Kennametal Inc. (KMT) Shares Bought by Alliancebernstein L.P.
Alliancebernstein L.P. increased its position in Kennametal Inc. (NYSE:KMT) by 48.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,543,511 shares of the industrial products company’s stock after acquiring an additional 501,090 shares during the period. Alliancebernstein L.P. owned about 1.92% of Kennametal worth $57,758,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Kennametal by 8.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,556 shares of the industrial products company’s stock worth $133,000 after acquiring an additional 272 shares during the period. CIBC World Markets Inc. bought a new stake in shares of Kennametal in the first quarter worth $218,000. Oakbrook Investments LLC grew its holdings in shares of Kennametal by 2.6% in the second quarter. Oakbrook Investments LLC now owns 5,950 shares of the industrial products company’s stock worth $223,000 after acquiring an additional 150 shares during the period. Venturi Wealth Management LLC bought a new stake in shares of Kennametal in the first quarter worth $225,000. Finally, Capstone Asset Management Co. bought a new stake in shares of Kennametal in the first quarter worth $230,000. 97.19% of the stock is owned by institutional investors.
In other Kennametal news, VP Charles Michael Jr. Byrnes bought 1,900 shares of the firm’s stock in a transaction on Friday, August 18th. The shares were acquired at an average cost of $33.00 per share, with a total value of $62,700.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, insider Christopher Rossi bought 29,880 shares of the firm’s stock in a transaction on Friday, August 18th. The stock was acquired at an average cost of $33.46 per share, for a total transaction of $999,784.80. Following the completion of the purchase, the insider now directly owns 29,850 shares in the company, valued at $998,781. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 89,780 shares of company stock worth $1,083,365. 3.00% of the stock is currently owned by insiders.
Shares of Kennametal Inc. (NYSE KMT) opened at 36.53 on Friday. The stock has a market capitalization of $2.95 billion, a P/E ratio of 59.89 and a beta of 1.90. The company has a 50 day moving average price of $35.43 and a 200-day moving average price of $37.94. Kennametal Inc. has a 52-week low of $26.79 and a 52-week high of $43.09.
Kennametal (NYSE:KMT) last posted its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.56 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 during the quarter, compared to analyst estimates of $562.16 million. During the same quarter in the previous year, the firm posted $0.44 earnings per share. The company’s quarterly revenue was up 8.4% on a year-over-year basis. On average, analysts predict that Kennametal Inc. will post $2.20 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Friday, August 18th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend was Wednesday, August 16th. Kennametal’s payout ratio is 133.33%.
Several analysts recently commented on the company. Zacks Investment Research raised Kennametal from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Friday, August 4th. BMO Capital Markets reissued a “hold” rating and set a $45.00 price target on shares of Kennametal in a report on Wednesday, August 23rd. J P Morgan Chase & Co raised Kennametal from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $40.00 to $43.00 in a report on Thursday, August 17th. BidaskClub lowered Kennametal from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. Finally, Stifel Nicolaus reissued a “hold” rating on shares of Kennametal in a report on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $43.41.
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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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