Kennametal Inc. $KMT Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its holdings in Kennametal Inc. by 48.7%, now owning 2,725,845 shares valued at approximately $58.06 million.
• Kennametal reported a 4.9% decline in quarterly revenue year-over-year, with earnings per share missing the consensus estimate by $0.06.
• The company declared a quarterly dividend of $0.20 per share, yielding 3.7%, with a payout ratio of 66.67%.

Wellington Management Group LLP cut its position in shares of Kennametal Inc. (NYSE:KMT - Free Report) by 48.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,725,845 shares of the industrial products company's stock after selling 2,583,303 shares during the quarter. Wellington Management Group LLP owned 3.58% of Kennametal worth $58,060,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of KMT. Curat Global LLC acquired a new position in Kennametal during the first quarter worth $35,000. Parallel Advisors LLC raised its holdings in Kennametal by 107.6% during the first quarter. Parallel Advisors LLC now owns 1,958 shares of the industrial products company's stock worth $42,000 after purchasing an additional 1,015 shares during the last quarter. US Bancorp DE raised its holdings in Kennametal by 93.4% during the first quarter. US Bancorp DE now owns 2,145 shares of the industrial products company's stock worth $46,000 after purchasing an additional 1,036 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new position in Kennametal during the first quarter worth $52,000. Finally, Bayforest Capital Ltd acquired a new position in Kennametal during the first quarter worth $64,000.

Analysts Set New Price Targets

Several equities analysts have weighed in on KMT shares. Loop Capital reissued a "hold" rating and set a $24.00 price target (up previously from $21.00) on shares of Kennametal in a research report on Wednesday, June 25th. Wall Street Zen raised Kennametal from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Morgan Stanley raised their price target on Kennametal from $20.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Monday, May 12th. JPMorgan Chase & Co. dropped their price target on Kennametal from $23.00 to $20.00 and set an "underweight" rating for the company in a research report on Thursday, August 7th. Finally, UBS Group raised Kennametal from a "sell" rating to a "neutral" rating and raised their price target for the stock from $19.00 to $21.00 in a research report on Friday, August 15th. Five research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus target price of $24.00.

Kennametal Trading Down 0.2%

Shares of NYSE:KMT traded down $0.04 during midday trading on Thursday, reaching $21.56. The company's stock had a trading volume of 163,546 shares, compared to its average volume of 1,080,509. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of 17.96, a price-to-earnings-growth ratio of 3.77 and a beta of 1.44. 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 1 year low of $17.30 and a 1 year high of $32.18. The business has a 50 day moving average price of $23.11 and a 200 day moving average price of $21.76.

Kennametal (NYSE:KMT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $0.34 EPS for the quarter, missing analysts' consensus estimates 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%. Kennametal's revenue for the quarter was down 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.49 EPS. Research analysts forecast that Kennametal Inc. will post 1.17 EPS for the current year.

Kennametal Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, August 12th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, August 12th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.7%. Kennametal's 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.