Kennametal Inc. (KMT) Shares Bought by Nationwide Fund Advisors
Nationwide Fund Advisors boosted its position in shares of Kennametal Inc. (NYSE:KMT) by 49.0% during the second quarter, Holdings Channel reports. The fund owned 195,656 shares of the company’s stock after buying an additional 64,361 shares during the period. Nationwide Fund Advisors owned 0.24% of Kennametal worth $4,326,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of New York Mellon Corp raised its position in Kennametal by 13.2% in the second quarter. Bank of New York Mellon Corp now owns 1,790,140 shares of the company’s stock valued at $39,580,000 after buying an additional 209,237 shares in the last quarter. Ardevora Asset Management LLP raised its position in Kennametal by 13.0% in the second quarter. Ardevora Asset Management LLP now owns 967,800 shares of the company’s stock valued at $21,398,000 after buying an additional 111,700 shares in the last quarter. Bogle Investment Management L P DE raised its position in Kennametal by 150.9% in the first quarter. Bogle Investment Management L P DE now owns 718,489 shares of the company’s stock valued at $16,158,000 after buying an additional 432,112 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Kennametal by 292.6% in the first quarter. Goldman Sachs Group Inc. now owns 516,892 shares of the company’s stock valued at $11,624,000 after buying an additional 385,233 shares in the last quarter. Finally, Chicago Equity Partners LLC raised its position in Kennametal by 370.6% in the second quarter. Chicago Equity Partners LLC now owns 406,500 shares of the company’s stock valued at $8,988,000 after buying an additional 320,120 shares in the last quarter. Hedge funds and other institutional investors own 97.66% of the company’s stock.
Shares of Kennametal Inc. (NYSE:KMT) traded down 0.17% during trading on Monday, reaching $28.97. 193,757 shares of the company were exchanged. Kennametal Inc. has a 1-year low of $15.11 and a 1-year high of $29.45. The stock’s market capitalization is $2.31 billion. The firm has a 50-day moving average price of $28.13 and a 200-day moving average price of $24.79.
Kennametal (NYSE:KMT) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.01. Kennametal had a negative net margin of 10.77% and a positive return on equity of 7.51%. The firm had revenue of $521.20 million for the quarter, compared to analyst estimates of $519.51 million. During the same period last year, the business earned $0.46 EPS. Kennametal’s revenue for the quarter was down 18.3% compared to the same quarter last year. Equities research analysts predict that Kennametal Inc. will post $1.26 earnings per share for the current fiscal year.
Several research analysts recently commented on KMT shares. Bank of America Corp. lowered Kennametal from a “neutral” rating to an “underperform” rating in a research report on Thursday, July 7th. Zacks Investment Research upgraded Kennametal from a “sell” rating to a “hold” rating in a research report on Thursday, August 4th. Seaport Global Securities lowered Kennametal from an “accumulate” rating to a “neutral” rating and set a $28.00 target price for the company. in a research report on Thursday, August 18th. Barrington Research boosted their target price on Kennametal from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Wednesday, August 3rd. Finally, Credit Suisse Group AG restated a “hold” rating and set a $23.00 target price on shares of Kennametal in a research report on Tuesday, August 2nd. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of C$24.44.
Kennametal Company Profile
Kennametal Inc (Kennametal) is a supplier of tooling, engineered components and advanced materials consumed in production processes. The Company manages and reports its business in two segments: Industrial and Infrastructure. The Company provides wear-resistant products, application engineering and services backed by material science, serving customers across diverse sectors of industrial production, transportation, earthworks, energy, infrastructure and aerospace.
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