Invesco Ltd. Sells 64,193 Shares of Kennametal Inc. $KMT

Key Points

• Invesco Ltd. has reduced its stake in Kennametal Inc. by 15.1%, selling 64,193 shares and now holding 361,890 shares valued at about $7.7 million.
• Kennametal recently reported earnings of $0.34 per share, missing estimates by $0.06, with a revenue of $516.45 million for the quarter, down 4.9% year-over-year.
• The firm announced a quarterly dividend of $0.20 per share, representing a 3.7% yield, with the ex-dividend date set for August 12th.

Invesco Ltd. decreased its holdings in Kennametal Inc. (NYSE:KMT - Free Report) by 15.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 361,890 shares of the industrial products company's stock after selling 64,193 shares during the quarter. Invesco Ltd. owned 0.47% of Kennametal worth $7,708,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in KMT. Curat Global LLC purchased a new stake in Kennametal in the 1st quarter valued at about $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 purchased a new stake in Kennametal in the 1st quarter valued at about $52,000. Finally, Bayforest Capital Ltd purchased a new stake in Kennametal in the 1st quarter valued at about $64,000.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Wall Street Zen upgraded shares of Kennametal from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. 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 note on Monday, May 12th. 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 note on Monday, May 12th. JPMorgan Chase & Co. decreased their price objective on shares of Kennametal from $23.00 to $20.00 and set an "underweight" rating for the company in a research note on Thursday, August 7th. Finally, Loop Capital restated a "hold" rating and set a $24.00 price target (up previously from $21.00) on shares of Kennametal in a research note on Wednesday, June 25th. Five equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $24.00.

Kennametal Trading Down 0.7%

Shares of KMT stock opened at $21.4810 on Tuesday. The company has a 50 day moving average of $23.13 and a 200-day moving average of $21.76. The company has a quick ratio of 1.19, a current ratio of 2.46 and a debt-to-equity ratio of 0.45. Kennametal Inc. has a 12-month low of $17.30 and a 12-month high of $32.18. The firm has a market cap of $1.63 billion, a P/E ratio of 17.90, a PEG ratio of 3.80 and a beta of 1.44.

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

Kennametal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Tuesday, August 12th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, August 12th. This represents a $0.80 annualized dividend and a yield of 3.7%. Kennametal's dividend payout ratio (DPR) 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.

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