Gryphon Financial Partners LLC Purchases New Position in Kennametal Inc. (KMT)
Gryphon Financial Partners LLC purchased a new stake in Kennametal Inc. (NYSE:KMT) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 7,884 shares of the industrial products company’s stock, valued at approximately $343,000.
Other hedge funds also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC boosted its stake in shares of Kennametal by 105.3% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 3,510 shares of the industrial products company’s stock worth $126,000 after acquiring an additional 1,800 shares during the period. Advisors Asset Management Inc. boosted its stake in shares of Kennametal by 169.2% during the 2nd quarter. Advisors Asset Management Inc. now owns 4,316 shares of the industrial products company’s stock worth $155,000 after acquiring an additional 2,713 shares during the period. Gillespie Robinson & Grimm Inc. bought a new position in shares of Kennametal during the 3rd quarter worth approximately $242,000. Caption Management LLC bought a new position in shares of Kennametal during the 2nd quarter worth approximately $215,000. Finally, Strs Ohio boosted its stake in shares of Kennametal by 44.6% during the 3rd quarter. Strs Ohio now owns 8,100 shares of the industrial products company’s stock worth $352,000 after acquiring an additional 2,500 shares during the period.
Several research analysts have recently commented on the company. ValuEngine upgraded Kennametal from a “sell” rating to a “hold” rating in a research note on Thursday. Bank of America reduced their target price on Kennametal from $40.00 to $35.00 and set an “underperform” rating for the company in a research note on Tuesday. Zacks Investment Research upgraded Kennametal from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Friday, October 12th. Goldman Sachs Group assumed coverage on Kennametal in a research note on Tuesday, October 2nd. They set a “buy” rating and a $53.00 target price for the company. Finally, Longbow Research upgraded Kennametal from a “neutral” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Monday, September 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. Kennametal presently has an average rating of “Hold” and an average price target of $48.50.
Kennametal (NYSE:KMT) last released its quarterly earnings results on Monday, November 5th. The industrial products company reported $0.70 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.05. The business had revenue of $587.00 million during the quarter, compared to analysts’ expectations of $590.22 million. Kennametal had a return on equity of 19.03% and a net margin of 9.03%. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period last year, the firm posted $0.48 EPS. As a group, equities research analysts forecast that Kennametal Inc. will post 3.13 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 28th. Investors of record on Tuesday, November 13th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, November 9th. This represents a $0.80 annualized dividend and a yield of 2.03%. Kennametal’s payout ratio is currently 30.19%.
In related news, VP Gaalen Jan Kees Van sold 13,606 shares of Kennametal stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $41.09, for a total transaction of $559,070.54. Following the completion of the sale, the vice president now directly owns 68,827 shares of the company’s stock, valued at approximately $2,828,101.43. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Michelle R. Keating sold 988 shares of Kennametal stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $42.20, for a total value of $41,693.60. Following the sale, the vice president now directly owns 14,676 shares of the company’s stock, valued at $619,327.20. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.
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Kennametal Company 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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