The Manufacturers Life Insurance Company lowered its stake in Kennametal Inc. (NYSE:KMT) by 2.4% during the first quarter, HoldingsChannel.com reports. The firm owned 187,758 shares of the industrial products company’s stock after selling 4,596 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Kennametal were worth $7,541,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently added to or reduced their stakes in KMT. Prescott Group Capital Management L.L.C. acquired a new position in Kennametal during the first quarter worth $201,000. Silvant Capital Management LLC acquired a new position in Kennametal during the first quarter worth $209,000. Koch Industries Inc. acquired a new position in Kennametal during the first quarter worth $220,000. Gideon Capital Advisors Inc. acquired a new position in Kennametal during the first quarter worth $229,000. Finally, Quadrature Capital Ltd acquired a new position in Kennametal during the first quarter worth $237,000. 99.82% of the stock is currently owned by institutional investors and hedge funds.
Kennametal opened at $35.62 on Tuesday, MarketBeat reports. The company has a current ratio of 2.60, a quick ratio of 1.47 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 2.77 and a beta of 2.00. Kennametal Inc. has a fifty-two week low of $32.23 and a fifty-two week high of $52.52.
Kennametal (NYSE:KMT) last posted its earnings results on Wednesday, May 2nd. The industrial products company reported $0.70 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.72 by ($0.02). The firm had revenue of $607.94 million during the quarter, compared to analyst estimates of $601.10 million. Kennametal had a net margin of 6.83% and a return on equity of 17.01%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period last year, the company posted $0.60 EPS. equities analysts predict that Kennametal Inc. will post 2.6 EPS for the current year.
KMT has been the topic of a number of recent analyst reports. Zacks Investment Research raised Kennametal from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a report on Wednesday, April 11th. Wells Fargo & Co reaffirmed an “outperform” rating and set a $48.00 price objective (down previously from $53.00) on shares of Kennametal in a report on Thursday, April 19th. They noted that the move was a valuation call. ValuEngine lowered Kennametal from a “buy” rating to a “hold” rating in a report on Monday, March 19th. BMO Capital Markets reaffirmed a “hold” rating and set a $46.00 price objective on shares of Kennametal in a report on Wednesday, April 18th. Finally, Stifel Nicolaus dropped their price objective on Kennametal from $52.00 to $45.00 and set a “hold” rating on the stock in a report on Friday, May 4th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $49.18.
In other Kennametal news, Director Lawrence W. Stranghoener sold 7,000 shares of the company’s stock in a transaction on Monday, June 11th. The stock was sold at an average price of $38.73, for a total value of $271,110.00. Following the sale, the director now owns 26,108 shares of the company’s stock, valued at $1,011,162.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.00% of the stock is currently owned by corporate insiders.
Kennametal Company Profile
Kennametal Inc develops and applies tungsten carbides, ceramics, super-hard materials, and solutions for use in metal cutting and mission-critical wear applications to combat extreme conditions related with wear fatigue, corrosion, and high temperatures worldwide. It operates through three segments: Industrial, Widia, and Infrastructure.
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