Jennison Associates LLC Increases Stake in Kennametal Inc. (KMT)
Jennison Associates LLC raised its stake in Kennametal Inc. (NYSE:KMT) by 216.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 23,111 shares of the industrial products company’s stock after buying an additional 15,800 shares during the period. Jennison Associates LLC’s holdings in Kennametal were worth $865,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. CIBC World Markets Inc. acquired a new position in Kennametal during the first quarter valued at approximately $218,000. Oakbrook Investments LLC increased its position in Kennametal by 2.6% in the second quarter. Oakbrook Investments LLC now owns 5,950 shares of the industrial products company’s stock valued at $223,000 after buying an additional 150 shares during the period. Venturi Wealth Management LLC acquired a new position in Kennametal during the first quarter valued at approximately $225,000. Capstone Asset Management Co. acquired a new position in Kennametal during the first quarter valued at approximately $230,000. Finally, Moller Financial Services acquired a new position in Kennametal during the first quarter valued at approximately $235,000. 97.19% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Kennametal Inc. (KMT) opened at 34.42 on Wednesday. The company has a 50-day moving average of $36.67 and a 200 day moving average of $38.19. The company has a market cap of $2.78 billion, a PE ratio of 56.43 and a beta of 1.89. Kennametal Inc. has a 12-month low of $26.10 and a 12-month high of $43.09.
Kennametal (NYSE:KMT) last posted its earnings results on Wednesday, August 2nd. The industrial products company reported $0.56 EPS for the quarter, missing the Zacks’ consensus estimate of $0.64 by $0.08. Kennametal had a net margin of 2.39% and a return on equity of 12.51%. The business had revenue of $565.03 million during the quarter, compared to analysts’ expectations of $562.16 million. During the same quarter in the prior year, the firm earned $0.44 EPS. Kennametal’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, equities research analysts expect that Kennametal Inc. will post $2.20 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Friday, August 18th will be given a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $0.80 dividend on an annualized basis and a yield of 2.32%. Kennametal’s dividend payout ratio is currently 133.33%.
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Several research analysts have commented on the stock. Zacks Investment Research raised shares of Kennametal from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Friday, August 4th. BMO Capital Markets reissued a “hold” rating and set a $45.00 price target on shares of Kennametal in a research note on Wednesday, August 23rd. J P Morgan Chase & Co upgraded shares of Kennametal from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $40.00 to $43.00 in a report on Thursday, August 17th. BidaskClub cut shares of Kennametal from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. Finally, Stifel Nicolaus restated a “hold” rating on shares of Kennametal in a report on Friday, August 4th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. Kennametal presently has an average rating of “Hold” and an average price target of $43.41.
In other Kennametal news, Director Philip A. Dur sold 7,000 shares of Kennametal stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $40.01, for a total value of $280,070.00. Following the sale, the director now owns 22,024 shares in the company, valued at $881,180.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christopher Rossi bought 29,880 shares of Kennametal stock in a transaction on Friday, August 18th. The stock was acquired at an average price of $33.46 per share, for a total transaction of $999,784.80. Following the transaction, the insider now directly owns 29,850 shares of the company’s stock, valued at $998,781. The disclosure for this purchase can be found here. Insiders acquired 89,780 shares of company stock worth $1,083,365 in the last 90 days. Company insiders own 3.00% of the company’s stock.
Kennametal Company Profile
Kennametal Inc is a supplier of tooling, engineered components and materials consumed in production processes. The Company operates through two segments: Industrial and Infrastructure. The Industrial segment generally serves customers that operate in industrial end markets, such as transportation, general engineering, aerospace and defense.
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