Vanguard Group Inc. Cuts Stake in Kennametal Inc. (NYSE:KMT)

Vanguard Group Inc. trimmed its stake in Kennametal Inc. (NYSE:KMT) by 0.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,316,322 shares of the industrial products company’s stock after selling 45,461 shares during the quarter. Vanguard Group Inc. owned about 0.12% of Kennametal worth $240,268,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Federated Hermes Inc. raised its holdings in Kennametal by 2.9% in the third quarter. Federated Hermes Inc. now owns 18,750 shares of the industrial products company’s stock valued at $466,000 after buying an additional 521 shares during the period. Signaturefd LLC lifted its holdings in shares of Kennametal by 119.6% during the 4th quarter. Signaturefd LLC now owns 1,107 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 603 shares in the last quarter. CWM LLC boosted its position in Kennametal by 191.1% during the 4th quarter. CWM LLC now owns 1,767 shares of the industrial products company’s stock worth $46,000 after purchasing an additional 1,160 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Kennametal by 4.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 36,768 shares of the industrial products company’s stock valued at $948,000 after purchasing an additional 1,437 shares in the last quarter. Finally, Heartland Advisors Inc. raised its position in Kennametal by 0.3% in the fourth quarter. Heartland Advisors Inc. now owns 631,878 shares of the industrial products company’s stock valued at $16,296,000 after purchasing an additional 1,726 shares during the period.

Insiders Place Their Bets

In other Kennametal news, CEO Sanjay Chowbey acquired 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were purchased at an average price of $24.28 per share, for a total transaction of $121,400.00. Following the completion of the purchase, the chief executive officer now directly owns 49,270 shares in the company, valued at $1,196,275.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.79% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. StockNews.com lowered Kennametal from a “buy” rating to a “hold” rating in a research note on Monday. Barclays lifted their price objective on shares of Kennametal from $24.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, May 9th. Finally, Loop Capital decreased their target price on shares of Kennametal from $24.00 to $22.00 and set a “hold” rating for the company in a research note on Friday, June 21st. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $23.83.

Kennametal Stock Performance

Kennametal stock opened at $22.98 on Tuesday. Kennametal Inc. has a 52 week low of $22.08 and a 52 week high of $30.60. The company has a current ratio of 2.42, a quick ratio of 1.09 and a debt-to-equity ratio of 0.46. The stock has a market cap of $1.81 billion, a P/E ratio of 17.02, a price-to-earnings-growth ratio of 2.40 and a beta of 1.67. The stock has a 50 day moving average of $24.70 and a 200-day moving average of $24.69.

Kennametal (NYSE:KMT) last announced its quarterly earnings data on Wednesday, May 8th. The industrial products company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.01). The company had revenue of $515.80 million for the quarter, compared to analyst estimates of $518.50 million. Kennametal had a return on equity of 9.35% and a net margin of 5.29%. Kennametal’s revenue was down 3.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.39 earnings per share. On average, analysts expect that Kennametal Inc. will post 1.45 EPS for the current fiscal year.

Kennametal Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 28th. Shareholders of record on Tuesday, May 14th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, May 13th. This represents a $0.80 annualized dividend and a yield of 3.48%. Kennametal’s payout ratio is 59.26%.

About Kennametal

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.