New York State Teachers Retirement System Has $2.60 Million Position in Kennametal Inc. (NYSE:KMT)

New York State Teachers Retirement System boosted its position in shares of Kennametal Inc. (NYSE:KMT – Get Rating) by 6.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 126,261 shares of the industrial products company’s stock after purchasing an additional 8,131 shares during the quarter. New York State Teachers Retirement System owned 0.15% of Kennametal worth $2,598,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Yousif Capital Management LLC grew its holdings in Kennametal by 4.4% during the second quarter. Yousif Capital Management LLC now owns 46,437 shares of the industrial products company’s stock valued at $1,079,000 after purchasing an additional 1,955 shares during the period. Xponance Inc. grew its holdings in Kennametal by 5.8% during the second quarter. Xponance Inc. now owns 12,850 shares of the industrial products company’s stock valued at $299,000 after purchasing an additional 700 shares during the period. Verition Fund Management LLC acquired a new position in Kennametal during the first quarter valued at approximately $549,000. Burgundy Asset Management Ltd. grew its holdings in Kennametal by 18.9% during the second quarter. Burgundy Asset Management Ltd. now owns 4,632,157 shares of the industrial products company’s stock valued at $107,605,000 after purchasing an additional 736,816 shares during the period. Finally, Dark Forest Capital Management LP grew its holdings in Kennametal by 945.9% during the second quarter. Dark Forest Capital Management LP now owns 116,508 shares of the industrial products company’s stock valued at $2,706,000 after purchasing an additional 105,368 shares during the period.

Kennametal Stock Performance

Shares of KMT opened at $27.09 on Wednesday. Kennametal Inc. has a 12 month low of $20.21 and a 12 month high of $36.67. The firm has a fifty day simple moving average of $25.60 and a 200 day simple moving average of $24.63. The stock has a market capitalization of $2.18 billion, a price-to-earnings ratio of 16.62, a PEG ratio of 3.64 and a beta of 1.87. The company has a current ratio of 2.03, a quick ratio of 0.84 and a debt-to-equity ratio of 0.48.

Kennametal (NYSE:KMT – Get Rating) last announced its earnings results on Monday, October 31st. The industrial products company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.03). Kennametal had a return on equity of 10.69% and a net margin of 6.75%. The business had revenue of $494.79 million for the quarter, compared to analyst estimates of $488.06 million. During the same quarter in the previous year, the company posted $0.44 EPS. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. Research analysts forecast that Kennametal Inc. will post 1.5 EPS for the current fiscal year.

Kennametal Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 22nd. Investors of record on Tuesday, November 8th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.95%. The ex-dividend date of this dividend was Monday, November 7th. Kennametal’s payout ratio is 49.08%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on KMT. The Goldman Sachs Group boosted their price objective on shares of Kennametal from $23.00 to $26.00 and gave the company a “sell” rating in a report on Thursday, December 15th. StockNews.com began coverage on shares of Kennametal in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Morgan Stanley upped their price target on shares of Kennametal from $23.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, December 14th. Finally, Barclays upped their price target on shares of Kennametal from $24.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, January 5th. Three investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat.com, Kennametal presently has a consensus rating of “Hold” and an average price target of $25.00.

About Kennametal

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Kennametal Inc engages in development and application of tungsten carbides, ceramics, and super-hard materials and solutions for use in metal cutting and extreme wear applications to enable customers work against corrosion and high temperatures conditions worldwide. The company operates through two segments, Metal Cutting and Infrastructure.