Wellington Management Group LLP increased its stake in Kennametal Inc. (NYSE:KMT - Free Report) by 33.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,251,632 shares of the industrial products company's stock after buying an additional 1,567,867 shares during the quarter. Wellington Management Group LLP owned about 8.04% of Kennametal worth $162,105,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quarry LP increased its position in shares of Kennametal by 198.9% during the second quarter. Quarry LP now owns 1,058 shares of the industrial products company's stock worth $25,000 after acquiring an additional 704 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in Kennametal during the 2nd quarter worth approximately $28,000. Quest Partners LLC acquired a new position in shares of Kennametal in the 2nd quarter valued at approximately $44,000. Signaturefd LLC boosted its stake in shares of Kennametal by 98.7% during the 3rd quarter. Signaturefd LLC now owns 2,029 shares of the industrial products company's stock valued at $53,000 after buying an additional 1,008 shares during the last quarter. Finally, CWM LLC grew its position in shares of Kennametal by 46.7% during the second quarter. CWM LLC now owns 3,049 shares of the industrial products company's stock worth $72,000 after buying an additional 970 shares in the last quarter.
Kennametal Stock Performance
Shares of KMT traded up $0.05 during midday trading on Monday, hitting $27.31. 728,863 shares of the stock traded hands, compared to its average volume of 716,434. The business's 50 day moving average price is $27.01 and its two-hundred day moving average price is $25.52. The firm has a market capitalization of $2.12 billion, a PE ratio of 21.30, a price-to-earnings-growth ratio of 2.29 and a beta of 1.65. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.16 and a current ratio of 2.52. Kennametal Inc. has a 1-year low of $22.50 and a 1-year high of $32.18.
Kennametal (NYSE:KMT - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The industrial products company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.26 by $0.03. The business had revenue of $481.90 million during the quarter, compared to analyst estimates of $485.26 million. Kennametal had a return on equity of 8.35% and a net margin of 4.98%. The business's revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.41 EPS. Equities research analysts predict that Kennametal Inc. will post 1.45 EPS for the current fiscal year.
Kennametal Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date was Tuesday, November 12th. Kennametal's dividend payout ratio (DPR) is presently 62.50%.
Insider Activity at Kennametal
In other Kennametal news, VP John Wayne Witt sold 1,765 shares of the firm's stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $29.35, for a total transaction of $51,802.75. Following the transaction, the vice president now directly owns 1,642 shares in the company, valued at $48,192.70. This trade represents a 51.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Franklin Cardenas sold 20,470 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $28.24, for a total value of $578,072.80. Following the transaction, the vice president now directly owns 39,581 shares in the company, valued at approximately $1,117,767.44. This represents a 34.09 % decrease in their position. The disclosure for this sale can be found here. 1.41% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
KMT has been the topic of a number of research analyst reports. StockNews.com downgraded shares of Kennametal from a "buy" rating to a "hold" rating in a research note on Thursday, November 7th. Bank of America cut Kennametal from a "neutral" rating to an "underperform" rating and set a $26.00 price objective on the stock. in a research note on Friday, October 18th. Loop Capital boosted their price target on Kennametal from $24.00 to $26.00 and gave the company a "hold" rating in a report on Tuesday, November 19th. Finally, Jefferies Financial Group cut Kennametal from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $40.00 to $32.00 in a research note on Friday. Two research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $26.17.
Check Out Our Latest Research Report on KMT
About Kennametal
(
Free Report)
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.
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