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.

ILLEGAL ACTIVITY NOTICE: “Kennametal Inc. (KMT) Holdings Cut by Bank of New York Mellon Corp” was first published by Daily Political and is the sole property of of Daily Political. If you are accessing this piece of content on another site, it was copied illegally and reposted in violation of US and international copyright and trademark law. The original version of this piece of content can be viewed at https://www.dailypolitical.com/2017/12/04/kennametal-inc-kmt-holdings-cut-by-bank-of-new-york-mellon-corp.html.

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.

Want to see what other hedge funds are holding KMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kennametal Inc. (NYSE:KMT).

Institutional Ownership by Quarter for Kennametal (NYSE:KMT)

Receive News & Ratings for Kennametal Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kennametal Inc. and related companies with MarketBeat.com's FREE daily email newsletter.