BlackRock Advisors LLC Has $6,063,000 Position in Kennametal Inc. (KMT)
BlackRock Advisors LLC decreased its position in shares of Kennametal Inc. (NYSE:KMT) by 2.0% during the second quarter, Holdings Channel reports. The fund owned 274,219 shares of the company’s stock after selling 5,735 shares during the period. BlackRock Advisors LLC owned approximately 0.34% of Kennametal worth $6,063,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of KMT. JPMorgan Chase & Co. boosted its stake in Kennametal by 582.9% in the second quarter. JPMorgan Chase & Co. now owns 368,799 shares of the company’s stock worth $8,154,000 after buying an additional 314,796 shares during the last quarter. Prudential Financial Inc. boosted its stake in Kennametal by 54.8% in the first quarter. Prudential Financial Inc. now owns 126,764 shares of the company’s stock worth $2,851,000 after buying an additional 44,900 shares during the last quarter. HBK Investments L P purchased a new stake in Kennametal during the first quarter worth approximately $2,411,000. First Trust Advisors LP purchased a new stake in Kennametal during the second quarter worth approximately $790,000. Finally, Riverhead Capital Management LLC boosted its stake in Kennametal by 907.7% in the first quarter. Riverhead Capital Management LLC now owns 190,461 shares of the company’s stock worth $4,283,000 after buying an additional 171,561 shares during the last quarter. 97.66% of the stock is owned by institutional investors.
Shares of Kennametal Inc. (NYSE:KMT) opened at 28.59 on Friday. Kennametal Inc. has a 52-week low of $15.11 and a 52-week high of $29.87. The company’s 50-day moving average is $28.19 and its 200 day moving average is $25.24. The firm’s market cap is $2.28 billion.
Kennametal (NYSE:KMT) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company earned $521.20 million during the quarter, compared to the consensus estimate of $519.51 million. During the same quarter in the previous year, the firm earned $0.46 earnings per share. The firm’s quarterly revenue was down 18.3% on a year-over-year basis. On average, analysts expect that Kennametal Inc. will post $1.26 earnings per share for the current fiscal year.
A number of research analysts have issued reports on KMT shares. Zacks Investment Research lowered shares of Kennametal from a “hold” rating to a “sell” rating in a research note on Tuesday, October 4th. Jefferies Group upped their price target on shares of Kennametal from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, October 11th. Seaport Global Securities lowered shares of Kennametal from an “accumulate” rating to a “neutral” rating and set a $28.00 price target on the stock. in a research note on Thursday, August 18th. Barrington Research upped their price target on shares of Kennametal from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday, August 3rd. Finally, Bank of America Corp. lowered shares of Kennametal from a “neutral” rating to an “underperform” rating in a research note on Thursday, July 7th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of C$25.00.
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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