XTX Topco Ltd Makes New Investment in Kennametal Inc. (NYSE:KMT)

Key Points

• XTX Topco Ltd has acquired 34,179 shares of Kennametal Inc., valued at approximately $728,000, solidifying its position in the company during the first quarter.
• Analysts have updated price targets for Kennametal, with Morgan Stanley raising its target from $20.00 to $21.00, and Barclays increasing it to $24.00, indicating a generally positive sentiment among research firms.
• Kennametal has announced a quarterly dividend of $0.20 per share, representing a dividend yield of 3.2%, further demonstrating its commitment to returning value to shareholders.

XTX Topco Ltd acquired a new position in Kennametal Inc. (NYSE:KMT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 34,179 shares of the industrial products company's stock, valued at approximately $728,000.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Kennametal in the fourth quarter worth approximately $5,543,000. Victory Capital Management Inc. grew its holdings in Kennametal by 6.0% during the first quarter. Victory Capital Management Inc. now owns 3,218,394 shares of the industrial products company's stock valued at $68,552,000 after purchasing an additional 181,035 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Kennametal by 2.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,134,051 shares of the industrial products company's stock worth $123,319,000 after acquiring an additional 101,159 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Kennametal by 29.4% during the fourth quarter. JPMorgan Chase & Co. now owns 313,785 shares of the industrial products company's stock worth $7,537,000 after acquiring an additional 71,346 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its position in shares of Kennametal by 557.1% during the first quarter. Mackenzie Financial Corp now owns 77,877 shares of the industrial products company's stock worth $1,659,000 after acquiring an additional 66,025 shares in the last quarter.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Morgan Stanley increased their price objective on Kennametal from $20.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Monday, May 12th. Loop Capital restated a "hold" rating and issued a $24.00 price objective (up from $21.00) on shares of Kennametal in a report on Wednesday, June 25th. Wall Street Zen upgraded shares of Kennametal from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Finally, Barclays lifted their target price on shares of Kennametal from $22.00 to $24.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. One 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. According to MarketBeat.com, Kennametal has a consensus rating of "Hold" and a consensus target price of $25.40.

Kennametal Price Performance

Shares of NYSE KMT opened at $24.76 on Tuesday. The company has a quick ratio of 1.10, a current ratio of 2.44 and a debt-to-equity ratio of 0.47. Kennametal Inc. has a twelve month low of $17.30 and a twelve month high of $32.18. The firm has a market cap of $1.89 billion, a P/E ratio of 17.81, a PEG ratio of 3.28 and a beta of 1.44. The company has a 50 day moving average of $23.36 and a 200 day moving average of $22.02.

Kennametal (NYSE:KMT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The industrial products company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.21. Kennametal had a return on equity of 9.12% and a net margin of 5.45%. The business had revenue of $486.40 million for the quarter, compared to analysts' expectations of $489.30 million. During the same period last year, the firm posted $0.30 earnings per share. The business's revenue for the quarter was down 5.7% on a year-over-year basis. As a group, research analysts expect that Kennametal Inc. will post 1.17 EPS for the current fiscal year.

Kennametal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Tuesday, August 12th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, August 12th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.2%. Kennametal's payout ratio is presently 57.55%.

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.

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