First Trust Advisors LP bought a new position in Kennametal Inc. (NYSE:KMT) during the second quarter, Holdings Channel reports. The institutional investor bought 35,713 shares of the company’s stock, valued at approximately $790,000.
Other institutional investors have also recently modified their holdings of the company. LS Investment Advisors LLC increased its position in shares of Kennametal by 77.3% in the second quarter. LS Investment Advisors LLC now owns 4,878 shares of the company’s stock worth $108,000 after buying an additional 2,126 shares during the last quarter. Bank of Montreal Can bought a new position in Kennametal during the second quarter worth approximately $150,000. Bank of Hawaii bought a new position in Kennametal during the second quarter worth approximately $233,000. Fox Run Management L.L.C. bought a new position in Kennametal during the second quarter worth approximately $287,000. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new position in Kennametal during the second quarter worth approximately $383,000. Institutional investors and hedge funds own 97.66% of the company’s stock.
Shares of Kennametal Inc. (NYSE:KMT) traded down 1.78% on Friday, reaching $29.29. The company’s stock had a trading volume of 631,529 shares. The stock’s market cap is $2.33 billion. Kennametal Inc. has a 12 month low of $15.11 and a 12 month high of $29.87. The firm’s 50-day moving average price is $28.20 and its 200-day moving average price is $25.02.
Kennametal (NYSE:KMT) last announced its earnings results on Tuesday, August 2nd. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm earned $521.20 million during the quarter, compared to analyst estimates of $519.51 million. During the same period last year, the firm posted $0.46 EPS. The business’s revenue was down 18.3% compared to the same quarter last year. On average, analysts forecast that Kennametal Inc. will post $1.26 earnings per share for the current fiscal year.
A number of equities analysts have commented on the stock. Zacks Investment Research cut shares of Kennametal from a “hold” rating to a “sell” rating in a research report on Tuesday. Seaport Global Securities cut shares of 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 boosted their target price on shares of Kennametal from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Wednesday, August 3rd. Credit Suisse Group AG reissued 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 reissued a “buy” rating and issued a $30.00 target price on shares of Kennametal in a research report on Sunday, July 17th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. Kennametal presently has an average rating of “Hold” and a consensus price target of C$24.44.
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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