Bank of New York Mellon Corp lowered its stake in shares of Kennametal Inc. (NYSE:KMT - Free Report) by 4.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,075,190 shares of the industrial products company's stock after selling 46,031 shares during the quarter. Bank of New York Mellon Corp owned about 1.39% of Kennametal worth $22,902,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently modified their holdings of KMT. American Century Companies Inc. increased its position in shares of Kennametal by 13.8% during the fourth 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. Norges Bank bought a new stake in Kennametal during the fourth quarter worth about $5,543,000. Arrowstreet Capital Limited Partnership boosted its stake in Kennametal by 32.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 469,202 shares of the industrial products company's stock worth $11,270,000 after acquiring an additional 115,718 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Kennametal by 2.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,134,051 shares of the industrial products company's stock worth $123,319,000 after acquiring an additional 101,159 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Kennametal by 29.4% during the fourth quarter. JPMorgan Chase & Co. now owns 313,785 shares of the industrial products company's stock worth $7,537,000 after acquiring an additional 71,346 shares in the last quarter.
Kennametal Stock Down 1.2%
NYSE KMT traded down $0.30 during trading on Friday, reaching $24.55. 613,356 shares of the company's stock traded hands, compared to its average volume of 942,072. 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 has a market cap of $1.87 billion, a price-to-earnings ratio of 17.66, a price-to-earnings-growth ratio of 3.37 and a beta of 1.40. The company's 50 day simple moving average is $22.60 and its two-hundred day simple moving average is $21.96. Kennametal Inc. has a 12-month low of $17.30 and a 12-month high of $32.18.
Kennametal (NYSE:KMT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The industrial products company reported $0.47 EPS 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 business had revenue of $486.40 million for the quarter, compared to the consensus estimate of $489.30 million. During the same quarter last year, the firm posted $0.30 EPS. The company's revenue for the quarter was down 5.7% on a year-over-year basis. As a group, sell-side analysts forecast that Kennametal Inc. will post 1.17 EPS for the current fiscal year.
Kennametal Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, May 27th. Investors of record on Tuesday, May 13th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date was Tuesday, May 13th. Kennametal's dividend payout ratio (DPR) is presently 57.55%.
Wall Street Analysts Forecast Growth
A number of research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Kennametal from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Loop Capital restated a "hold" rating and set a $24.00 price objective (up previously from $21.00) on shares of Kennametal in a research report on Wednesday, June 25th. Barclays increased their price objective on shares of Kennametal from $22.00 to $24.00 and gave the company an "equal weight" rating in a research report on Monday, May 12th. Finally, Morgan Stanley increased their price objective on shares of Kennametal from $20.00 to $21.00 and gave the company an "equal weight" rating in a research report on Monday, May 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $25.40.
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About Kennametal
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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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