First Bank & Trust reduced its stake in Kennametal Inc. (NYSE:KMT) by 2.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,268 shares of the industrial products company’s stock after selling 119 shares during the period. First Bank & Trust’s holdings in Kennametal were worth $159,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ledyard National Bank purchased a new position in shares of Kennametal during the first quarter valued at about $120,000. CIBC World Markets Inc. purchased a new position in shares of Kennametal during the first quarter valued at about $218,000. Oakbrook Investments LLC raised its position 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 valued at $223,000 after buying an additional 150 shares in the last quarter. Venturi Wealth Management LLC purchased a new position in shares of Kennametal during the first quarter valued at about $225,000. Finally, Capstone Asset Management Co. purchased a new position in shares of Kennametal during the first quarter valued at about $230,000. 96.76% of the stock is owned by hedge funds and other institutional investors.
Shares of Kennametal Inc. (KMT) traded down 0.03% during mid-day trading on Friday, reaching $33.40. The company’s stock had a trading volume of 1,141,504 shares. The firm has a market cap of $2.69 billion, a PE ratio of 54.75 and a beta of 1.89. Kennametal Inc. has a one year low of $26.10 and a one year high of $43.09. The firm’s 50 day moving average is $37.13 and its 200 day moving average is $38.27.
Kennametal (NYSE:KMT) last issued its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by $0.08. The business had revenue of $565.03 million for the quarter, compared to analyst estimates of $562.16 million. Kennametal had a return on equity of 12.51% and a net margin of 2.39%. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 earnings per share. On average, equities analysts anticipate that Kennametal Inc. will post $2.20 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Friday, August 18th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date is Wednesday, August 16th. Kennametal’s payout ratio is presently 133.33%.
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Several research analysts have recently issued reports on the company. Zacks Investment Research raised Kennametal from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research report on Friday, August 4th. BMO Capital Markets increased their target price on Kennametal from $40.00 to $45.00 and gave the stock a “market perform” rating in a research report on Monday, May 1st. J P Morgan Chase & Co raised Kennametal from a “neutral” rating to an “overweight” rating and set a $36.00 target price for the company in a research report on Thursday. Stifel Nicolaus reissued a “hold” rating on shares of Kennametal in a research report on Friday, August 4th. Finally, BidaskClub downgraded Kennametal from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $42.77.
In other news, Director Philip A. Dur sold 7,000 shares of the company’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $40.01, for a total transaction of $280,070.00. Following the transaction, the director now directly owns 22,024 shares of the company’s stock, valued at $881,180.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.00% of the company’s stock.
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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