Kennametal Inc. (KMT) Holdings Cut by Bank of New York Mellon Corp
Bank of New York Mellon Corp lessened its holdings in Kennametal Inc. (NYSE:KMT) by 23.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,232,081 shares of the industrial products company’s stock after selling 379,012 shares during the period. Bank of New York Mellon Corp owned about 1.52% of Kennametal worth $49,701,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Fortaleza Asset Management Inc. bought a new position in Kennametal in the third quarter valued at about $115,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Kennametal by 8.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,556 shares of the industrial products company’s stock valued at $133,000 after acquiring an additional 272 shares during the last quarter. World Asset Management Inc bought a new position in Kennametal in the third quarter valued at about $207,000. Koch Industries Inc. bought a new position in Kennametal in the second quarter valued at about $211,000. Finally, Shelton Capital Management bought a new position in Kennametal in the second quarter valued at about $229,000. Hedge funds and other institutional investors own 98.67% of the company’s stock.
Kennametal Inc. (KMT) traded down $0.04 during trading hours on Monday, hitting $46.58. The stock had a trading volume of 858,800 shares, compared to its average volume of 904,113. The company has a market capitalization of $3,775.22, a PE ratio of 23.89, a P/E/G ratio of 2.20 and a beta of 1.98. 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 52 week low of $31.12 and a 52 week high of $48.89.
Kennametal (NYSE:KMT) last released its quarterly earnings results on Wednesday, November 1st. The industrial products company reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.17. The company had revenue of $542.45 million for the quarter, compared to analysts’ expectations of $516.80 million. Kennametal had a return on equity of 15.71% and a net margin of 5.18%. The business’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.11 earnings per share. equities analysts forecast that Kennametal Inc. will post 2.54 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 29th. Investors of record on Tuesday, November 14th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date was Monday, November 13th. Kennametal’s dividend payout ratio is currently 59.26%.
A number of research firms have issued reports on KMT. Jefferies Group lifted their target price on Kennametal from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, November 3rd. Credit Suisse Group boosted their price target on Kennametal from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, November 3rd. TheStreet upgraded Kennametal from a “c+” rating to a “b” rating in a report on Thursday, November 2nd. ValuEngine cut Kennametal from a “buy” rating to a “hold” rating in a report on Friday. Finally, BMO Capital Markets restated a “hold” rating and set a $45.00 price target on shares of Kennametal in a report on Friday, October 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. Kennametal currently has a consensus rating of “Hold” and an average target price of $45.23.
In related news, VP Robert J. Clemens sold 10,000 shares of Kennametal stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $46.82, for a total value of $468,200.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Steven H. Wunning sold 4,445 shares of Kennametal stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $46.63, for a total value of $207,270.35. Following the completion of the transaction, the director now directly owns 29,693 shares in the company, valued at $1,384,584.59. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.
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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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