Ameriprise Financial Inc. cut its stake in Kennametal Inc. (NYSE:KMT - Free Report) by 7.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 217,385 shares of the industrial products company's stock after selling 16,271 shares during the period. Ameriprise Financial Inc. owned about 0.28% of Kennametal worth $5,222,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of KMT. Blue Trust Inc. raised its holdings in shares of Kennametal by 120.9% in the 4th quarter. Blue Trust Inc. now owns 1,308 shares of the industrial products company's stock worth $34,000 after buying an additional 716 shares in the last quarter. Headlands Technologies LLC raised its holdings in shares of Kennametal by 214.2% in the 4th quarter. Headlands Technologies LLC now owns 2,118 shares of the industrial products company's stock worth $51,000 after buying an additional 1,444 shares in the last quarter. Sterling Capital Management LLC raised its holdings in shares of Kennametal by 801.8% in the 4th quarter. Sterling Capital Management LLC now owns 2,453 shares of the industrial products company's stock worth $59,000 after buying an additional 2,181 shares in the last quarter. KBC Group NV raised its holdings in shares of Kennametal by 50.3% in the 4th quarter. KBC Group NV now owns 3,351 shares of the industrial products company's stock worth $80,000 after buying an additional 1,122 shares in the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of Kennametal by 10.5% in the 4th quarter. Bank of Montreal Can now owns 9,437 shares of the industrial products company's stock worth $227,000 after buying an additional 898 shares in the last quarter.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on the company. Wall Street Zen raised Kennametal from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Morgan Stanley raised their price target on Kennametal from $20.00 to $21.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. Finally, Barclays raised their price target on Kennametal from $22.00 to $24.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Kennametal has a consensus rating of "Hold" and a consensus target price of $25.80.
View Our Latest Research Report on Kennametal
Kennametal Price Performance
KMT stock traded up $0.34 during midday trading on Thursday, reaching $21.86. 951,065 shares of the company's stock traded hands, compared to its average volume of 882,940. The company has a 50-day simple moving average of $20.23 and a two-hundred day simple moving average of $23.00. Kennametal Inc. has a 1-year low of $17.30 and a 1-year high of $32.18. The company has a market cap of $1.67 billion, a price-to-earnings ratio of 17.92, a PEG ratio of 3.69 and a beta of 1.39. The company has a quick ratio of 1.13, a current ratio of 2.53 and a debt-to-equity ratio of 0.47.
Kennametal (NYSE:KMT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The industrial products company reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.21. Kennametal had a return on equity of 8.12% and a net margin of 4.76%. The firm had revenue of $486.40 million during the quarter, compared to analysts' expectations of $489.30 million. During the same period last year, the firm posted $0.30 EPS. The business's revenue was down 5.7% on a year-over-year basis. On average, analysts anticipate that Kennametal Inc. will post 1.17 earnings per share for the current year.
Kennametal Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 27th. Shareholders of record on Tuesday, May 13th were given a $0.20 dividend. The ex-dividend date was Tuesday, May 13th. This represents a $0.80 dividend on an annualized basis and a yield of 3.66%. Kennametal's payout ratio is 57.55%.
Kennametal Company Profile
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Free Report)
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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