King Luther Capital Management Corp cut its stake in shares of Kennametal Inc. (NYSE:KMT) by 4.1% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 102,205 shares of the industrial products company’s stock after selling 4,350 shares during the period. King Luther Capital Management Corp’s holdings in Kennametal were worth $4,452,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Aperio Group LLC raised its position in Kennametal by 7.2% during the second quarter. Aperio Group LLC now owns 28,048 shares of the industrial products company’s stock worth $1,007,000 after acquiring an additional 1,882 shares during the period. Congress Asset Management Co. MA raised its position in shares of Kennametal by 12.0% in the third quarter. Congress Asset Management Co. MA now owns 55,727 shares of the industrial products company’s stock valued at $2,427,000 after buying an additional 5,985 shares during the last quarter. Bank of America Corp DE raised its position in shares of Kennametal by 37.2% in the second quarter. Bank of America Corp DE now owns 512,819 shares of the industrial products company’s stock valued at $18,410,000 after buying an additional 139,096 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of Kennametal in the second quarter valued at about $15,768,000. Finally, LSV Asset Management acquired a new stake in shares of Kennametal in the third quarter valued at about $3,001,000. Institutional investors own 99.62% of the company’s stock.
In related news, VP Michelle R. Keating sold 988 shares of the firm’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $42.20, for a total transaction of $41,693.60. Following the completion of the sale, the vice president now directly owns 14,676 shares in the company, valued at $619,327.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Judith L. Bacchus sold 5,000 shares of the firm’s stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $42.70, for a total transaction of $213,500.00. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.
A number of equities research analysts have recently commented on KMT shares. Goldman Sachs Group started coverage on shares of Kennametal in a research report on Tuesday, October 2nd. They issued a “buy” rating and a $53.00 target price for the company. Bank of America reduced their target price on shares of Kennametal from $40.00 to $35.00 and set an “underperform” rating for the company in a research report on Tuesday, November 6th. Longbow Research upgraded shares of Kennametal from a “neutral” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Monday, September 10th. ValuEngine cut shares of Kennametal from a “hold” rating to a “sell” rating in a research report on Friday, October 12th. Finally, Zacks Investment Research upgraded shares of Kennametal from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Friday, October 12th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $48.58.
Kennametal stock opened at $36.96 on Friday. Kennametal Inc. has a 12-month low of $32.91 and a 12-month high of $52.52. The stock has a market cap of $3.14 billion, a P/E ratio of 13.72, a PEG ratio of 2.45 and a beta of 2.16. The company has a quick ratio of 1.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.47.
Kennametal (NYSE:KMT) last released its quarterly earnings data on Monday, November 5th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.05. Kennametal had a net margin of 9.03% and a return on equity of 19.03%. The firm had revenue of $587.00 million during the quarter, compared to analysts’ expectations of $590.22 million. During the same period last year, the business earned $0.48 earnings per share. Kennametal’s revenue was up 8.3% compared to the same quarter last year. As a group, equities research analysts predict that Kennametal Inc. will post 3.13 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 28th. Investors of record on Tuesday, November 13th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend was Friday, November 9th. Kennametal’s payout ratio is currently 30.19%.
Kennametal Company Profile
Kennametal Inc develops and applies tungsten carbides, ceramics, super-hard materials, and solutions for use in metal cutting and mission-critical wear applications to combat extreme conditions related with wear fatigue, corrosion, and high temperatures worldwide. The company operates through three segments: Industrial, Widia, and Infrastructure.
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