’s stock after purchasing an additional 501 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Kennametal were worth $866,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also made changes to their positions in the company. CI Investments Inc. acquired a new position in shares of Kennametal in the 4th quarter valued at $28,000. Samalin Investment Counsel LLC acquired a new position in shares of Kennametal in the 4th quarter valued at $36,000. LPL Financial LLC acquired a new position in shares of Kennametal in the 4th quarter valued at $208,000. Zeke Capital Advisors LLC acquired a new position in shares of Kennametal in the 1st quarter valued at $220,000. Finally, Truist Financial Corp acquired a new position in shares of Kennametal in the 4th quarter valued at $265,000.
In related news, Director Cindy L. Davis sold 14,000 shares of the business’s stock in a transaction dated Wednesday, March 10th. The shares were sold at an average price of $40.50, for a total value of $567,000.00. Following the sale, the director now directly owns 28,588 shares in the company, valued at approximately $1,157,814. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Judith L. Bacchus sold 20,922 shares of the business’s stock in a transaction dated Monday, March 8th. The stock was sold at an average price of $40.53, for a total transaction of $847,968.66. Following the completion of the sale, the vice president now owns 28,696 shares in the company, valued at $1,163,048.88. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by insiders.
Kennametal (NYSE:KMT) last issued its earnings results on Sunday, May 2nd. The industrial products company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.21 by $0.11. The company had revenue of $484.66 million for the quarter, compared to analyst estimates of $471.43 million. Kennametal had a negative net margin of 1.91% and a positive return on equity of 5.19%. The business’s revenue was up .3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.46 EPS. On average, sell-side analysts forecast that Kennametal Inc. will post 0.79 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 25th. Shareholders of record on Tuesday, May 11th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, May 10th. This represents a $0.80 annualized dividend and a dividend yield of 1.91%. Kennametal’s payout ratio is currently 85.11%.
KMT has been the topic of a number of recent research reports. UBS Group cut shares of Kennametal from a “buy” rating to a “neutral” rating and cut their target price for the company from $36.00 to $35.00 in a report on Monday, February 8th. Morgan Stanley lifted their price objective on shares of Kennametal from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 11th. BMO Capital Markets lifted their price objective on shares of Kennametal from $30.00 to $35.00 and gave the company a “market perform” rating in a research report on Wednesday, February 3rd. Finally, Zacks Investment Research lowered shares of Kennametal from a “buy” rating to a “hold” rating and set a $38.00 price objective on the stock. in a research report on Thursday, February 4th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. Kennametal has a consensus rating of “Hold” and a consensus target price of $36.22.
Kennametal Inc develops and applies tungsten carbides, ceramics, and super-hard materials and solutions for use in metal cutting and extreme wear applications to enable customers work against corrosion and high temperatures conditions worldwide. It operates through three segments: Industrial, Widia, and Infrastructure.
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