Envestnet Asset Management Inc. Has $1.22 Million Stock Position in Kennametal Inc. (NYSE:KMT)

Key Points

• Envestnet Asset Management Inc. increased its ownership in Kennametal by 219.5%, acquiring an additional 39,492 shares to total 57,481 shares, valued at approximately $1.22 million.
• Wall Street analysts have varying ratings for Kennametal, with one analyst giving a buy rating, while others have either hold or sell ratings, and a consensus price target of $25.40.
• Kennametal announced a quarterly dividend of $0.20 to be paid on August 26th, representing a 3.3% dividend yield based on an annualized rate of $0.80.

Envestnet Asset Management Inc. lifted its holdings in shares of Kennametal Inc. (NYSE:KMT - Free Report) by 219.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,481 shares of the industrial products company's stock after purchasing an additional 39,492 shares during the period. Envestnet Asset Management Inc. owned about 0.07% of Kennametal worth $1,224,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Kennametal in the fourth quarter valued at approximately $5,543,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Kennametal by 32.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 469,202 shares of the industrial products company's stock worth $11,270,000 after purchasing an additional 115,718 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of 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 purchasing an additional 101,159 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of 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 purchasing an additional 71,346 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of Kennametal by 6.9% in the fourth quarter. Northern Trust Corp now owns 993,716 shares of the industrial products company's stock valued at $23,869,000 after purchasing an additional 63,770 shares during the period.

Kennametal Price Performance

KMT stock traded up $0.37 on Tuesday, hitting $25.13. 351,955 shares of the company's stock traded hands, compared to its average volume of 1,013,647. The company has a current ratio of 2.44, a quick ratio of 1.10 and a debt-to-equity ratio of 0.47. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 18.07, a P/E/G ratio of 3.28 and a beta of 1.44. Kennametal Inc. has a 1-year low of $17.30 and a 1-year high of $32.18. The stock has a fifty day moving average of $23.36 and a 200-day moving average of $22.02.

Kennametal (NYSE:KMT - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The industrial products company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.21. The firm had revenue of $486.40 million for the quarter, compared to analyst estimates of $489.30 million. Kennametal had a net margin of 5.45% and a return on equity of 9.12%. The company's revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.30 EPS. On average, analysts forecast that Kennametal Inc. will post 1.17 EPS for the current fiscal year.

Kennametal Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Tuesday, August 12th will be given a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, August 12th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.2%. Kennametal's dividend payout ratio (DPR) is currently 57.55%.

Wall Street Analysts Forecast Growth

KMT has been the topic of a number of research analyst reports. Wall Street Zen raised Kennametal from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Barclays lifted their target price on Kennametal from $22.00 to $24.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. Loop Capital reissued a "hold" rating and issued a $24.00 price objective (up previously from $21.00) on shares of Kennametal in a research report on Wednesday, June 25th. Finally, Morgan Stanley raised their target price on Kennametal from $20.00 to $21.00 and gave the company an "equal weight" rating in a 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 issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average 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.