JPMorgan Chase & Co. raised its stake in Kennametal Inc. (NYSE:KMT) by 582.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 368,799 shares of the company’s stock after buying an additional 314,796 shares during the period. JPMorgan Chase & Co. owned about 0.46% of Kennametal worth $8,154,000 as of its most recent filing with the SEC.
A number of other large investors have also bought and sold shares of the company. Bogle Investment Management L P DE increased its stake in Kennametal by 150.9% in the first quarter. Bogle Investment Management L P DE now owns 718,489 shares of the company’s stock valued at $16,158,000 after buying an additional 432,112 shares in the last quarter. Fairpointe Capital LLC raised its position in shares of Kennametal by 202.1% in the first quarter. Fairpointe Capital LLC now owns 56,350 shares of the company’s stock valued at $1,267,000 after buying an additional 37,700 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Kennametal by 292.6% in the first quarter. Goldman Sachs Group Inc. now owns 516,892 shares of the company’s stock valued at $11,624,000 after buying an additional 385,233 shares during the last quarter. Riverhead Capital Management LLC raised its position in shares of Kennametal by 907.7% in the first quarter. Riverhead Capital Management LLC now owns 190,461 shares of the company’s stock valued at $4,283,000 after buying an additional 171,561 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in shares of Kennametal during the first quarter valued at approximately $662,000. Institutional investors own 97.66% of the company’s stock.
Kennametal Inc. (NYSE:KMT) traded down 1.78% during mid-day trading on Friday, hitting $29.29. The stock had a trading volume of 631,529 shares. Kennametal Inc. has a 1-year low of $15.11 and a 1-year high of $29.87. The firm’s market cap is $2.33 billion. The stock has a 50 day moving average of $28.20 and a 200-day moving average of $25.02.
Kennametal (NYSE:KMT) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.43 by $0.01. The firm earned $521.20 million during the quarter, compared to analysts’ expectations of $519.51 million. Kennametal had a positive return on equity of 7.51% and a negative net margin of 10.77%. The company’s revenue for the quarter was down 18.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.46 EPS. Analysts predict that Kennametal Inc. will post $1.26 EPS for the current fiscal year.
Several brokerages have recently commented on KMT. Zacks Investment Research lowered Kennametal from a “hold” rating to a “sell” rating in a research report on Tuesday. Seaport Global Securities lowered Kennametal from an “accumulate” rating to a “neutral” rating and set a $28.00 target price for the company. in a research report on Thursday, August 18th. Barrington Research lifted their target price on Kennametal from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 3rd. Credit Suisse Group AG reiterated a “hold” rating and issued a $23.00 target price on shares of Kennametal in a research report on Tuesday, August 2nd. Finally, Jefferies Group reiterated a “buy” rating and issued a $30.00 target price on shares of Kennametal in a research report on Sunday, July 17th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price 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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