Kennametal Inc. (KMT) Position Trimmed by ClariVest Asset Management LLC
ClariVest Asset Management LLC decreased its holdings in shares of Kennametal Inc. (NYSE:KMT) by 7.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 245,423 shares of the industrial products company’s stock after selling 18,400 shares during the quarter. ClariVest Asset Management LLC owned approximately 0.30% of Kennametal worth $9,900,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of KMT. Janus Henderson Group PLC purchased a new stake in Kennametal during the second quarter worth approximately $76,161,000. Vanguard Group Inc. lifted its stake in Kennametal by 18.0% during the second quarter. Vanguard Group Inc. now owns 8,290,187 shares of the industrial products company’s stock worth $310,219,000 after purchasing an additional 1,263,163 shares during the last quarter. American Century Companies Inc. lifted its stake in Kennametal by 69.6% during the second quarter. American Century Companies Inc. now owns 1,709,479 shares of the industrial products company’s stock worth $63,969,000 after purchasing an additional 701,783 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Kennametal by 48.1% during the second quarter. Alliancebernstein L.P. now owns 1,543,511 shares of the industrial products company’s stock worth $57,758,000 after purchasing an additional 501,090 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Kennametal by 131.7% during the second quarter. Goldman Sachs Group Inc. now owns 841,647 shares of the industrial products company’s stock worth $31,494,000 after purchasing an additional 478,446 shares during the last quarter. Hedge funds and other institutional investors own 95.29% of the company’s stock.
Kennametal Inc. (NYSE KMT) traded up $0.71 during trading hours on Friday, hitting $43.78. The stock had a trading volume of 586,919 shares, compared to its average volume of 915,272. The firm has a market capitalization of $3,490.00, a price-to-earnings ratio of 22.34, a P/E/G ratio of 2.06 and a beta of 1.95. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.41 and a current ratio of 2.71. Kennametal Inc. has a 1-year low of $31.12 and a 1-year high of $48.89.
Kennametal (NYSE:KMT) last released its earnings results on Wednesday, November 1st. The industrial products company reported $0.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.17. Kennametal had a return on equity of 15.71% and a net margin of 5.18%. The business had revenue of $542.45 million for the quarter, compared to analyst estimates of $516.80 million. During the same quarter in the previous year, the company posted $0.11 earnings per share. The company’s revenue for the quarter was up 13.6% compared to the same quarter last year. analysts expect that Kennametal Inc. will post 2.54 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 29th. Investors of record on Tuesday, November 14th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date is Monday, November 13th. Kennametal’s dividend payout ratio is presently 59.26%.
In other Kennametal news, Director Steven H. Wunning sold 4,445 shares of the business’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $46.63, for a total transaction of $207,270.35. Following the sale, the director now directly owns 29,693 shares in the company, valued at $1,384,584.59. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Robert J. Clemens sold 10,000 shares of the business’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $46.82, for a total value of $468,200.00. The disclosure for this sale can be found here. Insiders have sold 15,015 shares of company stock worth $695,563 in the last ninety days. 2.00% of the stock is currently owned by corporate insiders.
KMT has been the subject of several recent analyst reports. Zacks Investment Research upgraded Kennametal from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research note on Wednesday, October 4th. Jefferies Group LLC reiterated a “buy” rating and issued a $50.00 price objective on shares of Kennametal in a research note on Friday, October 20th. BMO Capital Markets reiterated a “hold” rating and issued a $45.00 price objective on shares of Kennametal in a research note on Friday, October 20th. Credit Suisse Group boosted their price objective on Kennametal from $40.00 to $45.00 and gave the company a “neutral” rating in a research note on Friday, November 3rd. Finally, BidaskClub cut Kennametal from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. Kennametal currently has an average rating of “Hold” and an average target price of $45.23.
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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