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Victory Capital Management Inc. Increases Stake in Kennametal Inc. (NYSE:KMT)

Kennametal logo with Industrials background

Victory Capital Management Inc. grew its holdings in Kennametal Inc. (NYSE:KMT - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,218,394 shares of the industrial products company's stock after purchasing an additional 181,035 shares during the period. Victory Capital Management Inc. owned approximately 4.16% of Kennametal worth $68,552,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Ballentine Partners LLC acquired a new stake in shares of Kennametal during the first quarter worth $261,000. DekaBank Deutsche Girozentrale bought a new stake in Kennametal during the first quarter valued at about $52,000. Envestnet Asset Management Inc. raised its position in Kennametal by 219.5% in the first quarter. Envestnet Asset Management Inc. now owns 57,481 shares of the industrial products company's stock worth $1,224,000 after purchasing an additional 39,492 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Kennametal by 2.2% during the first quarter. Principal Financial Group Inc. now owns 385,294 shares of the industrial products company's stock valued at $8,207,000 after purchasing an additional 8,351 shares during the last quarter. Finally, Azarias Capital Management L.P. boosted its position in shares of Kennametal by 20.8% during the first quarter. Azarias Capital Management L.P. now owns 235,968 shares of the industrial products company's stock worth $5,026,000 after purchasing an additional 40,687 shares in the last quarter.

Kennametal Stock Performance

NYSE:KMT opened at $24.88 on Friday. Kennametal Inc. has a 1-year low of $17.30 and a 1-year high of $32.18. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.44 and a quick ratio of 1.10. The firm has a 50 day simple moving average of $22.52 and a 200-day simple moving average of $21.98. The firm has a market cap of $1.90 billion, a PE ratio of 17.90, a P/E/G ratio of 3.34 and a beta of 1.40.

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, topping the consensus estimate of $0.26 by $0.21. The company had revenue of $486.40 million during the quarter, compared to analysts' expectations of $489.30 million. Kennametal had a net margin of 5.45% and a return on equity of 9.12%. The business's revenue for the quarter was down 5.7% on a year-over-year basis. During the same period last year, the company posted $0.30 earnings per share. On average, equities analysts expect that Kennametal Inc. will post 1.17 EPS for the current year.

Kennametal Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 27th. Shareholders of record on Tuesday, May 13th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.22%. The ex-dividend date was Tuesday, May 13th. Kennametal's dividend payout ratio (DPR) is presently 57.55%.

Analysts Set New Price Targets

Several brokerages have recently commented on KMT. Wall Street Zen upgraded shares of Kennametal from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Barclays upped their target price on shares of Kennametal from $22.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Monday, May 12th. Loop Capital reaffirmed a "hold" rating and set a $24.00 price objective (up from $21.00) on shares of Kennametal in a report on Wednesday, June 25th. Finally, Morgan Stanley lifted their target price on Kennametal from $20.00 to $21.00 and gave the company an "equal weight" rating in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $25.40.

Check Out Our Latest Stock Report on KMT

About Kennametal

(Free Report)

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.

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Institutional Ownership by Quarter for Kennametal (NYSE:KMT)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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