Northwestern Mutual Investment Management Company LLC increased its position in Kennametal Inc. (NYSE:KMT) by 57.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,691 shares of the industrial products company’s stock after buying an additional 6,076 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Kennametal were worth $670,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of the stock. Victory Capital Management Inc. raised its position in Kennametal by 109.9% during the first quarter. Victory Capital Management Inc. now owns 2,121,043 shares of the industrial products company’s stock valued at $85,182,000 after purchasing an additional 1,110,683 shares during the period. Bank of New York Mellon Corp raised its position in Kennametal by 39.5% during the fourth quarter. Bank of New York Mellon Corp now owns 1,719,336 shares of the industrial products company’s stock valued at $83,234,000 after purchasing an additional 487,255 shares during the period. Impala Asset Management LLC purchased a new stake in Kennametal during the fourth quarter valued at approximately $16,537,000. BlackRock Inc. raised its position in Kennametal by 3.9% during the first quarter. BlackRock Inc. now owns 8,853,653 shares of the industrial products company’s stock valued at $355,564,000 after purchasing an additional 328,921 shares during the period. Finally, UBS Asset Management Americas Inc. raised its position in Kennametal by 531.8% during the fourth quarter. UBS Asset Management Americas Inc. now owns 354,938 shares of the industrial products company’s stock valued at $17,183,000 after purchasing an additional 298,762 shares during the period. Institutional investors own 99.82% of the company’s stock.
A number of equities research analysts have issued reports on the company. Zacks Investment Research downgraded Kennametal from a “buy” rating to a “hold” rating in a research report on Wednesday, June 6th. JPMorgan Chase & Co. decreased their price objective on Kennametal from $48.00 to $45.00 and set a “hold” rating on the stock in a research report on Tuesday, April 10th. ValuEngine upgraded Kennametal from a “sell” rating to a “hold” rating in a research report on Tuesday, May 8th. Barrington Research restated a “buy” rating and set a $53.00 price objective on shares of Kennametal in a research report on Tuesday, May 1st. Finally, Wells Fargo & Co downgraded Kennametal from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $49.18.
In other news, Director Lawrence W. Stranghoener sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $38.73, for a total transaction of $271,110.00. Following the transaction, the director now owns 26,108 shares of the company’s stock, valued at $1,011,162.84. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.00% of the company’s stock.
Kennametal opened at $36.14 on Friday, according to Marketbeat.com. The company has a market cap of $2.87 billion, a PE ratio of 15.06, a price-to-earnings-growth ratio of 2.70 and a beta of 2.03. Kennametal Inc. has a one year low of $32.23 and a one year high of $52.52. The company has a current ratio of 2.60, a quick ratio of 1.47 and a debt-to-equity ratio of 0.57.
Kennametal (NYSE:KMT) last released its earnings results on Wednesday, May 2nd. The industrial products company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.02). The business had revenue of $607.94 million for the quarter, compared to the consensus estimate of $601.10 million. Kennametal had a net margin of 6.83% and a return on equity of 17.01%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.60 EPS. equities research analysts predict that Kennametal Inc. will post 2.6 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 30th. Stockholders of record on Tuesday, May 15th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, May 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.21%. Kennametal’s dividend payout ratio is 52.63%.
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. It operates through three segments: Industrial, Widia, and Infrastructure.
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