Kennametal Inc. $KMT Shares Bought by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D boosted its stake in shares of Kennametal Inc. (NYSE:KMT) by 1.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 88,508 shares of the industrial products company’s stock after buying an additional 855 shares during the period. State of New Jersey Common Pension Fund D owned 0.12% of Kennametal worth $2,032,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in KMT. Janney Montgomery Scott LLC boosted its stake in Kennametal by 17.8% during the first quarter. Janney Montgomery Scott LLC now owns 13,242 shares of the industrial products company’s stock worth $282,000 after buying an additional 2,000 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Kennametal by 2.2% during the 1st quarter. Principal Financial Group Inc. now owns 385,294 shares of the industrial products company’s stock worth $8,207,000 after purchasing an additional 8,351 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Kennametal by 219.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 57,481 shares of the industrial products company’s stock worth $1,224,000 after purchasing an additional 39,492 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in shares of Kennametal during the 1st quarter worth $52,000. Finally, Ballentine Partners LLC purchased a new position in shares of Kennametal during the 1st quarter worth $261,000.

Kennametal Price Performance

KMT stock opened at $22.82 on Thursday. The company has a current ratio of 2.46, a quick ratio of 1.19 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $1.74 billion, a PE ratio of 19.02, a P/E/G ratio of 3.80 and a beta of 1.46. Kennametal Inc. has a 12-month low of $17.30 and a 12-month high of $32.18. The business’s fifty day moving average price is $21.53 and its 200 day moving average price is $21.85.

Kennametal (NYSE:KMT) last posted 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 during 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%. Kennametal’s quarterly revenue was down 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.49 EPS. On average, sell-side analysts anticipate that Kennametal Inc. will post 1.17 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on KMT. JPMorgan Chase & Co. increased their price target on Kennametal from $20.00 to $22.00 and gave the stock an “underweight” rating in a report on Tuesday, October 14th. UBS Group upgraded Kennametal from a “sell” rating to a “neutral” rating and increased their price target for the stock from $19.00 to $21.00 in a report on Friday, August 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Kennametal in a report on Wednesday, October 8th. Finally, Zacks Research upgraded Kennametal from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Seven analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Kennametal currently has an average rating of “Reduce” and an average price target of $24.00.

Kennametal Company 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.