Kennametal Inc. (NYSE:KMT) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in Kennametal Inc. (NYSE:KMT - Free Report) by 4.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,075,190 shares of the industrial products company's stock after selling 46,031 shares during the period. Bank of New York Mellon Corp owned about 1.39% of Kennametal worth $22,902,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its position in Kennametal by 2.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,134,051 shares of the industrial products company's stock valued at $123,319,000 after buying an additional 101,159 shares during the period. American Century Companies Inc. boosted its position in Kennametal by 13.8% in the 4th quarter. American Century Companies Inc. now owns 2,543,973 shares of the industrial products company's stock valued at $61,106,000 after buying an additional 308,000 shares during the period. Northern Trust Corp boosted its position in Kennametal by 6.9% in the 4th quarter. Northern Trust Corp now owns 993,716 shares of the industrial products company's stock valued at $23,869,000 after buying an additional 63,770 shares during the period. Voloridge Investment Management LLC boosted its position in Kennametal by 1.4% in the 4th quarter. Voloridge Investment Management LLC now owns 640,162 shares of the industrial products company's stock valued at $15,377,000 after buying an additional 8,753 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in Kennametal by 32.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 469,202 shares of the industrial products company's stock valued at $11,270,000 after buying an additional 115,718 shares during the period.

Kennametal Stock Down 0.2%

Shares of Kennametal stock traded down $0.05 during trading on Monday, hitting $24.53. 874,711 shares of the stock were exchanged, compared to its average volume of 941,803. Kennametal Inc. has a 12-month low of $17.30 and a 12-month high of $32.18. The stock has a market cap of $1.87 billion, a price-to-earnings ratio of 17.64, a price-to-earnings-growth ratio of 3.31 and a beta of 1.40. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.44 and a quick ratio of 1.10. The firm's 50-day moving average price is $22.60 and its 200 day moving average price is $21.95.

Kennametal (NYSE:KMT - Get Free Report) last announced 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 net margin of 5.45% and a return on equity of 9.12%. The firm had revenue of $486.40 million during the quarter, compared to analysts' expectations of $489.30 million. During the same period in the previous year, the company earned $0.30 earnings per share. Kennametal's quarterly revenue was down 5.7% compared to the same quarter last year. As a group, analysts forecast that Kennametal Inc. will post 1.17 earnings per share for the current fiscal year.

Kennametal Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 27th. Shareholders of record on Tuesday, May 13th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $0.80 dividend on an annualized basis and a yield of 3.26%. Kennametal's dividend payout ratio is presently 57.55%.

Analyst Ratings Changes

KMT has been the subject of several recent research reports. Wall Street Zen raised shares of Kennametal from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Morgan Stanley lifted their price objective on shares of Kennametal from $20.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Monday, May 12th. Loop Capital reaffirmed a "hold" rating and set a $24.00 price objective (up from $21.00) on shares of Kennametal in a research report on Wednesday, June 25th. Finally, Barclays lifted their price objective on shares of Kennametal from $22.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $25.40.

About Kennametal

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.