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

Millennium Management LLC lessened its holdings in Kennametal Inc. (NYSE:KMT - Free Report) by 97.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,707 shares of the industrial products company's stock after selling 653,327 shares during the quarter. Millennium Management LLC's holdings in Kennametal were worth $449,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in KMT. Blue Trust Inc. grew its stake in shares of Kennametal by 120.9% in the 4th quarter. Blue Trust Inc. now owns 1,308 shares of the industrial products company's stock worth $34,000 after buying an additional 716 shares during the last quarter. Headlands Technologies LLC boosted its holdings in Kennametal by 214.2% in the fourth quarter. Headlands Technologies LLC now owns 2,118 shares of the industrial products company's stock worth $51,000 after acquiring an additional 1,444 shares in the last quarter. Sterling Capital Management LLC grew its stake in shares of Kennametal by 801.8% in the fourth quarter. Sterling Capital Management LLC now owns 2,453 shares of the industrial products company's stock worth $59,000 after acquiring an additional 2,181 shares during the last quarter. KBC Group NV increased its holdings in shares of Kennametal by 50.3% during the fourth quarter. KBC Group NV now owns 3,351 shares of the industrial products company's stock valued at $80,000 after acquiring an additional 1,122 shares in the last quarter. Finally, Bank of Montreal Can raised its position in shares of Kennametal by 10.5% in the 4th quarter. Bank of Montreal Can now owns 9,437 shares of the industrial products company's stock worth $227,000 after purchasing an additional 898 shares during the last quarter.

Kennametal Stock Performance

KMT stock traded up $0.23 on Tuesday, hitting $22.40. The company had a trading volume of 614,609 shares, compared to its average volume of 889,851. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of 18.36, a P/E/G ratio of 3.69 and a beta of 1.40. The company has a current ratio of 2.53, a quick ratio of 1.13 and a debt-to-equity ratio of 0.47. Kennametal Inc. has a 12-month low of $17.30 and a 12-month high of $32.18. The stock's 50-day simple moving average is $20.22 and its 200 day simple moving average is $22.58.

Kennametal (NYSE:KMT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The industrial products company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.21. Kennametal had a net margin of 4.76% and a return on equity of 8.12%. The business had revenue of $486.40 million during the quarter, compared to analysts' expectations of $489.30 million. During the same period in the prior year, the company earned $0.30 earnings per share. The firm's revenue was down 5.7% on a year-over-year basis. As a group, equities research analysts expect that Kennametal Inc. will post 1.17 earnings per share for the current fiscal year.

Kennametal Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 27th. Investors of record on Tuesday, May 13th were given 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 yield of 3.57%. Kennametal's dividend payout ratio (DPR) is presently 57.55%.

Analyst Upgrades and Downgrades

Several analysts recently commented on KMT shares. 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 report on Monday, May 12th. Wall Street Zen upgraded shares of Kennametal from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Finally, Barclays raised their price target 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. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $25.80.

Kennametal Company 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.