Bank of New York Mellon Corp Increases Stock Holdings in Kennametal Inc. (NYSE:KMT)

Bank of New York Mellon Corp lifted its position in shares of Kennametal Inc. (NYSE:KMT - Free Report) by 4.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,270,285 shares of the industrial products company's stock after buying an additional 48,638 shares during the period. Bank of New York Mellon Corp owned approximately 1.61% of Kennametal worth $29,903,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new stake in Kennametal in the first quarter valued at $32,000. First United Bank & Trust purchased a new stake in Kennametal in the 4th quarter valued at about $45,000. CWM LLC lifted its position in Kennametal by 191.1% in the fourth quarter. CWM LLC now owns 1,767 shares of the industrial products company's stock valued at $46,000 after buying an additional 1,160 shares during the last quarter. EntryPoint Capital LLC boosted its stake in Kennametal by 2,552.0% during the first quarter. EntryPoint Capital LLC now owns 2,705 shares of the industrial products company's stock worth $67,000 after buying an additional 2,603 shares during the period. Finally, Covestor Ltd increased its position in shares of Kennametal by 77.3% during the first quarter. Covestor Ltd now owns 3,060 shares of the industrial products company's stock valued at $77,000 after acquiring an additional 1,334 shares during the last quarter.

Insider Buying and Selling

In other news, CEO Sanjay Chowbey purchased 5,000 shares of the firm's stock in a transaction that occurred on Monday, June 10th. The stock was bought at an average price of $24.28 per share, for a total transaction of $121,400.00. Following the completion of the purchase, the chief executive officer now directly owns 49,270 shares of the company's stock, valued at $1,196,275.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.61% of the company's stock.

Kennametal Stock Down 1.2 %

Kennametal stock traded down $0.29 during mid-day trading on Wednesday, reaching $24.92. 593,535 shares of the company's stock were exchanged, compared to its average volume of 669,188. The company has a quick ratio of 1.17, a current ratio of 2.41 and a debt-to-equity ratio of 0.46. Kennametal Inc. has a twelve month low of $22.08 and a twelve month high of $27.04. The company has a market cap of $1.96 billion, a P/E ratio of 18.46, a P/E/G ratio of 2.74 and a beta of 1.66. The company has a fifty day moving average of $24.61 and a 200-day moving average of $24.60.

Kennametal (NYSE:KMT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The industrial products company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.05. Kennametal had a return on equity of 9.17% and a net margin of 5.34%. The business had revenue of $543.31 million for the quarter, compared to analysts' expectations of $532.72 million. During the same period last year, the firm earned $0.51 earnings per share. The company's revenue for the quarter was down 1.3% compared to the same quarter last year. Sell-side analysts expect that Kennametal Inc. will post 1.51 EPS for the current year.

Kennametal Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.21%. Kennametal's payout ratio is 59.26%.

Analyst Ratings Changes

Several equities analysts have recently commented on KMT shares. Barclays upped their price objective on shares of Kennametal from $24.00 to $25.00 and gave the stock an "equal weight" rating in a report on Friday, August 9th. StockNews.com upgraded Kennametal from a "hold" rating to a "buy" rating in a research note on Tuesday, August 13th. Finally, Loop Capital lifted their price objective on Kennametal from $22.00 to $24.00 and gave the company a "hold" rating in a research note on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, Kennametal has a consensus rating of "Hold" and a consensus target price of $24.17.

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.