Point72 Asset Management L.P. cut its stake in shares of Kennametal Inc. (NYSE:KMT) by 83.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,200 shares of the industrial products company’s stock after selling 53,100 shares during the quarter. Point72 Asset Management L.P.’s holdings in Kennametal were worth $411,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Strs Ohio boosted its position in shares of Kennametal by 5.9% in the second quarter. Strs Ohio now owns 9,000 shares of the industrial products company’s stock worth $336,000 after buying an additional 500 shares during the period. Arizona State Retirement System boosted its position in shares of Kennametal by 1.8% in the second quarter. Arizona State Retirement System now owns 34,000 shares of the industrial products company’s stock worth $1,272,000 after buying an additional 600 shares during the period. First Trust Advisors LP boosted its position in shares of Kennametal by 137.5% in the second quarter. First Trust Advisors LP now owns 86,910 shares of the industrial products company’s stock worth $3,252,000 after buying an additional 50,322 shares during the period. Teacher Retirement System of Texas boosted its position in shares of Kennametal by 4.0% in the second quarter. Teacher Retirement System of Texas now owns 6,434 shares of the industrial products company’s stock worth $241,000 after buying an additional 250 shares during the period. Finally, SG Americas Securities LLC boosted its position in shares of Kennametal by 40.7% in the second quarter. SG Americas Securities LLC now owns 22,321 shares of the industrial products company’s stock worth $835,000 after buying an additional 6,457 shares during the period. 98.59% of the stock is owned by institutional investors and hedge funds.
In other Kennametal news, Director Timothy R. Mclevish sold 7,000 shares of the firm’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $47.00, for a total transaction of $329,000.00. Following the transaction, the director now directly owns 78,904 shares in the company, valued at $3,708,488. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Timothy R. Mclevish sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $48.00, for a total value of $960,000.00. Following the transaction, the director now owns 66,904 shares in the company, valued at $3,211,392. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,570 shares of company stock valued at $2,816,345. Insiders own 2.00% of the company’s stock.
Kennametal (NYSE:KMT) last released its quarterly earnings data on Wednesday, November 1st. The industrial products company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.17. The firm had revenue of $542.45 million during the quarter, compared to analysts’ expectations of $516.80 million. Kennametal had a return on equity of 15.71% and a net margin of 5.18%. The business’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.11 earnings per share. equities analysts forecast that Kennametal Inc. will post 2.54 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 29th. Investors of record on Tuesday, November 14th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, November 13th. This represents a $0.80 dividend on an annualized basis and a yield of 1.65%. Kennametal’s payout ratio is 59.26%.
Several analysts have recently commented on the company. BMO Capital Markets reaffirmed a “hold” rating and issued a $45.00 target price on shares of Kennametal in a research report on Friday, October 20th. Jefferies Group reaffirmed a “buy” rating and issued a $50.00 target price on shares of Kennametal in a research report on Thursday, September 21st. Credit Suisse Group raised their target price on Kennametal from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Friday, November 3rd. ValuEngine cut Kennametal from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, Zacks Investment Research raised Kennametal from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research report on Wednesday, October 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $45.86.
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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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