Kennametal Inc. $KMT Stock Holdings Boosted by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al raised its position in Kennametal Inc. (NYSE:KMT) by 360.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,600 shares of the industrial products company’s stock after acquiring an additional 49,788 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.08% of Kennametal worth $1,955,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Allworth Financial LP acquired a new stake in shares of Kennametal during the second quarter worth about $25,000. Cetera Investment Advisers boosted its stake in shares of Kennametal by 9.4% in the first quarter. Cetera Investment Advisers now owns 8,376 shares of the industrial products company’s stock valued at $303,000 after purchasing an additional 723 shares during the period. Rockefeller Capital Management L.P. grew its holdings in shares of Kennametal by 3,600.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 999 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 972 shares in the last quarter. Nykredit A S acquired a new position in shares of Kennametal in the second quarter valued at approximately $37,000. Finally, DGS Capital Management LLC grew its holdings in shares of Kennametal by 13.9% in the first quarter. DGS Capital Management LLC now owns 9,474 shares of the industrial products company’s stock valued at $342,000 after purchasing an additional 1,154 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on KMT. UBS Group reduced their target price on shares of Kennametal from $39.00 to $35.00 and set a “neutral” rating on the stock in a report on Monday, August 10th. JPMorgan Chase & Co. decreased their price target on shares of Kennametal from $34.00 to $30.00 and set an “underweight” rating for the company in a research report on Thursday, October 8th. Weiss Ratings downgraded shares of Kennametal from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 23rd. Zacks Research lowered Kennametal from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 14th. Finally, Morgan Stanley cut Kennametal from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $31.00 to $27.00 in a research note on Monday, August 10th. Five analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $33.50.

Kennametal Stock Performance

Shares of Kennametal stock opened at $30.66 on Wednesday. The business has a 50-day simple moving average of $30.44 and a 200-day simple moving average of $34.56. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.98 and a current ratio of 2.62. Kennametal Inc. has a one year low of $21.78 and a one year high of $43.81. The company has a market cap of $2.34 billion, a PE ratio of 6.97, a P/E/G ratio of 0.30 and a beta of 1.30.

Kennametal (NYSE:KMT) last issued its earnings results on Wednesday, August 5th. The industrial products company reported $2.96 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.65. Kennametal had a net margin of 14.53% and a return on equity of 24.83%. The firm had revenue of $736.61 million for the quarter, compared to analysts’ expectations of $725.74 million. During the same quarter last year, the company earned $0.34 earnings per share. The firm’s revenue was up 42.6% compared to the same quarter last year. On average, equities research analysts forecast that Kennametal Inc. will post 4.92 EPS for the current fiscal year.

Kennametal Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Monday, November 9th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, November 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.6%. Kennametal’s dividend payout ratio is currently 18.18%.

Insiders Place Their Bets

In other news, CEO Sanjay Chowbey acquired 7,000 shares of Kennametal stock in a transaction dated Thursday, September 10th. The shares were acquired at an average cost of $29.10 per share, for a total transaction of $203,700.00. Following the acquisition, the chief executive officer owned 246,839 shares of the company’s stock, valued at $7,183,014.90. This trade represents a 2.92% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Judith Bacchus sold 9,676 shares of Kennametal stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $30.29, for a total transaction of $293,086.04. Following the sale, the vice president directly owned 15,721 shares of the company’s stock, valued at approximately $476,189.09. This trade represents a 38.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.65% of the stock is currently owned by company insiders.

Kennametal Company Profile

Kennametal Inc (NYSE: KMT) is a global industrial technology company that develops and manufactures tooling, engineered components and wear-resistant solutions. Its products are designed to help customers improve productivity, durability and performance in demanding manufacturing and industrial applications.

The company’s offerings include metal-cutting tools and systems, tooling components, advanced materials, and products made with hard metals and other wear-resistant technologies. Kennametal also provides engineered solutions for applications such as machining, earthworks, energy production, transportation, aerospace, defense and general engineering.

Founded in 1938 by Philip M.