California State Teachers Retirement System trimmed its holdings in Kennametal Inc. (NYSE:KMT) by 2.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 124,769 shares of the industrial products company’s stock after selling 2,774 shares during the quarter. California State Teachers Retirement System’s holdings in Kennametal were worth $4,585,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. BlackRock Inc. boosted its stake in shares of Kennametal by 3.2% during the 4th quarter. BlackRock Inc. now owns 9,522,676 shares of the industrial products company’s stock worth $316,914,000 after acquiring an additional 293,975 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Kennametal by 7.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,520,588 shares of the industrial products company’s stock worth $83,884,000 after acquiring an additional 177,905 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Kennametal by 1.4% during the 1st quarter. Victory Capital Management Inc. now owns 2,169,345 shares of the industrial products company’s stock worth $79,723,000 after acquiring an additional 29,960 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Kennametal by 0.7% during the 4th quarter. Bank of New York Mellon Corp now owns 1,913,432 shares of the industrial products company’s stock worth $63,678,000 after acquiring an additional 12,631 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its stake in shares of Kennametal by 3,277.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,087,990 shares of the industrial products company’s stock worth $33,000 after acquiring an additional 1,055,775 shares in the last quarter. 99.02% of the stock is currently owned by institutional investors.

KMT has been the topic of several recent analyst reports. ValuEngine raised shares of Kennametal from a “sell” rating to a “hold” rating in a research note on Thursday, April 4th. Zacks Investment Research lowered shares of Kennametal from a “hold” rating to a “sell” rating in a research note on Wednesday, May 8th. KeyCorp lowered their target price on shares of Kennametal from $52.00 to $47.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 8th. Bank of America lowered their target price on shares of Kennametal from $34.00 to $30.00 and set an “underperform” rating on the stock in a research note on Thursday. Finally, Barclays raised shares of Kennametal from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $38.00 to $44.00 in a research note on Wednesday, April 3rd. Three analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $45.38.

KMT opened at $33.40 on Friday. Kennametal Inc. has a twelve month low of $30.32 and a twelve month high of $45.10. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.70 and a quick ratio of 1.34. The stock has a market cap of $2.74 billion, a P/E ratio of 12.60, a P/E/G ratio of 1.30 and a beta of 2.20.

Kennametal (NYSE:KMT) last released its quarterly earnings results on Monday, May 6th. The industrial products company reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.02). Kennametal had a return on equity of 19.66% and a net margin of 10.28%. The company had revenue of $597.20 million for the quarter, compared to analyst estimates of $626.27 million. During the same quarter last year, the company earned $0.70 EPS. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, sell-side analysts expect that Kennametal Inc. will post 3.06 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 14th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, May 13th. This represents a $0.80 annualized dividend and a dividend yield of 2.40%. Kennametal’s dividend payout ratio (DPR) is presently 30.19%.

In related news, Director Lawrence W. Stranghoener sold 7,000 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $31.98, for a total transaction of $223,860.00. Following the completion of the transaction, the director now owns 26,108 shares in the company, valued at approximately $834,933.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.00% of the stock is owned by corporate insiders.

TRADEMARK VIOLATION WARNING: This news story was reported by Daily Political and is the sole property of of Daily Political. If you are accessing this news story on another website, it was illegally copied and reposted in violation of US and international trademark & copyright laws. The original version of this news story can be viewed at https://www.dailypolitical.com/2019/06/14/california-state-teachers-retirement-system-sells-2774-shares-of-kennametal-inc-nysekmt.html.

Kennametal Profile

Kennametal Inc develops and applies tungsten carbides, ceramics, super-hard materials, and solutions for use in metal cutting and mission-critical wear applications to combat extreme conditions related with wear fatigue, corrosion, and high temperatures worldwide. The company operates through three segments: Industrial, Widia, and Infrastructure.

See Also: What does cost of debt say about a company’s financial health?

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