Mutual of America Capital Management LLC Has $2.46 Million Holdings in Kennametal Inc. (KMT)
Mutual of America Capital Management LLC raised its stake in shares of Kennametal Inc. (NYSE:KMT) by 0.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 65,622 shares of the industrial products company’s stock after buying an additional 144 shares during the quarter. Mutual of America Capital Management LLC owned about 0.08% of Kennametal worth $2,456,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in KMT. PNC Financial Services Group Inc. increased its position in Kennametal by 1.3% during the second quarter. PNC Financial Services Group Inc. now owns 16,606 shares of the industrial products company’s stock worth $622,000 after buying an additional 215 shares in the last quarter. Stevens Capital Management LP acquired a new position in shares of Kennametal in the second quarter worth $2,198,000. Amalgamated Bank raised its holdings in shares of Kennametal by 4.0% in the second quarter. Amalgamated Bank now owns 11,564 shares of the industrial products company’s stock worth $433,000 after acquiring an additional 450 shares during the last quarter. Nationwide Fund Advisors raised its holdings in shares of Kennametal by 27.8% in the second quarter. Nationwide Fund Advisors now owns 240,796 shares of the industrial products company’s stock worth $9,011,000 after acquiring an additional 52,342 shares during the last quarter. Finally, Affinity Wealth Management raised its holdings in shares of Kennametal by 1.5% in the second quarter. Affinity Wealth Management now owns 8,780 shares of the industrial products company’s stock worth $328,000 after acquiring an additional 130 shares during the last quarter. Hedge funds and other institutional investors own 96.86% of the company’s stock.
In other Kennametal news, VP Charles Michael Jr. Byrnes purchased 1,900 shares of the company’s stock in a transaction that occurred on Friday, August 18th. The shares were purchased at an average cost of $33.00 per share, with a total value of $62,700.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher Rossi purchased 29,880 shares of the company’s stock in a transaction that occurred on Friday, August 18th. The shares were acquired at an average cost of $33.46 per share, for a total transaction of $999,784.80. Following the completion of the transaction, the insider now directly owns 29,850 shares of the company’s stock, valued at approximately $998,781. The disclosure for this purchase can be found here. 2.00% of the stock is owned by corporate insiders.
A number of analysts recently commented on KMT shares. BMO Capital Markets reaffirmed a “hold” rating and set a $45.00 price objective on shares of Kennametal in a research note on Wednesday, August 23rd. BidaskClub downgraded shares of Kennametal from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. Jefferies Group LLC reissued a “buy” rating and issued a $50.00 target price on shares of Kennametal in a research note on Thursday, September 21st. Wells Fargo & Company upgraded shares of Kennametal from a “market perform” rating to an “outperform” rating and upped their target price for the company from $26.10 to $43.50 in a report on Friday, August 4th. Finally, J P Morgan Chase & Co upgraded shares of Kennametal from a “neutral” rating to an “overweight” rating and upped their target price for the company from $40.00 to $43.00 in a report on Thursday, August 17th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $43.41.
Kennametal Inc. (NYSE KMT) opened at 40.34 on Monday. The firm has a market cap of $3.25 billion, a P/E ratio of 66.13 and a beta of 1.94. The stock’s 50 day moving average is $35.51 and its 200-day moving average is $37.94. Kennametal Inc. has a 1-year low of $26.79 and a 1-year high of $43.09.
Kennametal (NYSE:KMT) last posted its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.08). Kennametal had a return on equity of 12.51% and a net margin of 2.39%. The firm had revenue of $565.03 million for the quarter, compared to analysts’ expectations of $562.16 million. During the same quarter in the previous year, the firm posted $0.44 earnings per share. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. Analysts forecast that Kennametal Inc. will post $2.20 EPS for the current year.
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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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