Millennium Management LLC boosted its holdings in Kennametal Inc. (NYSE:KMT) by 280.5% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 684,215 shares of the industrial products company’s stock after buying an additional 504,416 shares during the quarter. Millennium Management LLC’s holdings in Kennametal were worth $24,563,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. BlackRock Inc. grew its position in Kennametal by 3.3% during the 2nd quarter. BlackRock Inc. now owns 9,150,075 shares of the industrial products company’s stock worth $328,487,000 after purchasing an additional 296,422 shares in the last quarter. Ariel Investments LLC grew its position in Kennametal by 5.3% during the 2nd quarter. Ariel Investments LLC now owns 5,459,382 shares of the industrial products company’s stock worth $195,992,000 after purchasing an additional 272,428 shares in the last quarter. Janus Henderson Group PLC grew its position in Kennametal by 11.6% during the 2nd quarter. Janus Henderson Group PLC now owns 2,971,295 shares of the industrial products company’s stock worth $106,669,000 after purchasing an additional 308,247 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Kennametal by 5.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,189,690 shares of the industrial products company’s stock worth $78,611,000 after purchasing an additional 119,160 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. grew its position in Kennametal by 94.0% during the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 2,120,564 shares of the industrial products company’s stock worth $76,128,000 after purchasing an additional 1,027,424 shares in the last quarter. Hedge funds and other institutional investors own 99.83% of the company’s stock.

Kennametal stock opened at $43.78 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.15 and a current ratio of 1.74. Kennametal Inc. has a 12 month low of $34.37 and a 12 month high of $52.52. The firm has a market cap of $3.68 billion, a PE ratio of 17.00, a P/E/G ratio of 2.86 and a beta of 2.05.

Kennametal (NYSE:KMT) last posted its quarterly earnings results on Monday, August 6th. The industrial products company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.80 by $0.07. Kennametal had a net margin of 8.45% and a return on equity of 18.60%. The business had revenue of $646.11 million for the quarter, compared to analysts’ expectations of $631.48 million. During the same period in the previous year, the company posted $0.56 EPS. Kennametal’s revenue was up 14.4% on a year-over-year basis. equities analysts expect that Kennametal Inc. will post 3.14 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 28th. Stockholders of record on Thursday, August 16th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.83%. The ex-dividend date was Wednesday, August 15th. Kennametal’s dividend payout ratio is currently 30.19%.

In other news, VP Michelle R. Keating sold 988 shares of the business’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $42.20, for a total transaction of $41,693.60. Following the transaction, the vice president now directly owns 14,676 shares in the company, valued at approximately $619,327.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Gaalen Jan Kees Van sold 13,606 shares of the business’s stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $41.09, for a total transaction of $559,070.54. Following the transaction, the vice president now owns 68,827 shares in the company, valued at $2,828,101.43. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

KMT has been the topic of several research analyst reports. ValuEngine cut shares of Kennametal from a “hold” rating to a “sell” rating in a research report on Saturday, June 2nd. Bank of America cut shares of Kennametal from a “neutral” rating to an “underperform” rating and set a $52.00 price objective on the stock. in a research report on Wednesday, August 8th. They noted that the move was a valuation call. Zacks Investment Research cut shares of Kennametal from a “hold” rating to a “sell” rating in a research report on Wednesday, July 4th. Wells Fargo & Co reiterated a “market perform” rating on shares of Kennametal in a research report on Thursday, June 28th. Finally, BMO Capital Markets lifted their price objective on shares of Kennametal from $42.00 to $46.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. Kennametal has a consensus rating of “Hold” and an average price target of $49.17.

Kennametal 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. The company operates through three segments: Industrial, Widia, and Infrastructure.

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Institutional Ownership by Quarter for Kennametal (NYSE:KMT)

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