KLP Kapitalforvaltning AS Purchases 8,600 Shares of Kennametal Inc. $KMT

KLP Kapitalforvaltning AS grew its position in shares of Kennametal Inc. (NYSE:KMT) by 31.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,600 shares of the industrial products company’s stock after acquiring an additional 8,600 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Kennametal were worth $817,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of KMT. Ameritas Advisory Services LLC purchased a new position in Kennametal in the second quarter worth $27,000. US Bancorp DE increased its holdings in Kennametal by 93.4% in the 1st 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 during the last quarter. GAMMA Investing LLC increased its holdings in Kennametal by 293.6% during the 2nd quarter. GAMMA Investing LLC now owns 2,153 shares of the industrial products company’s stock worth $49,000 after acquiring an additional 1,606 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in shares of Kennametal in the 1st quarter valued at about $52,000. Finally, Bayforest Capital Ltd bought a new stake in shares of Kennametal during the 1st quarter valued at about $64,000.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on KMT. JPMorgan Chase & Co. increased their price objective on Kennametal from $20.00 to $22.00 and gave the company an “underweight” rating in a research report on Tuesday. Zacks Research raised Kennametal from a “strong sell” rating to a “hold” rating in a research note on Monday. Weiss Ratings reiterated a “hold (c)” rating on shares of Kennametal in a report on Wednesday, October 8th. Loop Capital reissued a “hold” rating and issued a $24.00 target price (up from $21.00) on shares of Kennametal in a report on Wednesday, June 25th. Finally, UBS Group raised Kennametal from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $19.00 to $21.00 in a report on Friday, August 15th. Seven equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Kennametal has a consensus rating of “Reduce” and an average price target of $24.29.

Kennametal Stock Up 0.4%

NYSE KMT opened at $22.24 on Friday. The stock’s 50-day moving average price is $21.20 and its 200-day moving average price is $21.59. The company has a quick ratio of 1.19, a current ratio of 2.46 and a debt-to-equity ratio of 0.45. Kennametal Inc. has a 52 week low of $17.30 and a 52 week high of $32.18. The company has a market capitalization of $1.69 billion, a P/E ratio of 18.53, a price-to-earnings-growth ratio of 3.89 and a beta of 1.46.

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 the consensus estimate of $0.40 by ($0.06). The company had revenue of $516.45 million during the quarter, compared to the consensus estimate of $527.52 million. Kennametal had a return on equity of 8.09% and a net margin of 4.73%.The firm’s quarterly revenue was down 4.9% compared to the same quarter last year. During the same period last year, the business earned $0.49 EPS. On average, equities research analysts predict that Kennametal Inc. will post 1.17 earnings per share for the current year.

Kennametal Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, August 12th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, August 12th. Kennametal’s dividend payout ratio (DPR) is 66.67%.

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.