Kennametal Inc. $KMT Stake Increased by Northern Trust Corp

Northern Trust Corp grew its holdings in Kennametal Inc. (NYSE:KMT) by 8.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,077,284 shares of the industrial products company’s stock after purchasing an additional 83,568 shares during the period. Northern Trust Corp owned approximately 1.41% of Kennametal worth $22,946,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Curat Global LLC purchased a new stake in shares of Kennametal in the first quarter valued at $35,000. Parallel Advisors LLC lifted its holdings 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 purchasing an additional 1,015 shares in the last quarter. US Bancorp DE raised its holdings 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 worth $46,000 after acquiring an additional 1,036 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in shares of Kennametal during the first quarter worth $52,000. Finally, Bayforest Capital Ltd purchased a new stake in shares of Kennametal during the first quarter worth $64,000.

Wall Street Analyst Weigh In

KMT has been the subject of several recent research reports. JPMorgan Chase & Co. cut their price objective on Kennametal from $23.00 to $20.00 and set an “underweight” rating for the company in a report on Thursday, August 7th. 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 report on Friday, August 15th. Loop Capital reiterated a “hold” rating and set a $24.00 price objective (up from $21.00) on shares of Kennametal in a report on Wednesday, June 25th. Barclays increased their price objective on Kennametal from $22.00 to $24.00 and gave the stock an “equal weight” rating in a report on Monday, May 12th. Finally, Wall Street Zen upgraded Kennametal from a “hold” rating to a “buy” rating in a report on Friday, May 16th. Five equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $24.00.

Kennametal Price Performance

NYSE KMT opened at $21.42 on Monday. The firm has a market cap of $1.63 billion, a P/E ratio of 17.85, a price-to-earnings-growth ratio of 3.77 and a beta of 1.44. The stock’s 50-day moving average is $23.09 and its two-hundred day moving average is $21.75. 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 0.45, a current ratio of 2.46 and a quick ratio of 1.19.

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

Kennametal Dividend Announcement

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

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.