Los Angeles Capital Management & Equity Research Inc. decreased its stake in Kennametal Inc. (NYSE:KMT) by 2.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 175,849 shares of the industrial products company’s stock after selling 4,320 shares during the period. Los Angeles Capital Management & Equity Research Inc. owned approximately 0.22% of Kennametal worth $6,580,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Kennametal by 0.4% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,756 shares of the industrial products company’s stock worth $440,000 after acquiring an additional 42 shares during the last quarter. Northwestern Mutual Investment Management Company LLC grew its stake in shares of Kennametal by 0.3% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 13,820 shares of the industrial products company’s stock worth $542,000 after acquiring an additional 44 shares during the last quarter. Alpha Windward LLC grew its stake in shares of Kennametal by 0.7% in the second quarter. Alpha Windward LLC now owns 12,745 shares of the industrial products company’s stock worth $477,000 after acquiring an additional 92 shares during the last quarter. Credit Agricole S A grew its stake in shares of Kennametal by 1.1% in the first quarter. Credit Agricole S A now owns 12,000 shares of the industrial products company’s stock worth $471,000 after acquiring an additional 131 shares during the last quarter. Finally, Oakbrook Investments LLC grew its stake in shares of Kennametal by 2.6% in the second quarter. Oakbrook Investments LLC now owns 5,950 shares of the industrial products company’s stock worth $223,000 after acquiring an additional 150 shares during the last quarter. Institutional investors and hedge funds own 97.19% of the company’s stock.
In other news, insider Christopher Rossi acquired 29,880 shares of the firm’s stock in a transaction on Friday, August 18th. The shares were purchased at an average cost of $33.46 per share, with a total value of $999,784.80. Following the acquisition, the insider now directly owns 29,850 shares in the company, valued at approximately $998,781. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Charles Michael Jr. Byrnes acquired 1,900 shares of the firm’s stock in a transaction on Friday, August 18th. The stock was purchased at an average cost of $33.00 per share, for a total transaction of $62,700.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 89,780 shares of company stock worth $1,083,365. Insiders own 3.00% of the company’s stock.
Kennametal Inc. (NYSE KMT) opened at 36.20 on Tuesday. The company has a market capitalization of $2.92 billion, a PE ratio of 59.34 and a beta of 1.90. Kennametal Inc. has a 12 month low of $26.66 and a 12 month high of $43.09. The company has a 50-day moving average price of $35.55 and a 200 day moving average price of $37.97.
Kennametal (NYSE:KMT) last issued its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by $0.08. Kennametal had a net margin of 4.53% and a return on equity of 10.07%. The firm had revenue of $565.03 million during the quarter, compared to analyst estimates of $562.16 million. During the same period in the prior year, the company earned $0.44 earnings per share. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities research analysts forecast that Kennametal Inc. will post $2.20 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record on Friday, August 18th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date was Wednesday, August 16th. Kennametal’s dividend payout ratio is 133.33%.
Several brokerages have recently issued reports on KMT. BMO Capital Markets restated a “hold” rating and issued a $45.00 price objective on shares of Kennametal in a research note on Wednesday, August 23rd. J P Morgan Chase & Co upgraded shares of Kennametal from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $40.00 to $43.00 in a research note on Thursday, August 17th. BidaskClub downgraded shares of Kennametal from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. Zacks Investment Research downgraded shares of Kennametal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. Finally, Stifel Nicolaus restated a “hold” rating on shares of Kennametal in a research note on Friday, August 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $43.41.
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Kennametal Inc is a supplier of tooling, engineered components and materials consumed in production processes. The Company operates through two segments: Industrial and Infrastructure. The Industrial segment generally serves customers that operate in industrial end markets, such as transportation, general engineering, aerospace and defense.
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