Kennametal Inc. $KMT Shares Acquired by US Bancorp DE

US Bancorp DE raised its position in shares of Kennametal Inc. (NYSE:KMT) by 93.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,145 shares of the industrial products company’s stock after acquiring an additional 1,036 shares during the quarter. US Bancorp DE’s holdings in Kennametal were worth $46,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in KMT. Curat Global LLC purchased a new position in Kennametal in the first quarter worth approximately $35,000. Parallel Advisors LLC grew its position in Kennametal by 107.6% in the first quarter. Parallel Advisors LLC now owns 1,958 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 1,015 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in Kennametal in the first quarter worth approximately $52,000. Sterling Capital Management LLC grew its position in Kennametal by 801.8% in the fourth quarter. Sterling Capital Management LLC now owns 2,453 shares of the industrial products company’s stock worth $59,000 after acquiring an additional 2,181 shares during the period. Finally, Bayforest Capital Ltd purchased a new position in Kennametal in the first quarter worth approximately $64,000.

Kennametal Stock Up 0.8%

Shares of NYSE KMT opened at $21.0350 on Wednesday. The stock has a market cap of $1.60 billion, a P/E ratio of 17.53, a PEG ratio of 3.67 and a beta of 1.44. The company has a current ratio of 2.46, a quick ratio of 1.19 and a debt-to-equity ratio of 0.45. Kennametal Inc. has a 12-month low of $17.30 and a 12-month high of $32.18. The business’s fifty day simple moving average is $23.22 and its 200-day simple moving average is $21.81.

Kennametal (NYSE:KMT) last posted its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.06). Kennametal had a net margin of 4.73% and a return on equity of 8.09%. The business had revenue of $516.45 million during the quarter, compared to analyst estimates of $527.52 million. During the same quarter in the prior year, the business earned $0.49 earnings per share. The firm’s quarterly revenue was down 4.9% on a year-over-year basis. As a group, equities analysts predict that Kennametal Inc. will post 1.17 EPS for the current fiscal year.

Kennametal Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Tuesday, August 12th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 12th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.8%. Kennametal’s payout ratio is 66.67%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Morgan Stanley increased their price objective on Kennametal from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday, May 12th. UBS Group upgraded Kennametal from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $19.00 to $21.00 in a research report on Friday, August 15th. Barclays raised their price target on Kennametal from $22.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Monday, May 12th. Loop Capital restated a “hold” rating and set a $24.00 price target (up from $21.00) on shares of Kennametal in a research report on Wednesday, June 25th. Finally, Zacks Research upgraded Kennametal to a “strong sell” rating in a research report on Monday, August 11th. Five research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Kennametal has a consensus rating of “Reduce” and a consensus price target of $24.00.

About Kennametal

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.