Allspring Global Investments Holdings LLC Increases Stock Holdings in Kennametal Inc. (NYSE:KMT)

Allspring Global Investments Holdings LLC raised its position in Kennametal Inc. (NYSE:KMT) by 41.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 7,552 shares of the industrial products company’s stock after purchasing an additional 2,212 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Kennametal were worth $214,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ameritas Advisory Services LLC acquired a new position in Kennametal in the 1st quarter valued at about $30,000. Advisor Group Holdings Inc. lifted its stake in Kennametal by 88.1% during the fourth quarter. Advisor Group Holdings Inc. now owns 1,621 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 759 shares during the last quarter. Exchange Traded Concepts LLC purchased a new stake in Kennametal during the second quarter worth approximately $64,000. Counterpoint Mutual Funds LLC purchased a new stake in Kennametal during the second quarter worth approximately $90,000. Finally, Public Employees Retirement System of Ohio lifted its stake in Kennametal by 10.6% in the third quarter. Public Employees Retirement System of Ohio now owns 6,586 shares of the industrial products company’s stock valued at $136,000 after buying an additional 630 shares during the last quarter.

Kennametal Price Performance

Shares of NYSE KMT opened at $22.82 on Monday. Kennametal Inc. has a fifty-two week low of $22.08 and a fifty-two week high of $30.60. The business has a 50 day moving average price of $24.26 and a two-hundred day moving average price of $26.33. The company has a quick ratio of 1.05, a current ratio of 2.41 and a debt-to-equity ratio of 0.46. The firm has a market cap of $1.82 billion, a PE ratio of 15.42, a price-to-earnings-growth ratio of 2.58 and a beta of 1.87.

Kennametal (NYSE:KMT) last issued its quarterly earnings data on Wednesday, November 1st. The industrial products company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.06. Kennametal had a return on equity of 9.85% and a net margin of 5.80%. The firm had revenue of $492.50 million during the quarter, compared to analyst estimates of $503.60 million. During the same quarter last year, the firm earned $0.34 EPS. Kennametal’s quarterly revenue was down .5% on a year-over-year basis. Sell-side analysts expect that Kennametal Inc. will post 1.77 earnings per share for the current fiscal year.

Kennametal Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 21st. Shareholders of record on Tuesday, November 7th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date of this dividend is Monday, November 6th. Kennametal’s dividend payout ratio is presently 54.05%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group reduced their price objective on Kennametal from $26.00 to $23.00 and set a “sell” rating for the company in a research note on Thursday, November 2nd. StockNews.com began coverage on Kennametal in a research note on Thursday, October 5th. They issued a “buy” rating for the company. Barclays dropped their target price on Kennametal from $28.00 to $26.00 and set an “equal weight” rating on the stock in a report on Thursday, November 2nd. Bank of America dropped their target price on Kennametal from $28.00 to $25.00 in a report on Wednesday, October 11th. Finally, JPMorgan Chase & Co. dropped their target price on Kennametal from $30.00 to $26.00 and set an “underweight” rating on the stock in a report on Monday, October 16th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Kennametal presently has an average rating of “Hold” and a consensus price target of $25.93.

Insiders Place Their Bets

In related news, Director William J. Harvey sold 1,215 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $25.50, for a total value of $30,982.50. Following the sale, the director now owns 34,431 shares of the company’s stock, valued at approximately $877,990.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.61% of the stock is currently owned by company insiders.

Kennametal Company Profile

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.