State of Alaska Department of Revenue Sells 1,732 Shares of Kennametal Inc. (NYSE:KMT)

State of Alaska Department of Revenue decreased its position in shares of Kennametal Inc. (NYSE:KMT) by 3.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 44,455 shares of the industrial products company’s stock after selling 1,732 shares during the period. State of Alaska Department of Revenue’s holdings in Kennametal were worth $1,152,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of KMT. Burgundy Asset Management Ltd. raised its stake in shares of Kennametal by 1.4% in the second quarter. Burgundy Asset Management Ltd. now owns 4,977,697 shares of the industrial products company’s stock worth $117,175,000 after purchasing an additional 67,327 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Kennametal by 2.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,683,485 shares of the industrial products company’s stock valued at $110,248,000 after acquiring an additional 100,905 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Kennametal by 1.6% during the 2nd quarter. Victory Capital Management Inc. now owns 3,298,229 shares of the industrial products company’s stock worth $77,640,000 after acquiring an additional 50,622 shares during the last quarter. Brandes Investment Partners LP grew its stake in shares of Kennametal by 35.1% in the 2nd quarter. Brandes Investment Partners LP now owns 2,332,993 shares of the industrial products company’s stock worth $54,798,000 after acquiring an additional 606,477 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of Kennametal by 1.0% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,051,503 shares of the industrial products company’s stock valued at $48,292,000 after purchasing an additional 20,634 shares during the last quarter.

Kennametal Stock Performance

NYSE:KMT opened at $25.88 on Tuesday. The company has a market capitalization of $2.02 billion, a P/E ratio of 18.81, a P/E/G ratio of 2.82 and a beta of 1.64. The business has a fifty day simple moving average of $25.41 and a two-hundred day simple moving average of $24.89. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.41 and a quick ratio of 1.17. Kennametal Inc. has a 1 year low of $22.38 and a 1 year high of $27.04.

Kennametal (NYSE:KMT) last released its quarterly earnings data on Wednesday, August 7th. The industrial products company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.44 by $0.05. Kennametal had a net margin of 5.34% and a return on equity of 9.17%. The business had revenue of $543.31 million for the quarter, compared to the consensus estimate of $532.72 million. During the same period in the prior year, the firm earned $0.51 earnings per share. The company’s revenue was down 1.3% compared to the same quarter last year. On average, analysts expect that Kennametal Inc. will post 1.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on KMT. Bank of America cut shares of Kennametal from a “neutral” rating to an “underperform” rating and set a $26.00 price target on the stock. in a report on Friday, October 18th. StockNews.com raised Kennametal from a “hold” rating to a “buy” rating in a report on Friday, October 18th. Loop Capital increased their price target on Kennametal from $22.00 to $24.00 and gave the company a “hold” rating in a research report on Thursday, August 22nd. Finally, Barclays upped their price objective on Kennametal from $24.00 to $25.00 and gave the company an “equal weight” rating in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $24.60.

Kennametal Company Profile

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.