Kennametal Inc. $KMT Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC reduced its stake in shares of Kennametal Inc. (NYSE:KMT) by 5.3% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 59,118 shares of the industrial products company’s stock after selling 3,312 shares during the quarter. Cresset Asset Management LLC’s holdings in Kennametal were worth $1,259,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in KMT. LPL Financial LLC grew its position in Kennametal by 29.3% during the fourth quarter. LPL Financial LLC now owns 17,566 shares of the industrial products company’s stock worth $422,000 after buying an additional 3,978 shares during the period. Wells Fargo & Company MN grew its position in shares of Kennametal by 14.5% in the fourth quarter. Wells Fargo & Company MN now owns 58,316 shares of the industrial products company’s stock valued at $1,401,000 after purchasing an additional 7,377 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Kennametal by 13.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 17,989 shares of the industrial products company’s stock valued at $432,000 after purchasing an additional 2,130 shares during the last quarter. Bank of Montreal Can grew its position in shares of Kennametal by 10.5% in the fourth quarter. Bank of Montreal Can now owns 9,437 shares of the industrial products company’s stock valued at $227,000 after purchasing an additional 898 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of Kennametal by 4.1% in the fourth quarter. Invesco Ltd. now owns 426,083 shares of the industrial products company’s stock valued at $10,235,000 after purchasing an additional 16,926 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research firms have recently commented on KMT. Zacks Research upgraded shares of Kennametal to a “strong sell” rating in a research report on Monday, August 11th. Wall Street Zen upgraded shares of Kennametal from a “hold” rating to a “buy” rating in a research report on Friday, May 16th. Barclays increased their price target on shares of Kennametal from $22.00 to $24.00 and gave the company an “equal weight” rating in a research report on Monday, May 12th. Morgan Stanley increased their price target on shares of Kennametal from $20.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, May 12th. Finally, Loop Capital reiterated a “hold” rating and issued a $24.00 price target (up from $21.00) on shares of Kennametal in a research report on Wednesday, June 25th. Five analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Kennametal presently has a consensus rating of “Reduce” and a consensus price target of $24.00.

Kennametal Stock Performance

Shares of KMT opened at $20.7350 on Thursday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.19 and a current ratio of 2.46. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 17.28, a PEG ratio of 3.70 and a beta of 1.44. The company’s 50 day simple moving average is $23.18 and its 200 day simple moving average is $21.81. Kennametal Inc. has a 1 year low of $17.30 and a 1 year high of $32.18.

Kennametal (NYSE:KMT) last announced its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.06). The firm had revenue of $516.45 million for the quarter, compared to analysts’ expectations of $527.52 million. Kennametal had a net margin of 4.73% and a return on equity of 8.09%. The business’s quarterly revenue was down 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.49 EPS. On average, sell-side analysts predict that Kennametal Inc. will post 1.17 EPS for the current year.

Kennametal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Tuesday, August 12th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Tuesday, August 12th. Kennametal’s dividend payout ratio (DPR) is 66.67%.

Kennametal Profile

Kennametal Inc engages in development and application of tungsten carbides, ceramics, and super-hard materials and solutions for use in metal cutting and extreme wear applications to enable customers work against corrosion and high temperatures conditions worldwide. The company operates through two segments, Metal Cutting and Infrastructure.