Victory Capital Management Inc. decreased its holdings in Kennametal Inc. (NYSE:KMT - Free Report) by 6.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,086,923 shares of the industrial products company's stock after selling 211,306 shares during the period. Victory Capital Management Inc. owned 3.96% of Kennametal worth $80,044,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in KMT. Covestor Ltd boosted its holdings in shares of Kennametal by 14.4% during the 3rd quarter. Covestor Ltd now owns 3,753 shares of the industrial products company's stock valued at $97,000 after purchasing an additional 472 shares during the last quarter. Texas Permanent School Fund Corp grew its holdings in Kennametal by 0.9% during the 1st quarter. Texas Permanent School Fund Corp now owns 69,376 shares of the industrial products company's stock valued at $1,730,000 after buying an additional 610 shares in the last quarter. Quarry LP increased its stake in Kennametal by 198.9% in the 2nd 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. ProShare Advisors LLC raised its holdings in shares of Kennametal by 6.2% during the 1st quarter. ProShare Advisors LLC now owns 16,069 shares of the industrial products company's stock worth $401,000 after acquiring an additional 945 shares in the last quarter. Finally, CWM LLC increased its position in Kennametal by 46.7% in the second quarter. CWM LLC now owns 3,049 shares of the industrial products company's stock worth $72,000 after purchasing an additional 970 shares during the last quarter.
Kennametal Trading Down 2.3 %
Kennametal stock traded down $0.67 during mid-day trading on Thursday, hitting $28.69. The company's stock had a trading volume of 900,600 shares, compared to its average volume of 719,596. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.16 and a current ratio of 2.52. The company has a 50 day moving average of $25.94 and a 200-day moving average of $25.15. Kennametal Inc. has a one year low of $22.50 and a one year high of $32.18. The stock has a market cap of $2.23 billion, a PE ratio of 22.94, a P/E/G ratio of 2.43 and a beta of 1.64.
Kennametal (NYSE:KMT - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The industrial products company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.26 by $0.03. The company had revenue of $481.90 million for the quarter, compared to the consensus estimate of $485.26 million. Kennametal had a net margin of 4.98% and a return on equity of 8.35%. The firm's revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.41 EPS. On average, research analysts anticipate that Kennametal Inc. will post 1.47 EPS for the current year.
Kennametal Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.80 annualized dividend and a dividend yield of 2.79%. Kennametal's dividend payout ratio is currently 62.50%.
Wall Street Analyst Weigh In
Several research analysts recently commented on the company. StockNews.com lowered Kennametal from a "buy" rating to a "hold" rating in a research report on Thursday, November 7th. Bank of America lowered Kennametal from a "neutral" rating to an "underperform" rating and set a $26.00 price target on the stock. in a report on Friday, October 18th. Barclays lifted their price objective on shares of Kennametal from $24.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Friday, August 9th. Finally, Loop Capital increased their target price on shares of Kennametal from $22.00 to $24.00 and gave the company a "hold" rating in a research note on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company. According to data from MarketBeat.com, Kennametal presently has an average rating of "Hold" and an average price target of $24.60.
Check Out Our Latest Stock Analysis on Kennametal
Kennametal Company Profile
(
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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