Hsbc Holdings PLC Decreases Stock Holdings in Kennametal Inc. $KMT

Key Points

• HSBC Holdings PLC has reduced its holdings in Kennametal Inc. by 80.3%, selling 51,909 shares, leaving it with 12,769 shares worth $271,000 as of their latest SEC filing.
• Kennametal reported a miss in quarterly earnings with earnings per share of $0.34, below the consensus estimate of $0.40, and a revenue decline of 4.9% year-over-year.
• The company announced a quarterly dividend of $0.20 per share, yielding 3.7%, with a dividend payout ratio of 66.67%.

Hsbc Holdings PLC lowered its stake in Kennametal Inc. (NYSE:KMT - Free Report) by 80.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,769 shares of the industrial products company's stock after selling 51,909 shares during the period. Hsbc Holdings PLC's holdings in Kennametal were worth $271,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in KMT. SummerHaven Investment Management LLC lifted its stake in shares of Kennametal by 1.8% in the 1st quarter. SummerHaven Investment Management LLC now owns 34,150 shares of the industrial products company's stock valued at $727,000 after purchasing an additional 600 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Kennametal by 2.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,294 shares of the industrial products company's stock valued at $1,064,000 after purchasing an additional 934 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Kennametal by 107.6% during 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 in the last quarter. US Bancorp DE grew its position in shares of Kennametal by 93.4% in the 1st quarter. US Bancorp DE now owns 2,145 shares of the industrial products company's stock worth $46,000 after buying an additional 1,036 shares during the period. Finally, Curat Global LLC purchased a new stake in shares of Kennametal in the 1st quarter worth about $35,000.

Kennametal Stock Down 0.7%

Kennametal stock traded down $0.15 during mid-day trading on Wednesday, reaching $20.90. The stock had a trading volume of 731,784 shares, compared to its average volume of 887,191. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of 17.42, a PEG ratio of 3.70 and a beta of 1.44. The company has a 50-day moving average price of $22.84 and a two-hundred day moving average price of $21.69. Kennametal Inc. has a one year low of $17.30 and a one year high of $32.18. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.46 and a quick ratio of 1.19.

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

Kennametal Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, August 12th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, August 12th. This represents a $0.80 dividend on an annualized basis and a yield of 3.8%. Kennametal's payout ratio is 66.67%.

Wall Street Analysts Forecast Growth

KMT has been the topic of a number of recent research reports. Zacks Research raised shares of Kennametal to a "strong sell" rating in a research report on Monday, August 11th. Loop Capital reaffirmed a "hold" rating and issued a $24.00 target price (up from $21.00) on shares of Kennametal in a research report on Wednesday, June 25th. UBS Group raised shares of Kennametal from a "sell" rating to a "neutral" rating and upped their target price for the stock from $19.00 to $21.00 in a research report on Friday, August 15th. Wall Street Zen raised shares of Kennametal from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Kennametal from $23.00 to $20.00 and set an "underweight" rating on the stock in a research report on Thursday, August 7th. Five research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus price target of $24.00.

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.