Millennium Management LLC Sells 653,327 Shares of Kennametal Inc. (NYSE:KMT)

Millennium Management LLC lowered its holdings in Kennametal Inc. (NYSE:KMT - Free Report) by 97.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,707 shares of the industrial products company's stock after selling 653,327 shares during the period. Millennium Management LLC's holdings in Kennametal were worth $449,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in KMT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Kennametal by 2.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,294 shares of the industrial products company's stock worth $1,064,000 after acquiring an additional 934 shares in the last quarter. Lazard Asset Management LLC raised its holdings in shares of Kennametal by 43.4% during the 4th quarter. Lazard Asset Management LLC now owns 46,086 shares of the industrial products company's stock valued at $1,106,000 after buying an additional 13,943 shares in the last quarter. Dean Capital Management boosted its stake in shares of Kennametal by 44.2% in the 4th quarter. Dean Capital Management now owns 103,146 shares of the industrial products company's stock valued at $2,478,000 after purchasing an additional 31,639 shares in the last quarter. Freestone Grove Partners LP purchased a new position in shares of Kennametal in the fourth quarter worth about $335,000. Finally, Northern Trust Corp increased its stake in Kennametal by 6.9% in the 4th quarter. Northern Trust Corp now owns 993,716 shares of the industrial products company's stock worth $23,869,000 after purchasing an additional 63,770 shares during the period.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Morgan Stanley raised their target price on shares of Kennametal from $20.00 to $21.00 and gave the stock an "equal weight" rating in a report on Monday, May 12th. Barclays boosted their price objective on shares of Kennametal from $22.00 to $24.00 and gave the company an "equal weight" rating in a research report on Monday, May 12th. Finally, Wall Street Zen upgraded shares of Kennametal from a "hold" rating to a "buy" rating in a report on Friday, May 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $25.80.

Kennametal Trading Down 1.8%

Shares of NYSE KMT traded down $0.41 during midday trading on Friday, hitting $21.85. 689,229 shares of the company traded hands, compared to its average volume of 894,384. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.13 and a current ratio of 2.53. Kennametal Inc. has a 12-month low of $17.30 and a 12-month high of $32.18. The stock has a 50-day moving average price of $20.42 and a 200 day moving average price of $22.53. The firm has a market cap of $1.67 billion, a P/E ratio of 17.91, a P/E/G ratio of 3.69 and a beta of 1.40.

Kennametal (NYSE:KMT - Get Free Report) last released its quarterly earnings results 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 company had revenue of $486.40 million for the quarter, compared to analyst estimates of $489.30 million. Kennametal had a return on equity of 8.12% and a net margin of 4.76%. The firm's revenue was down 5.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.30 earnings per share. As a group, analysts expect that Kennametal Inc. will post 1.17 earnings per share for the current year.

Kennametal Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 27th. Stockholders of record on Tuesday, May 13th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $0.80 annualized dividend and a dividend yield of 3.66%. Kennametal's payout ratio is presently 57.55%.

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.