Parametric Portfolio Associates LLC cut its holdings in Kennametal Inc. (NYSE:KMT) by 24.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 291,569 shares of the industrial products company’s stock after selling 92,038 shares during the period. Parametric Portfolio Associates LLC owned about 0.36% of Kennametal worth $10,911,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. grew its holdings in shares of Kennametal by 16,832.4% in the first quarter. BlackRock Inc. now owns 8,453,008 shares of the industrial products company’s stock valued at $331,612,000 after acquiring an additional 8,403,086 shares in the last quarter. Vanguard Group Inc. grew its holdings in Kennametal by 18.0% during the second quarter. Vanguard Group Inc. now owns 8,290,187 shares of the industrial products company’s stock valued at $310,219,000 after purchasing an additional 1,263,163 shares during the period. State Street Corp grew its holdings in Kennametal by 0.5% during the first quarter. State Street Corp now owns 2,540,852 shares of the industrial products company’s stock valued at $99,679,000 after purchasing an additional 13,482 shares during the period. American Century Companies Inc. grew its holdings in Kennametal by 69.6% during the second quarter. American Century Companies Inc. now owns 1,709,479 shares of the industrial products company’s stock valued at $63,969,000 after purchasing an additional 701,783 shares during the period. Finally, Alliancebernstein L.P. grew its holdings in Kennametal by 48.1% during the second quarter. Alliancebernstein L.P. now owns 1,543,511 shares of the industrial products company’s stock valued at $57,758,000 after purchasing an additional 501,090 shares during the period. 96.86% of the stock is owned by institutional investors.
Shares of Kennametal Inc. (NYSE:KMT) opened at 41.03 on Thursday. The company has a 50 day moving average price of $37.84 and a 200-day moving average price of $38.21. Kennametal Inc. has a 12 month low of $26.79 and a 12 month high of $43.09. The stock has a market cap of $3.31 billion, a P/E ratio of 67.26 and a beta of 1.94.
Kennametal (NYSE:KMT) last issued its earnings results on Wednesday, August 2nd. The industrial products company reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.08). The firm had revenue of $565.03 million during the quarter, compared to the consensus estimate of $562.16 million. Kennametal had a return on equity of 12.51% and a net margin of 2.39%. The company’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.44 EPS. On average, equities research analysts predict that Kennametal Inc. will post $2.20 earnings per share for the current year.
In other Kennametal news, insider Christopher Rossi bought 29,880 shares of the firm’s stock in a transaction dated Friday, August 18th. The shares were purchased at an average cost of $33.46 per share, for a total transaction of $999,784.80. Following the transaction, the insider now owns 29,850 shares of the company’s stock, valued at $998,781. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Charles Michael Jr. Byrnes bought 1,900 shares of the firm’s stock in a transaction dated Friday, August 18th. The shares were acquired at an average price of $33.00 per share, for a total transaction of $62,700.00. The disclosure for this purchase can be found here. 2.00% of the stock is owned by insiders.
KMT has been the subject of several research reports. Wells Fargo & Company raised Kennametal from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $26.10 to $43.50 in a report on Friday, August 4th. Zacks Investment Research lowered Kennametal from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. BidaskClub lowered Kennametal from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Stifel Nicolaus reissued a “hold” rating on shares of Kennametal in a report on Friday, August 4th. Finally, J P Morgan Chase & Co raised Kennametal from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $40.00 to $43.00 in a report on Thursday, August 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $43.95.
Kennametal Company Profile
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.
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