185,385 Shares in Kennametal Inc. $KMT Bought by Nuveen LLC

Key Points

• Nuveen LLC has acquired a new stake in Kennametal Inc. worth approximately $3.95 million, representing 0.24% ownership in the company.
• Analysts have set new price targets for Kennametal, with Loop Capital raising its target to $24.00, while UBS upgraded its rating to neutral with a target of $21.00.
• Kennametal recently announced a quarterly dividend of $0.20, yielding 3.7% annually, with a dividend payout ratio of 66.67%.

Nuveen LLC purchased a new stake in shares of Kennametal Inc. (NYSE:KMT - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 185,385 shares of the industrial products company's stock, valued at approximately $3,949,000. Nuveen LLC owned 0.24% of Kennametal as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Mackenzie Financial Corp lifted its holdings in shares of 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 buying an additional 66,025 shares during the period. Janney Montgomery Scott LLC lifted its holdings in shares of Kennametal by 17.8% in the first quarter. Janney Montgomery Scott LLC now owns 13,242 shares of the industrial products company's stock valued at $282,000 after buying an additional 2,000 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Kennametal by 699.1% in the first quarter. GAMMA Investing LLC now owns 11,651 shares of the industrial products company's stock valued at $248,000 after buying an additional 10,193 shares during the period. Entropy Technologies LP acquired a new stake in shares of Kennametal in the first quarter valued at $339,000. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Kennametal by 219.5% in the first quarter. Envestnet Asset Management Inc. now owns 57,481 shares of the industrial products company's stock valued at $1,224,000 after buying an additional 39,492 shares during the period.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. cut their price objective on Kennametal from $23.00 to $20.00 and set an "underweight" rating for the company in a report on Thursday, August 7th. Barclays lifted their target price on Kennametal from $22.00 to $24.00 and gave the stock an "equal weight" rating in a report on Monday, May 12th. Zacks Research upgraded Kennametal to a "strong sell" rating in a report on Monday, August 11th. Morgan Stanley lifted their target price on Kennametal from $20.00 to $21.00 and gave the stock an "equal weight" rating in a report on Monday, May 12th. Finally, Wall Street Zen upgraded Kennametal from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Five investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Kennametal currently has an average rating of "Reduce" and an average price target of $24.00.

Kennametal Stock Down 1.2%

Shares of KMT traded down $0.26 during mid-day trading on Friday, reaching $21.42. The company's stock had a trading volume of 755,866 shares, compared to its average volume of 1,554,757. The business has a fifty day moving average of $23.09 and a 200 day moving average of $21.75. The company has a market cap of $1.63 billion, a price-to-earnings ratio of 17.85, a price-to-earnings-growth 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. 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 (NYSE:KMT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.06). Kennametal had a net margin of 4.73% and a return on equity of 8.09%. The company had revenue of $516.45 million for the quarter, compared to analysts' expectations of $527.52 million. During the same quarter in the prior year, the firm earned $0.49 earnings per share. The company's revenue was down 4.9% on a year-over-year basis. As a group, analysts forecast that Kennametal Inc. will post 1.17 earnings per share 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 issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, August 12th. Kennametal's dividend payout ratio is currently 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.