Barings LLC Has $361,000 Position in Kennametal Inc. (KMT)
Barings LLC continued to hold its stake in Kennametal Inc. (NYSE:KMT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,200 shares of the industrial products company’s stock at the end of the second quarter. Barings LLC’s holdings in Kennametal were worth $361,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of KMT. BlackRock Inc. lifted its holdings in shares of Kennametal by 16,832.4% in the 1st quarter. BlackRock Inc. now owns 8,453,008 shares of the industrial products company’s stock worth $331,612,000 after purchasing an additional 8,403,086 shares in the last quarter. FMR LLC bought a new position in shares of Kennametal in the 1st quarter worth $57,492,000. Vanguard Group Inc. lifted its holdings in shares of Kennametal by 18.0% in the 2nd quarter. Vanguard Group Inc. now owns 8,290,187 shares of the industrial products company’s stock worth $310,219,000 after purchasing an additional 1,263,163 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Kennametal by 69.6% in the 2nd quarter. American Century Companies Inc. now owns 1,709,479 shares of the industrial products company’s stock worth $63,969,000 after purchasing an additional 701,783 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Kennametal by 48.1% in the 2nd quarter. Alliancebernstein L.P. now owns 1,543,511 shares of the industrial products company’s stock worth $57,758,000 after purchasing an additional 501,090 shares in the last quarter. Institutional investors own 96.86% of the company’s stock.
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In related news, VP Charles Michael Jr. Byrnes bought 1,900 shares of the company’s stock in a transaction on Friday, August 18th. The shares were acquired at an average cost of $33.00 per share, with a total value of $62,700.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher Rossi bought 29,880 shares of the company’s stock in a transaction on Friday, August 18th. The stock was bought at an average cost of $33.46 per share, for a total transaction of $999,784.80. Following the completion of the acquisition, 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. Insiders own 2.00% of the company’s stock.
A number of brokerages recently issued reports on KMT. Zacks Investment Research upgraded Kennametal from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a report on Friday, August 4th. BMO Capital Markets reiterated a “hold” rating and issued a $45.00 target price on shares of Kennametal in a report on Wednesday, August 23rd. Jefferies Group LLC reiterated a “buy” rating and issued a $50.00 target price on shares of Kennametal in a report on Thursday, September 21st. J P Morgan Chase & Co upgraded Kennametal from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $40.00 to $43.00 in a report on Thursday, August 17th. Finally, BidaskClub cut Kennametal from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $43.95.
Shares of Kennametal Inc. (NYSE KMT) opened at 42.19 on Thursday. Kennametal Inc. has a 52-week low of $26.79 and a 52-week high of $43.09. The stock has a market capitalization of $3.40 billion, a price-to-earnings ratio of 69.16 and a beta of 1.94. The company has a 50-day moving average price of $38.90 and a 200-day moving average price of $38.36.
Kennametal (NYSE:KMT) last released its earnings results on Wednesday, August 2nd. The industrial products company reported $0.56 EPS for the quarter, missing the Thomson Reuters’ 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 company had revenue of $565.03 million during the quarter, compared to the consensus estimate of $562.16 million. During the same period last year, the firm posted $0.44 earnings per share. The company’s revenue was up 8.4% compared to the same quarter last year. On average, equities analysts anticipate that Kennametal Inc. will post $2.21 earnings per share for the current year.
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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