Kennametal Inc. $KMT Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its stake in Kennametal Inc. by 2.2% during Q1, owning approximately 11.41% of the company valued at $188.06 million after selling 197,943 shares.
• Kennametal's recent earnings report showed an EPS of $0.34, missing analyst estimates of $0.40, with a net revenue of $516.45 million, down 4.9% year-over-year.
• The company declared a quarterly dividend of $0.20, yielding 3.8%, with an ex-dividend date of August 12th, while its dividend payout ratio stands at 66.67%.

Vanguard Group Inc. decreased its holdings in Kennametal Inc. (NYSE:KMT - Free Report) by 2.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,828,935 shares of the industrial products company's stock after selling 197,943 shares during the period. Vanguard Group Inc. owned approximately 11.41% of Kennametal worth $188,056,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Mackenzie Financial Corp raised its holdings in Kennametal by 557.1% in the 1st 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 increased its holdings in shares of Kennametal by 17.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 13,242 shares of the industrial products company's stock worth $282,000 after buying an additional 2,000 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Kennametal by 699.1% during the 1st quarter. GAMMA Investing LLC now owns 11,651 shares of the industrial products company's stock worth $248,000 after buying an additional 10,193 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Kennametal by 4.1% during the 4th quarter. Invesco Ltd. now owns 426,083 shares of the industrial products company's stock worth $10,235,000 after buying an additional 16,926 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Kennametal by 219.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 57,481 shares of the industrial products company's stock worth $1,224,000 after buying an additional 39,492 shares during the last quarter.

Kennametal Stock Down 0.7%

KMT stock traded down $0.1490 during midday trading on Monday, hitting $21.4810. The company's stock had a trading volume of 725,569 shares, compared to its average volume of 1,554,147. 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 Inc. has a 52-week low of $17.30 and a 52-week high of $32.18. The firm has a market capitalization of $1.63 billion, a P/E ratio of 17.90, a PEG ratio of 3.80 and a beta of 1.44. The firm has a 50-day simple moving average of $23.13 and a 200-day simple moving average of $21.76.

Kennametal (NYSE:KMT - Get Free Report) last issued 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). The business had revenue of $516.45 million during the quarter, compared to analysts' expectations of $527.52 million. Kennametal had a net margin of 4.73% and a return on equity of 8.09%. The business's quarterly revenue was down 4.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.49 EPS. As a group, equities analysts forecast that Kennametal Inc. will post 1.17 EPS for the current year.

Kennametal Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Tuesday, August 12th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.7%. The ex-dividend date is Tuesday, August 12th. Kennametal's dividend payout ratio (DPR) is currently 66.67%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Barclays raised their price target on shares of Kennametal from $22.00 to $24.00 and gave the stock an "equal weight" rating in a report on Monday, May 12th. UBS Group upgraded shares of Kennametal from a "sell" rating to a "neutral" rating and lifted their target price for the company from $19.00 to $21.00 in a report on Friday, August 15th. Loop Capital reiterated a "hold" rating and issued a $24.00 target price (up previously from $21.00) on shares of Kennametal in a report on Wednesday, June 25th. Morgan Stanley lifted their target price on shares of Kennametal from $20.00 to $21.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. Finally, Zacks Research upgraded shares of Kennametal to a "strong sell" rating in a report on Monday, August 11th. Five analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Reduce" and an average price target of $24.00.

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.