Credit Suisse AG Decreases Position in Kennametal Inc. (NYSE:KMT)

Credit Suisse AG reduced its stake in shares of Kennametal Inc. (NYSE:KMT) by 23.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 79,225 shares of the industrial products company’s stock after selling 23,986 shares during the period. Credit Suisse AG owned 0.10% of Kennametal worth $3,108,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of KMT. First Mercantile Trust Co. acquired a new position in shares of Kennametal during the first quarter valued at approximately $288,000. Retirement Systems of Alabama raised its stake in shares of Kennametal by 0.3% in the first quarter. Retirement Systems of Alabama now owns 103,531 shares of the industrial products company’s stock valued at $4,062,000 after buying an additional 309 shares in the last quarter. Columbus Circle Investors bought a new stake in shares of Kennametal during the first quarter valued at approximately $23,220,000. Ledyard National Bank bought a new stake in shares of Kennametal during the first quarter valued at approximately $120,000. Finally, Affinity Wealth Management bought a new stake in shares of Kennametal during the first quarter valued at approximately $339,000. 96.76% of the stock is owned by institutional investors.

Kennametal Inc. (NYSE KMT) opened at 33.40 on Friday. The company’s 50-day moving average is $37.13 and its 200 day moving average is $38.27. Kennametal Inc. has a 12 month low of $26.10 and a 12 month high of $43.09. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of 54.75 and a beta of 1.89.

Kennametal (NYSE:KMT) last released its earnings results on Wednesday, August 2nd. The industrial products company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by $0.08. The company had revenue of $565.03 million for the quarter, compared to analyst estimates of $562.16 million. Kennametal had a return on equity of 12.51% and a net margin of 2.39%. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the company posted $0.44 earnings per share. On average, equities research analysts predict that Kennametal Inc. will post $2.20 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Friday, August 18th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Wednesday, August 16th. Kennametal’s dividend payout ratio (DPR) is currently 133.33%.

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Several brokerages recently commented on KMT. J P Morgan Chase & Co upgraded shares of Kennametal from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $40.00 to $43.00 in a research note on Thursday. BidaskClub downgraded shares of Kennametal from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 12th. Zacks Investment Research downgraded shares of Kennametal from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Stifel Nicolaus reissued a “hold” rating on shares of Kennametal in a report on Friday, August 4th. Finally, Wells Fargo & Company upgraded shares of Kennametal from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $26.10 to $43.50 in a research report on Friday, August 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. Kennametal presently has an average rating of “Hold” and a consensus price target of $43.41.

In related news, Director Philip A. Dur sold 7,000 shares of the firm’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $40.01, for a total value of $280,070.00. Following the sale, the director now directly owns 22,024 shares of the company’s stock, valued at $881,180.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.00% of the company’s stock.

About Kennametal

Kennametal Inc is a supplier of tooling, engineered components and materials consumed in production processes. The Company operates through two segments: Industrial and Infrastructure. The Industrial segment generally serves customers that operate in industrial end markets, such as transportation, general engineering, aerospace and defense.

Institutional Ownership by Quarter for Kennametal (NYSE:KMT)

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