Cooke & Bieler LP decreased its stake in Kennametal Inc. (NYSE:KMT) by 51.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 552,245 shares of the company’s stock after selling 592,336 shares during the period. Cooke & Bieler LP’s holdings in Kennametal were worth $12,210,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of KMT. Aperio Group LLC increased its position in shares of Kennametal by 148.3% in the first quarter. Aperio Group LLC now owns 25,586 shares of the company’s stock valued at $575,000 after buying an additional 15,283 shares during the last quarter. Teachers Advisors Inc. increased its position in shares of Kennametal by 8.3% in the first quarter. Teachers Advisors Inc. now owns 68,549 shares of the company’s stock valued at $1,542,000 after buying an additional 5,257 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Kennametal by 54.8% in the first quarter. Prudential Financial Inc. now owns 126,764 shares of the company’s stock valued at $2,851,000 after buying an additional 44,900 shares during the last quarter. BlackRock Group LTD increased its position in shares of Kennametal by 26.6% in the first quarter. BlackRock Group LTD now owns 53,870 shares of the company’s stock valued at $1,211,000 after buying an additional 11,320 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Kennametal by 771.9% in the first quarter. Canada Pension Plan Investment Board now owns 300,800 shares of the company’s stock valued at $6,765,000 after buying an additional 266,300 shares during the last quarter. 97.68% of the stock is currently owned by hedge funds and other institutional investors.
Kennametal Inc. (NYSE:KMT) traded down 1.02% during midday trading on Tuesday, hitting $28.11. 367,189 shares of the stock traded hands. The stock’s market cap is $2.24 billion. The company has a 50-day moving average of $28.20 and a 200-day moving average of $25.32. Kennametal Inc. has a 12 month low of $15.11 and a 12 month high of $29.87.
Kennametal (NYSE:KMT) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. Kennametal had a positive return on equity of 7.51% and a negative net margin of 10.77%. The business had revenue of $521.20 million for the quarter, compared to the consensus estimate of $519.51 million. During the same quarter in the prior year, the company earned $0.46 EPS. The business’s revenue was down 18.3% compared to the same quarter last year. On average, equities research analysts anticipate that Kennametal Inc. will post $1.26 earnings per share for the current year.
Several analysts recently weighed in on the stock. Jefferies Group reiterated a “buy” rating and issued a $35.00 price target on shares of Kennametal in a report on Tuesday. Zacks Investment Research upgraded shares of Kennametal from a “sell” rating to a “hold” rating in a report on Thursday, August 4th. Barrington Research boosted their target price on shares of Kennametal from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Wednesday, August 3rd. Credit Suisse Group AG restated a “hold” rating on shares of Kennametal in a report on Saturday, July 9th. Finally, Bank of America Corp. cut shares of Kennametal from a “neutral” rating to an “underperform” rating in a report on Thursday, July 7th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of C$25.00.
Kennametal Company Profile
Kennametal Inc (Kennametal) is a supplier of tooling, engineered components and advanced materials consumed in production processes. The Company manages and reports its business in two segments: Industrial and Infrastructure. The Company provides wear-resistant products, application engineering and services backed by material science, serving customers across diverse sectors of industrial production, transportation, earthworks, energy, infrastructure and aerospace.
Want to see what other hedge funds are holding KMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kennametal Inc. (NYSE:KMT).
Receive News & Ratings for Kennametal Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kennametal Inc. and related companies with MarketBeat.com's FREE daily email newsletter.