Morgan Stanley Reduces Position in Kennametal Inc. (NYSE:KMT)

Morgan Stanley decreased its stake in Kennametal Inc. (NYSE:KMT) by 64.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 271,891 shares of the industrial products company’s stock after selling 497,169 shares during the period. Morgan Stanley owned about 0.34% of Kennametal worth $10,667,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Ledyard National Bank acquired a new position in Kennametal during the first quarter valued at $120,000. CIBC World Markets Inc. acquired a new position in Kennametal during the first quarter valued at $218,000. Venturi Wealth Management LLC acquired a new position in Kennametal during the first quarter valued at $225,000. Capstone Asset Management Co. acquired a new position in Kennametal during the first quarter valued at $230,000. Finally, Moller Financial Services acquired a new position in Kennametal during the first quarter valued at $235,000. Hedge funds and other institutional investors own 96.76% of the company’s stock.

Shares of Kennametal Inc. (KMT) traded down 0.03% during midday trading on Friday, hitting $33.40. The company had a trading volume of 1,141,504 shares. Kennametal Inc. has a 12-month low of $26.10 and a 12-month high of $43.09. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of 54.75 and a beta of 1.89. The company’s 50-day moving average price is $37.13 and its 200 day moving average price is $38.27.

Kennametal (NYSE:KMT) last announced its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.56 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by $0.08. Kennametal had a net margin of 2.39% and a return on equity of 12.51%. The firm had revenue of $565.03 million during the quarter, compared to the consensus estimate of $562.16 million. During the same period in the previous year, the business earned $0.44 earnings per share. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. Equities research analysts predict that Kennametal Inc. will post $2.20 earnings per share for the current fiscal year.

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend is Wednesday, August 16th. Kennametal’s dividend payout ratio is currently 133.33%.

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Several analysts have issued reports on KMT shares. Jefferies Group LLC reissued a “buy” rating and issued a $50.00 price target (up previously from $47.00) on shares of Kennametal in a research note on Saturday, April 29th. Zacks Investment Research raised Kennametal from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Friday, August 4th. Stifel Nicolaus reissued a “hold” rating on shares of Kennametal in a research note on Friday, August 4th. BMO Capital Markets lifted their price target on Kennametal from $40.00 to $45.00 and gave the company a “market perform” rating in a research note on Monday, May 1st. Finally, Barrington Research lifted their price target on Kennametal from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Thursday, April 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Kennametal presently has a consensus rating of “Hold” and a consensus price target of $43.41.

In other news, Director Philip A. Dur sold 7,000 shares of Kennametal stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $40.01, for a total transaction of $280,070.00. Following the completion of the sale, the director now directly owns 22,024 shares of the company’s stock, valued at approximately $881,180.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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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