Kennametal Inc. (KMT) Stake Increased by Prudential Financial Inc.
Prudential Financial Inc. raised its stake in Kennametal Inc. (NYSE:KMT) by 189.7% during the second quarter, Holdings Channel reports. The fund owned 367,199 shares of the company’s stock after buying an additional 240,435 shares during the period. Prudential Financial Inc. owned 0.46% of Kennametal worth $8,119,000 as of its most recent filing with the SEC.
A number of other large investors have also bought and sold shares of the company. State Treasurer State of Michigan boosted its stake in Kennametal by 0.6% in the second quarter. State Treasurer State of Michigan now owns 31,960 shares of the company’s stock valued at $707,000 after buying an additional 200 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Kennametal by 1.4% in the second quarter. PNC Financial Services Group Inc. now owns 28,067 shares of the company’s stock valued at $622,000 after buying an additional 387 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Kennametal by 13.9% in the second quarter. Teacher Retirement System of Texas now owns 11,074 shares of the company’s stock worth $245,000 after buying an additional 1,348 shares in the last quarter. Argyle Capital Management Inc. boosted its stake in shares of Kennametal by 8.0% in the second quarter. Argyle Capital Management Inc. now owns 24,400 shares of the company’s stock worth $539,000 after buying an additional 1,800 shares in the last quarter. Finally, LS Investment Advisors LLC boosted its stake in shares of Kennametal by 77.3% in the second quarter. LS Investment Advisors LLC now owns 4,878 shares of the company’s stock worth $108,000 after buying an additional 2,126 shares in the last quarter. Hedge funds and other institutional investors own 97.66% of the company’s stock.
Kennametal Inc. (NYSE:KMT) traded down 1.78% during mid-day trading on Friday, reaching $29.29. The company’s stock had a trading volume of 631,529 shares. Kennametal Inc. has a 1-year low of $15.11 and a 1-year high of $29.87. The company’s market capitalization is $2.33 billion. The firm has a 50 day moving average price of $28.20 and a 200-day moving average price of $25.02.
Kennametal (NYSE:KMT) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.01. The business had revenue of $521.20 million for the quarter, compared to the consensus estimate of $519.51 million. Kennametal had a positive return on equity of 7.51% and a negative net margin of 10.77%. The business’s revenue was down 18.3% on a year-over-year basis. During the same quarter last year, the business posted $0.46 EPS. On average, equities analysts predict that Kennametal Inc. will post $1.26 EPS for the current fiscal year.
KMT has been the subject of a number of research reports. Zacks Investment Research cut Kennametal from a “hold” rating to a “sell” rating in a research note on Tuesday. Seaport Global Securities cut Kennametal from an “accumulate” rating to a “neutral” rating and set a $28.00 price objective for the company. in a research note 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 report on Wednesday, August 3rd. Bank of America Corp. lowered Kennametal from a “neutral” rating to an “underperform” rating in a report on Thursday, July 7th. Finally, Credit Suisse Group AG reissued a “hold” rating and issued a $23.00 target price on shares of Kennametal in a report on Tuesday, August 2nd. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target 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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