Mirae Asset Global Investments Co. Ltd. Grows Stake in Kennametal Inc. (NYSE:KMT)

Mirae Asset Global Investments Co. Ltd. raised its stake in Kennametal Inc. (NYSE:KMT) by 4.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,768 shares of the industrial products company’s stock after acquiring an additional 1,437 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Kennametal were worth $948,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of KMT. DekaBank Deutsche Girozentrale purchased a new stake in shares of Kennametal during the third quarter valued at $62,000. Acadian Asset Management LLC purchased a new stake in shares of Kennametal during the third quarter valued at $82,000. Gradient Investments LLC purchased a new stake in shares of Kennametal during the third quarter valued at $96,000. ARK Investment Management LLC purchased a new stake in shares of Kennametal during the third quarter valued at $161,000. Finally, MQS Management LLC purchased a new stake in shares of Kennametal during the third quarter valued at $221,000.

Kennametal Stock Up 0.7 %

NYSE KMT opened at $24.35 on Wednesday. The stock’s 50-day moving average price is $24.41 and its 200-day moving average price is $24.34. The company has a quick ratio of 1.06, a current ratio of 2.44 and a debt-to-equity ratio of 0.45. Kennametal Inc. has a 52 week low of $22.08 and a 52 week high of $30.60. The company has a market capitalization of $1.93 billion, a P/E ratio of 16.23, a price-to-earnings-growth ratio of 3.29 and a beta of 1.78.

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

Kennametal announced that its board has initiated a stock repurchase program on Wednesday, February 7th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the industrial products company to reacquire up to 10.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Kennametal Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Stockholders of record on Tuesday, February 13th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend was Monday, February 12th. Kennametal’s dividend payout ratio (DPR) is currently 53.33%.

Insider Transactions at Kennametal

In related news, VP John Wayne Witt sold 1,000 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $25.55, for a total transaction of $25,550.00. Following the completion of the sale, the vice president now owns 1,343 shares in the company, valued at $34,313.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.79% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on KMT. Morgan Stanley began coverage on Kennametal in a report on Monday, January 8th. They issued an “equal weight” rating and a $24.00 target price on the stock. Barclays lowered their target price on Kennametal from $25.00 to $24.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 2nd. StockNews.com downgraded Kennametal from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. Finally, JPMorgan Chase & Co. lowered their target price on Kennametal from $26.00 to $24.00 and set an “underweight” rating on the stock in a 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 MarketBeat, the company has a consensus rating of “Hold” and a consensus target price 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.