New York State Teachers Retirement System Has $2.62 Million Position in Kennametal Inc. (NYSE:KMT)

New York State Teachers Retirement System lowered its stake in shares of Kennametal Inc. (NYSE:KMT) by 13.5% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 101,538 shares of the industrial products company’s stock after selling 15,823 shares during the period. New York State Teachers Retirement System’s holdings in Kennametal were worth $2,619,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its position in shares of Kennametal by 1.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 33,888 shares of the industrial products company’s stock valued at $787,000 after buying an additional 420 shares during the last quarter. Mackenzie Financial Corp raised its position in Kennametal by 3.5% in the third quarter. Mackenzie Financial Corp now owns 15,223 shares of the industrial products company’s stock worth $371,000 after purchasing an additional 513 shares in the last quarter. Federated Hermes Inc. raised its position in Kennametal by 2.9% in the third quarter. Federated Hermes Inc. now owns 18,750 shares of the industrial products company’s stock worth $466,000 after purchasing an additional 521 shares in the last quarter. Yousif Capital Management LLC raised its position in Kennametal by 1.3% in the first quarter. Yousif Capital Management LLC now owns 44,482 shares of the industrial products company’s stock worth $1,273,000 after purchasing an additional 550 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position in Kennametal by 22.2% in the third quarter. Tower Research Capital LLC TRC now owns 3,328 shares of the industrial products company’s stock worth $83,000 after purchasing an additional 605 shares in the last quarter.

Insider Activity

In other news, VP John Wayne Witt sold 1,000 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $25.55, for a total transaction of $25,550.00. Following the sale, the vice president now directly owns 1,343 shares of the company’s stock, valued at $34,313.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.79% of the stock is owned by insiders.

Kennametal Stock Performance

NYSE KMT opened at $23.86 on Tuesday. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of 15.91, a PEG ratio of 3.15 and a beta of 1.78. The company has a 50 day moving average of $24.46 and a 200-day moving average of $24.36. The company has a current ratio of 2.44, a quick ratio of 1.06 and a debt-to-equity ratio of 0.45. Kennametal Inc. has a 1-year low of $22.08 and a 1-year high of $30.60.

Kennametal (NYSE:KMT) last posted its quarterly earnings data on Wednesday, February 7th. The industrial products company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.05. The company had revenue of $495.30 million during the quarter, compared to analyst estimates of $498.99 million. Kennametal had a net margin of 5.86% and a return on equity of 9.94%. The company’s revenue was down .4% on a year-over-year basis. During the same quarter last year, the business posted $0.27 earnings per share. On average, equities analysts forecast that Kennametal Inc. will post 1.49 earnings per share for the current fiscal year.

Kennametal announced that its board has approved a stock buyback plan on Wednesday, February 7th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to repurchase up to 10.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Kennametal Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 27th. Stockholders of record on Tuesday, February 13th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, February 12th. This represents a $0.80 annualized dividend and a dividend yield of 3.35%. Kennametal’s dividend payout ratio (DPR) is currently 53.33%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Barclays dropped their price target on shares of Kennametal from $25.00 to $24.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 2nd. Morgan Stanley assumed coverage on shares of Kennametal in a research report on Monday, January 8th. They issued an “equal weight” rating and a $24.00 price target for the company. StockNews.com lowered shares of Kennametal from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Kennametal from $26.00 to $24.00 and set an “underweight” rating for the company in a research report on Thursday, February 8th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $24.58.

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.