Eagle Asset Management Inc. trimmed its holdings in Kennametal Inc. (NYSE:KMT) by 22.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 1,013,848 shares of the industrial products company’s stock after selling 301,014 shares during the period. Eagle Asset Management Inc.’s holdings in Kennametal were worth $31,165,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of KMT. First Trust Advisors LP grew its position in shares of Kennametal by 45.9% during the first quarter. First Trust Advisors LP now owns 81,608 shares of the industrial products company’s stock worth $2,999,000 after purchasing an additional 25,687 shares in the last quarter. Nisa Investment Advisors LLC grew its position in shares of Kennametal by 2.2% during the second quarter. Nisa Investment Advisors LLC now owns 32,060 shares of the industrial products company’s stock worth $1,186,000 after purchasing an additional 700 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of Kennametal by 1.4% during the second quarter. Oregon Public Employees Retirement Fund now owns 33,162 shares of the industrial products company’s stock worth $1,227,000 after purchasing an additional 470 shares in the last quarter. Foundry Partners LLC grew its position in shares of Kennametal by 9.5% during the second quarter. Foundry Partners LLC now owns 358,945 shares of the industrial products company’s stock worth $13,277,000 after purchasing an additional 31,279 shares in the last quarter. Finally, Cerebellum GP LLC purchased a new stake in shares of Kennametal during the second quarter worth about $352,000. Institutional investors own 98.05% of the company’s stock.
Several research firms recently issued reports on KMT. TheStreet cut Kennametal from a “b-” rating to a “c+” rating in a research report on Tuesday, August 27th. Longbow Research cut Kennametal from a “buy” rating to a “neutral” rating in a research report on Tuesday, October 22nd. Zacks Investment Research cut Kennametal from a “hold” rating to a “sell” rating and set a $30.00 target price for the company. in a research report on Thursday, October 10th. Goldman Sachs Group cut Kennametal from a “buy” rating to a “sell” rating and cut their target price for the stock from $43.00 to $30.00 in a research report on Tuesday, July 16th. Finally, Wells Fargo & Co cut their target price on Kennametal from $34.00 to $32.00 and set a “market perform” rating for the company in a research report on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. Kennametal currently has an average rating of “Hold” and an average price target of $32.75.
NYSE KMT traded down $0.37 during trading on Friday, hitting $34.00. 452,977 shares of the stock traded hands, compared to its average volume of 800,553. The company has a market capitalization of $2.78 billion, a P/E ratio of 11.26, a price-to-earnings-growth ratio of 2.23 and a beta of 2.28. The firm has a 50-day simple moving average of $30.87 and a 200-day simple moving average of $32.81. The company has a quick ratio of 1.34, a current ratio of 2.54 and a debt-to-equity ratio of 0.44. Kennametal Inc. has a 12-month low of $27.49 and a 12-month high of $43.98.
Kennametal (NYSE:KMT) last released its quarterly earnings results on Monday, November 4th. The industrial products company reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The business had revenue of $518.09 million during the quarter, compared to analysts’ expectations of $517.49 million. Kennametal had a return on equity of 15.40% and a net margin of 8.31%. The firm’s revenue for the quarter was down 11.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.70 EPS. As a group, research analysts predict that Kennametal Inc. will post 1.77 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Tuesday, November 12th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.35%. The ex-dividend date is Friday, November 8th. Kennametal’s dividend payout ratio is presently 26.49%.
In other Kennametal news, Director Cindy L. Davis sold 4,644 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $34.15, for a total transaction of $158,592.60. Following the completion of the transaction, the director now owns 11,529 shares in the company, valued at approximately $393,715.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.48% of the company’s stock.
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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