ClariVest Asset Management LLC Buys Shares of 263,823 Kennametal Inc. (NYSE:KMT)
ClariVest Asset Management LLC bought a new stake in Kennametal Inc. (NYSE:KMT) during the second quarter, Holdings Channel reports. The fund bought 263,823 shares of the industrial products company’s stock, valued at approximately $9,873,000.
Other large investors also recently modified their holdings of the company. First Mercantile Trust Co. boosted its stake in shares of Kennametal by 5.4% in the second quarter. First Mercantile Trust Co. now owns 7,743 shares of the industrial products company’s stock valued at $290,000 after buying an additional 398 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Kennametal by 4.0% in the second quarter. Teacher Retirement System of Texas now owns 6,434 shares of the industrial products company’s stock valued at $241,000 after buying an additional 250 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Kennametal by 137.5% in the second quarter. First Trust Advisors LP now owns 86,910 shares of the industrial products company’s stock valued at $3,252,000 after buying an additional 50,322 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Kennametal by 1.8% in the second quarter. Arizona State Retirement System now owns 34,000 shares of the industrial products company’s stock valued at $1,272,000 after buying an additional 600 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Kennametal by 69.1% in the second quarter. Canada Pension Plan Investment Board now owns 211,700 shares of the industrial products company’s stock valued at $7,922,000 after buying an additional 86,500 shares in the last quarter. Institutional investors own 96.11% of the company’s stock.
Kennametal Inc. (KMT) opened at 34.08 on Friday. The firm has a 50-day moving average of $37.66 and a 200 day moving average of $38.36. The company has a market capitalization of $2.75 billion, a P/E ratio of 55.87 and a beta of 1.89. Kennametal Inc. has a 52-week low of $26.10 and a 52-week high of $43.09.
Kennametal (NYSE:KMT) last announced its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.56 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.64 by $0.08. Kennametal had a return on equity of 12.51% and a net margin of 2.39%. The firm had revenue of $565.03 million for the quarter, compared to analysts’ expectations of $562.16 million. During the same period last year, the company posted $0.44 earnings per share. The business’s quarterly revenue was up 8.4% on a year-over-year basis. Equities analysts predict that Kennametal Inc. will post $2.20 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Friday, August 18th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Wednesday, August 16th. Kennametal’s dividend payout ratio (DPR) is presently 133.33%.
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Several equities research analysts recently issued reports on the stock. BidaskClub cut shares of Kennametal from a “sell” rating to a “strong sell” rating in a report on Saturday. Zacks Investment Research cut shares of Kennametal from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Stifel Nicolaus restated a “hold” rating on shares of Kennametal in a report on Friday, August 4th. Wells Fargo & Company upgraded shares of Kennametal from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $26.10 to $43.50 in a report on Friday, August 4th. Finally, BMO Capital Markets raised their target price on shares of Kennametal from $40.00 to $45.00 and gave the stock a “market perform” rating in a report on Monday, May 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $42.77.
In related news, Director Philip A. Dur sold 7,000 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $40.01, for a total transaction of $280,070.00. Following the sale, the director now directly owns 22,024 shares of the company’s stock, valued at $881,180.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.00% of the company’s stock.
Kennametal Company Profile
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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