Kennametal Inc. $KMT Position Raised by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al boosted its holdings in Kennametal Inc. (NYSE:KMT) by 360.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,600 shares of the industrial products company’s stock after purchasing an additional 49,788 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Kennametal were worth $1,955,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in Kennametal during the second quarter worth approximately $440,446,000. William Blair Investment Management LLC acquired a new position in shares of Kennametal in the 2nd quarter valued at $69,614,000. Medina Value Partners LLC acquired a new position in shares of Kennametal in the 2nd quarter valued at $43,007,296. NFJ Investment Group LLC acquired a new position in shares of Kennametal in the 2nd quarter valued at $36,202,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Kennametal in the 2nd quarter valued at $33,949,000.

Kennametal Price Performance

Shares of NYSE KMT opened at $30.66 on Wednesday. The stock has a market cap of $2.34 billion, a P/E ratio of 6.97, a P/E/G ratio of 0.30 and a beta of 1.30. Kennametal Inc. has a twelve month low of $21.78 and a twelve month high of $43.81. The stock has a 50 day moving average of $30.44 and a two-hundred day moving average of $34.56. The company has a current ratio of 2.62, a quick ratio of 0.98 and a debt-to-equity ratio of 0.42.

Kennametal (NYSE:KMT) last announced its earnings results on Wednesday, August 5th. The industrial products company reported $2.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.65. The business had revenue of $736.61 million for the quarter, compared to analyst estimates of $725.74 million. Kennametal had a net margin of 14.53% and a return on equity of 24.83%. The company’s revenue for the quarter was up 42.6% compared to the same quarter last year. During the same period last year, the firm posted $0.34 earnings per share. On average, research analysts forecast that Kennametal Inc. will post 4.92 earnings per share for the current year.

Kennametal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Monday, November 9th will be given a $0.20 dividend. The ex-dividend date is Monday, November 9th. This represents a $0.80 annualized dividend and a yield of 2.6%. Kennametal’s dividend payout ratio is 18.18%.

Insider Buying and Selling at Kennametal

In other Kennametal news, VP Judith L. Bacchus sold 9,676 shares of Kennametal stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $30.29, for a total value of $293,086.04. Following the transaction, the vice president directly owned 15,721 shares in the company, valued at approximately $476,189.09. The trade was a 38.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sanjay Chowbey acquired 7,000 shares of the company’s stock in a transaction on Thursday, September 10th. The stock was acquired at an average price of $29.10 per share, for a total transaction of $203,700.00. Following the completion of the purchase, the chief executive officer owned 246,839 shares of the company’s stock, valued at $7,183,014.90. This trade represents a 2.92% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 1.65% of the stock is owned by corporate insiders.

Analyst Ratings Changes

KMT has been the topic of several research analyst reports. DA Davidson cut their price target on shares of Kennametal from $34.00 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 11th. JPMorgan Chase & Co. decreased their price objective on shares of Kennametal from $34.00 to $30.00 and set an “underweight” rating for the company in a research note on Thursday, October 8th. Weiss Ratings lowered Kennametal from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 23rd. Morgan Stanley lowered Kennametal from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $31.00 to $27.00 in a report on Monday, August 10th. Finally, UBS Group cut their target price on Kennametal from $39.00 to $35.00 and set a “neutral” rating on the stock in a research report on Monday, August 10th. Five equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $33.50.

Kennametal Company Profile

Kennametal Inc (NYSE: KMT) is a global industrial technology company that develops and manufactures tooling, engineered components and wear-resistant solutions. Its products are designed to help customers improve productivity, durability and performance in demanding manufacturing and industrial applications.

The company’s offerings include metal-cutting tools and systems, tooling components, advanced materials, and products made with hard metals and other wear-resistant technologies. Kennametal also provides engineered solutions for applications such as machining, earthworks, energy production, transportation, aerospace, defense and general engineering.

Founded in 1938 by Philip M.