Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Kennametal Inc. (NYSE:KMT – Free Report) by 6.4% in the second quarter, Holdings Channel reports. The institutional investor owned 90,740 shares of the industrial products company’s stock after buying an additional 5,476 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Kennametal were worth $2,576,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors also recently modified their holdings of the business. BlackRock Inc. lifted its holdings in shares of Kennametal by 32.3% during the first quarter. BlackRock Inc. now owns 13,646,987 shares of the industrial products company’s stock worth $376,384,000 after buying an additional 3,328,786 shares during the last quarter. Ariel Investments LLC raised its stake in shares of Kennametal by 8.9% in the first quarter. Ariel Investments LLC now owns 9,707,735 shares of the industrial products company’s stock valued at $277,739,000 after purchasing an additional 790,456 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Kennametal by 8.6% in the first quarter. Dimensional Fund Advisors LP now owns 4,566,810 shares of the industrial products company’s stock valued at $125,950,000 after purchasing an additional 360,068 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Kennametal by 10.1% in the fourth quarter. Victory Capital Management Inc. now owns 3,247,088 shares of the industrial products company’s stock valued at $78,125,000 after purchasing an additional 297,345 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Kennametal by 13.0% in the first quarter. State Street Corp now owns 3,042,929 shares of the industrial products company’s stock valued at $83,924,000 after purchasing an additional 349,174 shares in the last quarter.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on KMT shares. The Goldman Sachs Group cut their target price on Kennametal from $26.00 to $23.00 and set a “sell” rating for the company in a research note on Thursday, November 2nd. Bank of America cut their target price on Kennametal from $28.00 to $25.00 in a research note on Wednesday, October 11th. Barclays cut their target price on Kennametal from $28.00 to $26.00 and set an “equal weight” rating for the company in a research note on Thursday, November 2nd. StockNews.com initiated coverage on Kennametal in a research note on Thursday, October 5th. They issued a “buy” rating for the company. Finally, JPMorgan Chase & Co. lowered their price target on Kennametal from $30.00 to $26.00 and set an “underweight” rating on the stock in a research report on Monday, October 16th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $25.93.
Insider Transactions at Kennametal
In other news, Director William J. Harvey sold 1,215 shares of the stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $25.50, for a total transaction of $30,982.50. Following the sale, the director now owns 34,431 shares in the company, valued at $877,990.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.61% of the company’s stock.
Kennametal Price Performance
Shares of KMT stock opened at $23.56 on Tuesday. The stock’s fifty day moving average is $24.00 and its 200-day moving average is $26.21. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.05 and a current ratio of 2.41. The stock has a market capitalization of $1.88 billion, a PE ratio of 15.92, a PEG ratio of 2.75 and a beta of 1.87. Kennametal Inc. has a 52 week low of $22.08 and a 52 week high of $30.60.
Kennametal (NYSE:KMT – Get Free Report) last announced its earnings results on Wednesday, November 1st. The industrial products company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.35 by $0.06. The company had revenue of $492.50 million for the quarter, compared to analysts’ expectations of $503.60 million. Kennametal had a return on equity of 9.85% and a net margin of 5.80%. The business’s revenue for the quarter was down .5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.34 earnings per share. Equities research analysts expect that Kennametal Inc. will post 1.77 EPS for the current fiscal year.
Kennametal Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 21st. Stockholders of record on Tuesday, November 7th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend is Monday, November 6th. Kennametal’s payout ratio is presently 54.05%.
Kennametal Inc engages in development and application of 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. The company operates through two segments, Metal Cutting and Infrastructure.
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