Deutsche Bank AG Sells 30,530 Shares of Kennametal Inc. $KMT

Key Points

• Deutsche Bank AG has reduced its stake in Kennametal Inc. by 23.0%, selling 30,530 shares during the first quarter, now owning 102,002 shares valued at approximately $2.17 million.
• Kennametal reported $0.34 earnings per share for the last quarter, missing analysts' expectations and experiencing a 4.9% year-over-year revenue decline to $516.45 million.
• The company declared a quarterly dividend of $0.20 per share, which corresponds to an annualized payout of $0.80 and a dividend yield of 3.9%.

Deutsche Bank AG reduced its holdings in Kennametal Inc. (NYSE:KMT - Free Report) by 23.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 102,002 shares of the industrial products company's stock after selling 30,530 shares during the period. Deutsche Bank AG owned 0.13% of Kennametal worth $2,173,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Curat Global LLC acquired a new stake in Kennametal in the 1st quarter valued at $35,000. Parallel Advisors LLC increased its stake in Kennametal by 107.6% in the 1st quarter. Parallel Advisors LLC now owns 1,958 shares of the industrial products company's stock valued at $42,000 after buying an additional 1,015 shares during the last quarter. US Bancorp DE increased its stake in Kennametal by 93.4% in the 1st quarter. US Bancorp DE now owns 2,145 shares of the industrial products company's stock valued at $46,000 after buying an additional 1,036 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in Kennametal in the 1st quarter valued at $52,000. Finally, Sterling Capital Management LLC increased its stake in Kennametal by 801.8% in the 4th quarter. Sterling Capital Management LLC now owns 2,453 shares of the industrial products company's stock valued at $59,000 after buying an additional 2,181 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. lowered their price target on shares of Kennametal from $23.00 to $20.00 and set an "underweight" rating on the stock in a research note on Thursday, August 7th. Wall Street Zen upgraded shares of Kennametal from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Morgan Stanley boosted their price objective on shares of Kennametal from $20.00 to $21.00 and gave the stock an "equal weight" rating in a research note on Monday, May 12th. Zacks Research upgraded shares of Kennametal to a "strong sell" rating in a research note on Monday, August 11th. Finally, Loop Capital restated a "hold" rating and set a $24.00 price objective (up from $21.00) on shares of Kennametal in a research note on Wednesday, June 25th. Five analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Reduce" and an average price target of $24.00.

Kennametal Stock Performance

KMT traded down $0.08 on Tuesday, reaching $21.43. The company had a trading volume of 1,024,675 shares, compared to its average volume of 1,552,023. Kennametal Inc. has a fifty-two week low of $17.30 and a fifty-two week high of $32.18. The stock has a market cap of $1.63 billion, a P/E ratio of 17.86, a P/E/G ratio of 3.78 and a beta of 1.44. The company's fifty day moving average is $23.12 and its 200 day moving average is $21.76. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.19 and a current ratio of 2.46.

Kennametal (NYSE:KMT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.40 by ($0.06). Kennametal had a net margin of 4.73% and a return on equity of 8.09%. The company had revenue of $516.45 million during the quarter, compared to analyst estimates of $527.52 million. During the same quarter last year, the company posted $0.49 EPS. The firm's quarterly revenue was down 4.9% on a year-over-year basis. As a group, analysts predict that Kennametal Inc. will post 1.17 earnings per share for the current fiscal year.

Kennametal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Tuesday, August 12th will be paid a $0.20 dividend. The ex-dividend date is Tuesday, August 12th. This represents a $0.80 dividend on an annualized basis and a yield of 3.7%. Kennametal's dividend payout ratio is 66.67%.

Kennametal Profile

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.