Hennessy Advisors Inc. Has $39.19 Million Position in Kennametal Inc. (KMT)
Hennessy Advisors Inc. trimmed its stake in shares of Kennametal Inc. (NYSE:KMT) by 8.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 971,500 shares of the industrial products company’s stock after selling 92,200 shares during the quarter. Kennametal accounts for 1.2% of Hennessy Advisors Inc.’s holdings, making the stock its 20th largest holding. Hennessy Advisors Inc. owned about 1.20% of Kennametal worth $39,190,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in KMT. State Street Corp grew its stake in Kennametal by 0.5% during the 1st quarter. State Street Corp now owns 2,540,852 shares of the industrial products company’s stock worth $99,679,000 after purchasing an additional 13,482 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Kennametal by 66.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 363,201 shares of the industrial products company’s stock worth $14,248,000 after purchasing an additional 145,035 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in Kennametal by 338.7% during the 1st quarter. Public Employees Retirement System of Ohio now owns 48,494 shares of the industrial products company’s stock worth $1,902,000 after purchasing an additional 37,439 shares in the last quarter. Capstone Asset Management Co. grew its stake in Kennametal by 4.9% during the 2nd quarter. Capstone Asset Management Co. now owns 6,155 shares of the industrial products company’s stock worth $230,000 after purchasing an additional 290 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund grew its stake in Kennametal by 4.5% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 29,364 shares of the industrial products company’s stock worth $1,099,000 after purchasing an additional 1,266 shares in the last quarter. 96.75% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Christopher Rossi acquired 29,880 shares of Kennametal stock in a transaction on Friday, August 18th. The stock was purchased at an average cost of $33.46 per share, with a total value of $999,784.80. Following the purchase, the insider now directly owns 29,850 shares in the company, valued at $998,781. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 price of $33.00 per share, for a total transaction of $62,700.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 15,015 shares of company stock valued at $695,563. 2.00% of the stock is owned by company insiders.
Kennametal Inc. (NYSE KMT) traded up $0.15 during trading on Friday, hitting $44.28. The stock had a trading volume of 18,721 shares, compared to its average volume of 918,240. Kennametal Inc. has a fifty-two week low of $31.12 and a fifty-two week high of $48.89. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.71 and a quick ratio of 1.41. The stock has a market cap of $3,638.25, a P/E ratio of 23.02, a P/E/G ratio of 2.12 and a beta of 1.96.
Kennametal (NYSE:KMT) last posted its quarterly earnings data on Wednesday, November 1st. The industrial products company reported $0.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.17. The firm had revenue of $542.45 million during the quarter, compared to the consensus estimate of $516.80 million. Kennametal had a return on equity of 15.71% and a net margin of 5.18%. The firm’s revenue was up 13.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.11 EPS. sell-side analysts forecast that Kennametal Inc. will post 2.54 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 29th. Shareholders of record on Tuesday, November 14th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Monday, November 13th. Kennametal’s dividend payout ratio is presently 59.26%.
A number of brokerages have issued reports on KMT. BMO Capital Markets reaffirmed a “hold” rating and set a $45.00 price target on shares of Kennametal in a report on Wednesday, August 23rd. BidaskClub downgraded Kennametal from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. J P Morgan Chase & Co raised Kennametal from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $40.00 to $43.00 in a report on Thursday, August 17th. Wells Fargo & Company raised Kennametal from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $26.10 to $43.50 in a report on Friday, August 4th. Finally, Zacks Investment Research downgraded Kennametal from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $45.23.
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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