Mason Street Advisors LLC acquired a new stake in Kennametal Inc. (NYSE:KMT) during the second quarter, Holdings Channel reports. The institutional investor acquired 36,341 shares of the company’s stock, valued at approximately $803,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. State Treasurer State of Michigan boosted its stake in Kennametal by 0.6% in the second quarter. State Treasurer State of Michigan now owns 31,960 shares of the company’s stock valued at $707,000 after buying an additional 200 shares during the period. Amalgamated Bank boosted its stake in Kennametal by 2.4% in the second quarter. Amalgamated Bank now owns 9,816 shares of the company’s stock valued at $283,000 after buying an additional 228 shares during the period. Comerica Bank boosted its stake in Kennametal by 0.5% in the second quarter. Comerica Bank now owns 63,620 shares of the company’s stock valued at $1,755,000 after buying an additional 292 shares during the period. PNC Financial Services Group Inc. boosted its stake in Kennametal by 1.4% in the second quarter. PNC Financial Services Group Inc. now owns 28,067 shares of the company’s stock valued at $622,000 after buying an additional 387 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in Kennametal by 6.2% in the second quarter. Mackenzie Financial Corp now owns 10,287 shares of the company’s stock valued at $227,000 after buying an additional 599 shares during the period. 97.66% of the stock is currently owned by institutional investors.
Shares of Kennametal Inc. (NYSE:KMT) opened at 28.51 on Friday. The stock’s market capitalization is $2.27 billion. The stock’s 50 day moving average is $28.13 and its 200-day moving average is $24.74. Kennametal Inc. has a one year low of $15.11 and a one year high of $29.45.
Kennametal (NYSE:KMT) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. Kennametal had a negative net margin of 10.77% and a positive return on equity of 7.51%. The company earned $521.20 million during the quarter, compared to analyst estimates of $519.51 million. During the same period in the prior year, the firm earned $0.46 earnings per share. The business’s quarterly revenue was down 18.3% on a year-over-year basis. On average, equities research analysts expect that Kennametal Inc. will post $1.26 EPS for the current year.
Several analysts recently commented on KMT shares. Credit Suisse Group AG reiterated a “hold” rating on shares of Kennametal in a research note on Saturday, July 9th. Jefferies Group reiterated a “buy” rating and issued a $30.00 price objective on shares of Kennametal in a research note on Sunday, July 17th. Barrington Research raised their price objective on shares of Kennametal from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday, August 3rd. Seaport Global Securities cut shares of Kennametal from an “accumulate” rating to a “neutral” rating and set a $28.00 price objective for the company. in a research note on Thursday, August 18th. Finally, Zacks Investment Research cut shares of Kennametal from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 5th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. Kennametal presently has an average rating of “Hold” and a consensus price target of C$24.44.
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.
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