Kennametal Inc. $KMT Shares Purchased by Northern Trust Corp

Key Points

• Northern Trust Corp increased its stake in Kennametal Inc. by 8.4% during the first quarter, owning over 1 million shares worth approximately $22.9 million.
• Wall Street analysts have mixed views on Kennametal, with JPMorgan lowering its price target to $20, while UBS upgraded it to $21, reflecting differing outlooks on the stock's performance.
• Kennametal reported earnings of $0.34 per share, missing expectations, with a 4.9% decline in quarterly revenue compared to the previous year.

Northern Trust Corp grew its stake in shares of Kennametal Inc. (NYSE:KMT - Free Report) by 8.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,077,284 shares of the industrial products company's stock after buying an additional 83,568 shares during the period. Northern Trust Corp owned 1.41% of Kennametal worth $22,946,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in KMT. Mackenzie Financial Corp boosted its holdings in Kennametal by 557.1% in the first quarter. Mackenzie Financial Corp now owns 77,877 shares of the industrial products company's stock valued at $1,659,000 after acquiring an additional 66,025 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Kennametal by 17.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 13,242 shares of the industrial products company's stock worth $282,000 after purchasing an additional 2,000 shares during the period. Nuveen LLC purchased a new position in shares of Kennametal in the 1st quarter worth about $3,949,000. GAMMA Investing LLC lifted its stake in shares of Kennametal by 699.1% in the 1st quarter. GAMMA Investing LLC now owns 11,651 shares of the industrial products company's stock valued at $248,000 after purchasing an additional 10,193 shares in the last quarter. Finally, Entropy Technologies LP purchased a new stake in shares of Kennametal during the 1st quarter worth about $339,000.

Analysts Set New Price Targets

KMT has been the topic of several research reports. UBS Group upgraded shares of Kennametal from a "sell" rating to a "neutral" rating and raised their price target for the company from $19.00 to $21.00 in a report on Friday, August 15th. JPMorgan Chase & Co. dropped their price objective on shares of Kennametal from $23.00 to $20.00 and set an "underweight" rating for the company in a research report on Thursday, August 7th. Zacks Research upgraded shares of Kennametal to a "strong sell" rating in a report on Monday, August 11th. Loop Capital reaffirmed a "hold" rating and set a $24.00 price target (up from $21.00) on shares of Kennametal in a research report on Wednesday, June 25th. Finally, Morgan Stanley increased their price target on Kennametal from $20.00 to $21.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. Five analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average target price of $24.00.

Kennametal Stock Up 1.0%

KMT stock traded up $0.21 during trading on Thursday, reaching $21.65. The stock had a trading volume of 171,551 shares, compared to its average volume of 1,074,391. The company has a current ratio of 2.46, a quick ratio of 1.19 and a debt-to-equity ratio of 0.45. The firm has a fifty day moving average price of $23.05 and a 200 day moving average price of $21.73. The company has a market capitalization of $1.65 billion, a P/E ratio of 18.03, a PEG ratio of 3.77 and a beta of 1.44. Kennametal Inc. has a 1-year low of $17.30 and a 1-year high of $32.18.

Kennametal (NYSE:KMT - Get Free Report) last announced its 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 business had revenue of $516.45 million for the quarter, compared to analysts' expectations of $527.52 million. During the same period in the previous year, the firm posted $0.49 earnings per share. The firm's revenue was down 4.9% compared to the same quarter last year. On average, equities analysts anticipate that Kennametal Inc. will post 1.17 earnings per share for the current year.

Kennametal Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, August 12th were issued a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 12th. This represents a $0.80 annualized dividend and a yield of 3.7%. Kennametal's payout ratio is currently 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.