Franklin Resources Inc. cut its stake in shares of Kennametal Inc. (NYSE:KMT) by 6.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,325,633 shares of the industrial products company’s stock after selling 172,203 shares during the quarter. Franklin Resources Inc. owned about 2.89% of Kennametal worth $87,025,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in KMT. Bank of Montreal Can grew its holdings in shares of Kennametal by 1.7% during the first quarter. Bank of Montreal Can now owns 9,834 shares of the industrial products company’s stock valued at $386,000 after buying an additional 168 shares during the last quarter. Capstone Asset Management Co. purchased a new stake in Kennametal in the first quarter valued at $230,000. Oregon Public Employees Retirement Fund boosted its holdings in Kennametal by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 28,098 shares of the industrial products company’s stock valued at $1,102,000 after purchasing an additional 400 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in Kennametal by 19.2% in the first quarter. Wells Fargo & Company MN now owns 77,435 shares of the industrial products company’s stock valued at $3,038,000 after purchasing an additional 12,465 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in Kennametal by 55.7% in the first quarter. Canada Pension Plan Investment Board now owns 125,200 shares of the industrial products company’s stock valued at $4,912,000 after purchasing an additional 44,800 shares during the last quarter. 97.19% of the stock is currently owned by hedge funds and other institutional investors.
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Several equities research analysts have commented on the stock. BMO Capital Markets reaffirmed a “hold” rating and issued a $45.00 price target on shares of Kennametal in a report on Wednesday, August 23rd. BidaskClub lowered shares of Kennametal from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. Wells Fargo & Company raised shares of Kennametal from a “market perform” rating to an “outperform” rating and upped their price target for the company from $26.10 to $43.50 in a report on Friday, August 4th. J P Morgan Chase & Co raised shares of Kennametal from a “neutral” rating to an “overweight” rating and upped their price target for the company from $40.00 to $43.00 in a report on Thursday, August 17th. Finally, Zacks Investment Research lowered shares of Kennametal from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. Kennametal has a consensus rating of “Hold” and a consensus price target of $43.41.
Kennametal Inc. (KMT) opened at 36.98 on Wednesday. Kennametal Inc. has a 12 month low of $26.66 and a 12 month high of $43.09. The firm has a market cap of $2.98 billion, a P/E ratio of 60.62 and a beta of 1.90. The firm has a 50 day moving average of $35.57 and a 200-day moving average of $37.96.
Kennametal (NYSE:KMT) last issued its earnings results on Wednesday, August 2nd. The industrial products company reported $0.56 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by ($0.08). The firm had revenue of $565.03 million during the quarter, compared to analysts’ expectations of $562.16 million. Kennametal had a net margin of 2.39% and a return on equity of 12.51%. The firm’s revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 EPS. On average, equities research analysts forecast that Kennametal Inc. will post $2.20 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Friday, August 18th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend was Wednesday, August 16th. Kennametal’s payout ratio is 133.33%.
In other news, insider Christopher Rossi bought 29,880 shares of the stock in a transaction dated Friday, August 18th. The shares were acquired at an average price of $33.46 per share, with a total value of $999,784.80. Following the completion of the acquisition, the insider now directly owns 29,850 shares in the company, valued at $998,781. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Charles Michael Jr. Byrnes bought 1,900 shares of the stock in a transaction dated Friday, August 18th. The stock was purchased at an average cost of $33.00 per share, for a total transaction of $62,700.00. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 89,780 shares of company stock worth $1,083,365. Insiders own 3.00% of the company’s stock.
Kennametal Company Profile
Kennametal Inc is a supplier of tooling, engineered components and materials consumed in production processes. The Company operates through two segments: Industrial and Infrastructure. The Industrial segment generally serves customers that operate in industrial end markets, such as transportation, general engineering, aerospace and defense.
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