Kennametal Inc. $KMT Shares Sold by Rhumbline Advisers

Key Points

• Rhumbline Advisers has reduced its stake in Kennametal Inc. by 12.0%, now holding 233,299 shares, following the sale of 31,942 shares during the first quarter.
• Wall Street analysts have mixed views on Kennametal, with ratings ranging from "underweight" by JPMorgan to "neutral" by UBS, resulting in an average price target of $24.00.
• Kennametal recently reported a miss in earnings per share of $0.34, below the estimate of $0.40, with revenue declining by 4.9% year-over-year.

Rhumbline Advisers lowered its holdings in Kennametal Inc. (NYSE:KMT - Free Report) by 12.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 233,299 shares of the industrial products company's stock after selling 31,942 shares during the quarter. Rhumbline Advisers owned about 0.31% of Kennametal worth $4,969,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Victory Capital Management Inc. grew its stake in Kennametal by 6.0% during the 1st quarter. Victory Capital Management Inc. now owns 3,218,394 shares of the industrial products company's stock worth $68,552,000 after buying an additional 181,035 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Kennametal by 9.2% in the 1st quarter. American Century Companies Inc. now owns 2,778,368 shares of the industrial products company's stock valued at $59,179,000 after buying an additional 234,395 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Kennametal by 3.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,529,095 shares of the industrial products company's stock worth $32,570,000 after purchasing an additional 49,496 shares during the last quarter. Northern Trust Corp increased its position in Kennametal by 8.4% during the first quarter. Northern Trust Corp now owns 1,077,284 shares of the industrial products company's stock worth $22,946,000 after buying an additional 83,568 shares in the last quarter. Finally, Voloridge Investment Management LLC grew its position in shares of Kennametal by 1.4% in the fourth quarter. Voloridge Investment Management LLC now owns 640,162 shares of the industrial products company's stock valued at $15,377,000 after purchasing an additional 8,753 shares during the period.

Wall Street Analysts Forecast Growth

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

Kennametal Stock Performance

KMT opened at $20.79 on Friday. The firm has a market cap of $1.58 billion, a PE ratio of 17.33, a P/E/G ratio of 3.70 and a beta of 1.44. The company has a quick ratio of 1.19, a current ratio of 2.46 and a debt-to-equity ratio of 0.45. The business has a fifty day simple moving average of $22.70 and a 200-day simple moving average of $21.67. Kennametal Inc. has a fifty-two week low of $17.30 and a fifty-two week high of $32.18.

Kennametal (NYSE:KMT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $0.34 earnings per share 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 the consensus estimate of $527.52 million. Kennametal had a return on equity of 8.09% and a net margin of 4.73%.The business's revenue was down 4.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.49 earnings per share. As a group, equities analysts predict that Kennametal Inc. will post 1.17 EPS for the current fiscal year.

Kennametal Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, August 12th were given a dividend of $0.20 per share. 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 dividend payout ratio (DPR) is presently 66.67%.

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.

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