Columbus Circle Investors lowered its stake in Kennametal Inc. (NYSE:KMT) by 9.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 582,804 shares of the industrial products company’s stock after selling 62,428 shares during the period. Columbus Circle Investors owned approximately 0.72% of Kennametal worth $23,510,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Fortaleza Asset Management Inc. acquired a new position in shares of Kennametal in the third quarter valued at approximately $115,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Kennametal by 8.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,556 shares of the industrial products company’s stock valued at $133,000 after purchasing an additional 272 shares during the period. World Asset Management Inc acquired a new position in shares of Kennametal in the third quarter valued at approximately $207,000. Oakbrook Investments LLC increased its holdings 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 valued at $223,000 after purchasing an additional 150 shares during the period. Finally, Shelton Capital Management acquired a new position in shares of Kennametal in the second quarter valued at approximately $229,000. 95.29% of the stock is currently owned by institutional investors and hedge funds.
In other Kennametal news, Director Steven H. Wunning sold 4,445 shares of the company’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $46.63, for a total value of $207,270.35. Following the sale, the director now owns 29,693 shares of the company’s stock, valued at $1,384,584.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Robert J. Clemens sold 10,000 shares of the company’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $46.82, for a total value of $468,200.00. The disclosure for this sale can be found here. Insiders have sold 15,015 shares of company stock worth $695,563 in the last ninety days. 2.00% of the stock is currently owned by corporate insiders.
A number of research analysts have recently issued reports on the company. TheStreet raised Kennametal from a “c+” rating to a “b” rating in a report on Thursday, November 2nd. Jefferies Group LLC boosted their target price on Kennametal from $50.00 to $55.00 and gave the company a “buy” rating in a report on Friday, November 3rd. Credit Suisse Group boosted their target price on Kennametal from $40.00 to $45.00 and gave the company a “neutral” rating in a report on Friday, November 3rd. BMO Capital Markets reissued a “hold” rating and issued a $45.00 target price on shares of Kennametal in a report on Friday, October 20th. Finally, Zacks Investment Research raised Kennametal from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Wednesday, October 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $45.23.
Shares of Kennametal Inc. (KMT) traded up $0.71 during mid-day trading on Friday, reaching $43.78. The company had a trading volume of 586,919 shares, compared to its average volume of 911,238. Kennametal Inc. has a 52-week low of $31.12 and a 52-week high of $48.89. The firm has a market capitalization of $3,548.28, a price-to-earnings ratio of 22.45, a PEG ratio of 2.07 and a beta of 1.96. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.71 and a quick ratio of 1.41.
Kennametal (NYSE:KMT) last announced its quarterly earnings data on Wednesday, November 1st. The industrial products company reported $0.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.17. Kennametal had a return on equity of 15.71% and a net margin of 5.18%. The firm had revenue of $542.45 million for the quarter, compared to analyst estimates of $516.80 million. During the same quarter in the prior year, the company posted $0.11 earnings per share. Kennametal’s quarterly revenue was up 13.6% on a year-over-year basis. equities research analysts anticipate that Kennametal Inc. will post 2.54 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 29th. Investors of record on Tuesday, November 14th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date is Monday, November 13th. Kennametal’s dividend payout ratio is presently 59.26%.
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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