Millennium Management LLC Acquires 57,327 Shares of Kennametal Inc. (NYSE:KMT)

Millennium Management LLC boosted its holdings in shares of Kennametal Inc. (NYSE:KMT) by 59.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 154,059 shares of the industrial products company’s stock after purchasing an additional 57,327 shares during the quarter. Millennium Management LLC owned about 0.20% of Kennametal worth $3,627,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its stake in shares of Kennametal by 7.8% in the fourth quarter. Wellington Management Group LLP now owns 4,240,814 shares of the industrial products company’s stock valued at $109,371,000 after purchasing an additional 305,542 shares in the last quarter. Quadrature Capital Ltd grew its holdings in shares of Kennametal by 141.8% during the fourth quarter. Quadrature Capital Ltd now owns 37,534 shares of the industrial products company’s stock worth $968,000 after purchasing an additional 22,010 shares during the last quarter. Azarias Capital Management L.P. acquired a new stake in shares of Kennametal in the first quarter valued at $4,795,000. BNP Paribas Financial Markets raised its holdings in shares of Kennametal by 85.3% in the first quarter. BNP Paribas Financial Markets now owns 87,340 shares of the industrial products company’s stock valued at $2,178,000 after buying an additional 40,193 shares during the last quarter. Finally, Central Pacific Bank Trust Division acquired a new position in Kennametal during the 1st quarter worth about $324,000.

Kennametal Price Performance

KMT opened at $25.40 on Monday. The company has a fifty day moving average price of $25.20 and a two-hundred day moving average price of $24.75. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.17 and a current ratio of 2.41. The firm has a market capitalization of $2.00 billion, a PE ratio of 18.81, a P/E/G ratio of 2.65 and a beta of 1.65. Kennametal Inc. has a 52 week low of $22.08 and a 52 week 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 analysts’ consensus estimates of $0.44 by $0.05. Kennametal had a return on equity of 9.17% and a net margin of 5.34%. The business had revenue of $543.31 million during the quarter, compared to the consensus estimate of $532.72 million. During the same quarter in the prior year, the company posted $0.51 earnings per share. The firm’s revenue was down 1.3% on a year-over-year basis. As a group, analysts anticipate that Kennametal Inc. will post 1.51 earnings per share for the current year.

Kennametal Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.15%. The ex-dividend date was Tuesday, August 13th. Kennametal’s payout ratio is 59.26%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Loop Capital raised their price objective on shares of Kennametal from $22.00 to $24.00 and gave the company a “hold” rating in a research report on Thursday, August 22nd. Barclays boosted their price objective on shares of Kennametal from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Friday, August 9th. Finally, StockNews.com cut Kennametal from a “buy” rating to a “hold” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating and four have issued a hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $24.00.

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.