Skylands Capital LLC cut its position in shares of Kennametal Inc. (NYSE:KMT) by 0.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,800 shares of the industrial products company’s stock after selling 100 shares during the period. Skylands Capital LLC’s holdings in Kennametal were worth $891,000 as of its most recent filing with the SEC.
Several other institutional investors also recently made changes to their positions in KMT. First Mercantile Trust Co. bought a new position in shares of Kennametal during the first quarter worth about $288,000. Retirement Systems of Alabama increased its position in shares of Kennametal by 0.3% in the first quarter. Retirement Systems of Alabama now owns 103,531 shares of the industrial products company’s stock worth $4,062,000 after buying an additional 309 shares in the last quarter. Columbus Circle Investors bought a new position in shares of Kennametal during the first quarter worth about $23,220,000. Ledyard National Bank bought a new position in shares of Kennametal during the first quarter worth about $120,000. Finally, Affinity Wealth Management bought a new position in shares of Kennametal during the first quarter worth about $339,000. Institutional investors and hedge funds own 96.76% of the company’s stock.
Kennametal Inc. (KMT) traded down 0.03% during midday trading on Friday, hitting $33.40. 1,141,504 shares of the company’s stock traded hands. The company has a market capitalization of $2.69 billion, a PE ratio of 54.75 and a beta of 1.89. Kennametal Inc. has a 52 week low of $26.10 and a 52 week high of $43.09. The company has a 50 day moving average of $37.13 and a 200-day moving average of $38.27.
Kennametal (NYSE:KMT) last released its earnings results on Wednesday, August 2nd. The industrial products company reported $0.56 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by $0.08. The business had revenue of $565.03 million for the quarter, compared to analysts’ expectations of $562.16 million. Kennametal had a net margin of 2.39% and a return on equity of 12.51%. The company’s revenue was up 8.4% compared to the same quarter last year. During the same period last year, the firm earned $0.44 EPS. Equities research analysts predict that Kennametal Inc. will post $2.20 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Friday, August 18th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $0.80 annualized dividend and a dividend yield of 2.40%. Kennametal’s payout ratio is 133.33%.
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A number of brokerages have recently issued reports on KMT. Barrington Research increased their price target on shares of Kennametal from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Thursday, April 27th. Stifel Nicolaus increased their price target on shares of Kennametal from $38.00 to $44.00 and gave the company a “hold” rating in a report on Friday, April 28th. BMO Capital Markets increased their price objective on shares of Kennametal from $40.00 to $45.00 and gave the company a “market perform” rating in a research note on Monday, May 1st. Jefferies Group LLC reissued a “buy” rating and issued a $50.00 price objective (up from $47.00) on shares of Kennametal in a research note on Saturday, April 29th. Finally, Zacks Investment Research cut shares of Kennametal from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. Kennametal presently has an average rating of “Hold” and an average price target of $42.77.
In related news, Director Philip A. Dur sold 7,000 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $40.01, for a total value of $280,070.00. Following the completion of the sale, the director now owns 22,024 shares of the company’s stock, valued at approximately $881,180.24. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 3.00% of the company’s stock.
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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