Nuveen LLC Acquires New Stake in Kennametal Inc. $KMT

Nuveen LLC acquired a new stake in shares of Kennametal Inc. (NYSE:KMT) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 185,385 shares of the industrial products company’s stock, valued at approximately $3,949,000. Nuveen LLC owned 0.24% of Kennametal at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Curat Global LLC acquired a new position in shares of Kennametal during the first quarter valued at approximately $35,000. Parallel Advisors LLC increased its stake in shares of Kennametal by 107.6% during 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 during the period. US Bancorp DE increased its stake in shares of Kennametal by 93.4% during the first quarter. US Bancorp DE now owns 2,145 shares of the industrial products company’s stock valued at $46,000 after acquiring an additional 1,036 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in Kennametal in the first quarter worth approximately $52,000. Finally, Bayforest Capital Ltd acquired a new position in Kennametal in the first quarter worth approximately $64,000.

Analysts Set New Price Targets

Several research analysts have issued reports on KMT shares. Loop Capital restated a “hold” rating and issued a $24.00 price target (up previously from $21.00) on shares of Kennametal in a research report on Wednesday, June 25th. Morgan Stanley lifted their price target 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 stock an “equal weight” rating in a research report on Monday, May 12th. Wall Street Zen upgraded shares of Kennametal from a “hold” rating to a “buy” rating in a research report on Friday, May 16th. Finally, UBS Group upgraded shares of Kennametal from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $19.00 to $21.00 in a research report on Friday, August 15th. Five research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $24.00.

Kennametal Trading Up 0.7%

Kennametal stock opened at $21.59 on Thursday. The company has a 50 day moving average price of $23.11 and a 200 day moving average price of $21.76. Kennametal Inc. has a 52 week low of $17.30 and a 52 week high of $32.18. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.19 and a current ratio of 2.46. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of 17.99, a P/E/G ratio of 3.77 and a beta of 1.44.

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

Kennametal Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, August 12th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, August 12th. This represents a $0.80 dividend on an annualized basis and a yield of 3.7%. Kennametal’s dividend payout ratio (DPR) is currently 66.67%.

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.