Pacer Advisors Inc. Buys Shares of 32,719 Kennametal Inc. (NYSE:KMT)
Pacer Advisors Inc. bought a new stake in shares of Kennametal Inc. (NYSE:KMT) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 32,719 shares of the industrial products company’s stock, valued at approximately $1,210,000.
A number of other institutional investors also recently made changes to their positions in KMT. Manchester Capital Management LLC bought a new stake in Kennametal during the first quarter valued at approximately $29,000. Manchester Financial Inc. bought a new stake in shares of Kennametal in the 2nd quarter worth approximately $30,000. Advisory Services Network LLC bought a new stake in shares of Kennametal in the 2nd quarter worth approximately $31,000. First Mercantile Trust Co. bought a new stake in shares of Kennametal in the 1st quarter worth approximately $53,000. Finally, Quantamental Technologies LLC bought a new stake in shares of Kennametal in the 2nd quarter worth approximately $72,000. Institutional investors and hedge funds own 98.34% of the company’s stock.
In related news, Director Cindy L. Davis sold 4,644 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $34.15, for a total transaction of $158,592.60. Following the completion of the sale, the director now directly owns 11,529 shares in the company, valued at approximately $393,715.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.00% of the company’s stock.
Kennametal (NYSE:KMT) last posted its quarterly earnings results on Monday, August 5th. The industrial products company reported $0.84 EPS for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.02). Kennametal had a net margin of 10.19% and a return on equity of 18.97%. The firm had revenue of $603.95 million for the quarter, compared to the consensus estimate of $643.95 million. During the same quarter in the prior year, the company earned $0.87 earnings per share. The company’s quarterly revenue was down 6.5% compared to the same quarter last year. Research analysts anticipate that Kennametal Inc. will post 2.94 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, August 12th. This represents a $0.80 dividend on an annualized basis and a yield of 2.43%. Kennametal’s dividend payout ratio is currently 26.49%.
A number of equities research analysts have recently weighed in on the stock. UBS Group lowered their price objective on shares of Kennametal from $35.00 to $27.00 and set a “sell” rating for the company in a report on Wednesday, August 21st. BMO Capital Markets lowered their price objective on shares of Kennametal from $37.00 to $30.50 and set a “market perform” rating for the company in a report on Wednesday, August 21st. ValuEngine lowered shares of Kennametal from a “hold” rating to a “sell” rating in a report on Wednesday, July 3rd. Bank of America lowered their price objective on shares of Kennametal from $30.00 to $27.00 and set an “underperform” rating for the company in a report on Tuesday, August 6th. Finally, TheStreet lowered shares of Kennametal from a “b-” rating to a “c+” rating in a report on Tuesday, August 27th. Five analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $35.93.
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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