Jennison Associates LLC purchased a new stake in shares of Kennametal Inc. (NYSE:KMT) during the third quarter, Holdings Channel reports. The firm purchased 52,194 shares of the company’s stock, valued at approximately $1,515,000. Jennison Associates LLC owned approximately 0.07% of Kennametal at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Bank of Hawaii bought a new stake in Kennametal during the second quarter valued at about $233,000. Chicago Equity Partners LLC raised its stake in Kennametal by 370.6% in the second quarter. Chicago Equity Partners LLC now owns 406,500 shares of the company’s stock valued at $8,988,000 after buying an additional 320,120 shares in the last quarter. Emerald Advisers Inc. PA bought a new stake in Kennametal during the second quarter valued at about $2,002,000. Argyle Capital Management Inc. raised its stake in Kennametal by 8.0% in the second quarter. Argyle Capital Management Inc. now owns 24,400 shares of the company’s stock valued at $539,000 after buying an additional 1,800 shares in the last quarter. Finally, Strs Ohio bought a new stake in Kennametal during the second quarter valued at about $1,070,000. 95.71% of the stock is owned by institutional investors and hedge funds.
Kennametal Inc. (NYSE:KMT) opened at 35.50 on Friday. The stock has a 50 day moving average price of $30.48 and a 200-day moving average price of $26.83. Kennametal Inc. has a 1-year low of $15.11 and a 1-year high of $35.51. The company’s market cap is $2.84 billion.
Kennametal (NYSE:KMT) last issued its earnings results on Wednesday, October 26th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.14 by $0.03. The firm earned $477 million during the quarter, compared to analysts’ expectations of $483.61 million. Kennametal had a positive return on equity of 7.94% and a negative net margin of 11.95%. The business’s revenue was down 14.1% on a year-over-year basis. During the same quarter last year, the business earned $0.14 EPS. On average, equities research analysts forecast that Kennametal Inc. will post $1.31 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 29th. Investors of record on Friday, November 11th will be paid a $0.20 dividend. The ex-dividend date is Tuesday, November 8th. This represents a $0.80 dividend on an annualized basis and a yield of 2.25%. Kennametal’s dividend payout ratio (DPR) is -26.49%.
Several analysts have issued reports on the company. BMO Capital Markets reissued a “market perform” rating and set a $30.00 price target (up previously from $27.00) on shares of Kennametal in a report on Thursday, November 10th. Jefferies Group boosted their price target on Kennametal from $30.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, October 11th. Zacks Investment Research lowered Kennametal from a “hold” rating to a “sell” rating in a report on Tuesday, October 4th. Seaport Global Securities lowered Kennametal from an “accumulate” rating to a “neutral” rating and set a $28.00 price target for the company. in a report on Thursday, August 18th. Finally, Goldman Sachs Group Inc. raised Kennametal from a “neutral” rating to a “buy” rating and boosted their price target for the company from $26.00 to $36.00 in a report on Monday, October 31st. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. Kennametal has an average rating of “Hold” and a consensus target price of $26.45.
In related news, insider Judith L. Bacchus sold 4,000 shares of the firm’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $33.92, for a total value of $135,680.00. Following the completion of the transaction, the insider now owns 7,383 shares in the company, valued at approximately $250,431.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.00% of the stock is owned by corporate insiders.
Kennametal Inc (Kennametal) is a supplier of tooling, engineered components and advanced materials consumed in production processes. The Company manages and reports its business in two segments: Industrial and Infrastructure. The Company provides wear-resistant products, application engineering and services backed by material science, serving customers across diverse sectors of industrial production, transportation, earthworks, energy, infrastructure and aerospace.