State of New Jersey Common Pension Fund D raised its stake in shares of Kennametal Inc. (NYSE:KMT – Get Rating) by 7.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 77,640 shares of the industrial products company’s stock after acquiring an additional 5,215 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.09% of Kennametal worth $2,221,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in KMT. Allspring Global Investments Holdings LLC acquired a new stake in shares of Kennametal during the fourth quarter valued at about $1,320,000. Yousif Capital Management LLC acquired a new stake in shares of Kennametal during the fourth quarter valued at about $1,578,000. Qube Research & Technologies Ltd increased its position in shares of Kennametal by 147.1% during the fourth quarter. Qube Research & Technologies Ltd now owns 33,291 shares of the industrial products company’s stock valued at $1,195,000 after acquiring an additional 19,819 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Kennametal by 62.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,194 shares of the industrial products company’s stock valued at $474,000 after acquiring an additional 5,068 shares during the last quarter. Finally, New York State Common Retirement Fund increased its position in shares of Kennametal by 3.1% during the fourth quarter. New York State Common Retirement Fund now owns 501,669 shares of the industrial products company’s stock valued at $18,015,000 after acquiring an additional 14,924 shares during the last quarter.
Analysts Set New Price Targets
A number of research analysts recently weighed in on KMT shares. Jefferies Financial Group dropped their price objective on shares of Kennametal from $45.00 to $35.00 in a report on Friday, July 15th. UBS Group cut shares of Kennametal from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $27.00 to $19.00 in a report on Friday, July 8th. JPMorgan Chase & Co. dropped their price objective on shares of Kennametal from $31.00 to $22.00 and set an “underweight” rating for the company in a report on Tuesday, July 12th. The Goldman Sachs Group dropped their price objective on shares of Kennametal from $27.00 to $23.00 and set a “sell” rating for the company in a report on Thursday, June 23rd. Finally, StockNews.com cut shares of Kennametal from a “buy” rating to a “hold” rating in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $28.56.
Kennametal Stock Down 0.6 %
Kennametal (NYSE:KMT – Get Rating) last issued its quarterly earnings data on Monday, August 1st. The industrial products company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.07. The business had revenue of $530.02 million during the quarter, compared to the consensus estimate of $516.09 million. Kennametal had a net margin of 7.19% and a return on equity of 10.96%. The company’s revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.53 EPS. As a group, research analysts forecast that Kennametal Inc. will post 1.99 EPS for the current fiscal year.
Kennametal Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 23rd. Stockholders of record on Tuesday, August 9th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, August 8th. This represents a $0.80 annualized dividend and a dividend yield of 3.04%. Kennametal’s dividend payout ratio is presently 46.51%.
Kennametal Inc develops and applies 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. It operates through two segments, Metal Cutting and Infrastructure.
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