Teacher Retirement System of Texas Sells 8,161 Shares of Kennametal Inc. (NYSE:KMT)

Teacher Retirement System of Texas cut its stake in shares of Kennametal Inc. (NYSE:KMT) by 21.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 29,445 shares of the industrial products company’s stock after selling 8,161 shares during the period. Teacher Retirement System of Texas’ holdings in Kennametal were worth $627,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Curat Global LLC bought a new position in Kennametal in the 1st quarter worth $35,000. Parallel Advisors LLC lifted its position in shares of Kennametal by 107.6% in the first quarter. Parallel Advisors LLC now owns 1,958 shares of the industrial products company’s stock valued at $42,000 after acquiring an additional 1,015 shares in the last quarter. Headlands Technologies LLC boosted its stake in shares of Kennametal by 214.2% in the fourth quarter. Headlands Technologies LLC now owns 2,118 shares of the industrial products company’s stock worth $51,000 after acquiring an additional 1,444 shares during the period. Sterling Capital Management LLC grew its position in shares of Kennametal by 801.8% during the fourth quarter. Sterling Capital Management LLC now owns 2,453 shares of the industrial products company’s stock worth $59,000 after purchasing an additional 2,181 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in Kennametal by 10.5% during the 4th quarter. Bank of Montreal Can now owns 9,437 shares of the industrial products company’s stock valued at $227,000 after purchasing an additional 898 shares during the period.

Analysts Set New Price Targets

Several research firms have weighed in on KMT. Loop Capital restated a “hold” rating and issued a $24.00 price target (up from $21.00) on shares of Kennametal in a research note on Wednesday, June 25th. Morgan Stanley upped their target price on shares of Kennametal from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday, May 12th. Barclays lifted their price target on shares of Kennametal from $22.00 to $24.00 and gave the company an “equal weight” rating in a report on Monday, May 12th. Finally, Wall Street Zen raised shares of Kennametal from a “hold” rating to a “buy” rating in a report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $25.40.

Kennametal Stock Down 2.0%

NYSE KMT opened at $23.95 on Wednesday. The stock has a 50 day moving average price of $22.35 and a 200-day moving average price of $21.95. Kennametal Inc. has a one year low of $17.30 and a one year 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. The company has a market capitalization of $1.83 billion, a P/E ratio of 17.23, a P/E/G ratio of 3.35 and a beta of 1.40.

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

Kennametal Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 27th. Shareholders of record on Tuesday, May 13th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $0.80 dividend on an annualized basis and a yield of 3.34%. Kennametal’s dividend payout ratio (DPR) is presently 57.55%.

Kennametal 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.