Kennametal Inc. (NYSE:KMT) Stake Cut by State of Alaska Department of Revenue

State of Alaska Department of Revenue cut its position in shares of Kennametal Inc. (NYSE:KMT) by 3.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,865 shares of the industrial products company’s stock after selling 1,326 shares during the period. State of Alaska Department of Revenue owned 0.06% of Kennametal worth $913,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in KMT. Dimensional Fund Advisors LP grew its holdings in Kennametal by 2.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,134,051 shares of the industrial products company’s stock valued at $123,319,000 after buying an additional 101,159 shares during the last quarter. Brandes Investment Partners LP raised its position in Kennametal by 3.1% in the 4th quarter. Brandes Investment Partners LP now owns 2,573,638 shares of the industrial products company’s stock valued at $61,819,000 after purchasing an additional 78,149 shares during the last quarter. American Century Companies Inc. raised its position in Kennametal by 13.8% in the 4th quarter. American Century Companies Inc. now owns 2,543,973 shares of the industrial products company’s stock valued at $61,106,000 after purchasing an additional 308,000 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Kennametal by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,479,599 shares of the industrial products company’s stock valued at $35,540,000 after purchasing an additional 56,104 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Kennametal by 6.9% in the 4th quarter. Northern Trust Corp now owns 993,716 shares of the industrial products company’s stock valued at $23,869,000 after buying an additional 63,770 shares during the period.

Analysts Set New Price Targets

A number of brokerages recently commented on KMT. Loop Capital reaffirmed a “hold” rating and set a $24.00 price objective (up from $21.00) on shares of Kennametal in a research note on Wednesday. Wall Street Zen upgraded Kennametal from a “hold” rating to a “buy” rating in a report on Friday, May 16th. Morgan Stanley boosted their price target on Kennametal from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday, May 12th. Finally, Barclays upped their target price on Kennametal from $22.00 to $24.00 and gave the company an “equal weight” rating in a research report on Monday, May 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $25.40.

Kennametal Trading Up 2.4%

Shares of KMT stock opened at $23.28 on Friday. The stock’s fifty day moving average price is $21.14 and its two-hundred day moving average price is $22.11. The company has a market cap of $1.77 billion, a PE ratio of 16.75, a P/E/G ratio of 3.09 and a beta of 1.40. Kennametal Inc. has a fifty-two week low of $17.30 and a fifty-two week high of $32.18. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.10 and a current ratio of 2.44.

Kennametal (NYSE:KMT) last released its quarterly earnings data on Wednesday, May 7th. The industrial products company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.21. Kennametal had a return on equity of 9.12% and a net margin of 5.45%. The company had revenue of $486.40 million for the quarter, compared to the consensus estimate of $489.30 million. During the same quarter last year, the business posted $0.30 EPS. Kennametal’s revenue for the quarter was down 5.7% on a year-over-year basis. Equities analysts predict that Kennametal Inc. will post 1.17 EPS for the current fiscal year.

Kennametal Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 27th. Shareholders of record on Tuesday, May 13th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.44%. The ex-dividend date was Tuesday, May 13th. Kennametal’s payout ratio is presently 57.55%.

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.