7,066 Shares in Kennametal Inc. (NYSE:KMT) Acquired by Verition Fund Management LLC
Verition Fund Management LLC acquired a new stake in Kennametal Inc. (NYSE:KMT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,066 shares of the industrial products company’s stock, valued at approximately $203,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of KMT. First Mercantile Trust Co. raised its holdings in Kennametal by 33.6% in the 1st quarter. First Mercantile Trust Co. now owns 6,157 shares of the industrial products company’s stock valued at $115,000 after acquiring an additional 1,548 shares during the period. Advisor Group Holdings Inc. bought a new position in Kennametal during the 1st quarter worth $130,000. Strs Ohio lifted its holdings in shares of Kennametal by 60.0% during the second quarter. Strs Ohio now owns 6,400 shares of the industrial products company’s stock worth $183,000 after buying an additional 2,400 shares in the last quarter. Tudor Investment Corp Et Al bought a new stake in shares of Kennametal in the first quarter valued at about $193,000. Finally, CWM Advisors LLC bought a new position in Kennametal during the first quarter worth about $194,000.
A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company lifted their price target on shares of Kennametal from $30.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, June 3rd. Barclays downgraded Kennametal from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $34.00 to $32.00 in a research note on Monday, August 10th. Morgan Stanley decreased their target price on shares of Kennametal from $33.00 to $30.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 5th. Zacks Investment Research lowered shares of Kennametal from a “buy” rating to a “hold” rating and set a $29.00 price target on the stock. in a research report on Monday, June 29th. Finally, BMO Capital Markets boosted their price objective on shares of Kennametal from $18.00 to $29.00 in a research report on Wednesday, June 10th. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $32.25.
Kennametal (NYSE:KMT) last announced its earnings results on Monday, August 3rd. The industrial products company reported $0.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.03. The firm had revenue of $379.05 million for the quarter, compared to the consensus estimate of $398.03 million. Kennametal had a positive return on equity of 6.01% and a negative net margin of 0.30%. The business’s quarterly revenue was down 37.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 EPS. As a group, equities research analysts expect that Kennametal Inc. will post 0.9 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, August 11th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend was Monday, August 10th. Kennametal’s payout ratio is presently 85.11%.
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. The company operates through three segments: Industrial, Widia, and Infrastructure.
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