Tower Research Capital LLC TRC Reduces Stock Position in Kennametal Inc. (NYSE:KMT)

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Tower Research Capital LLC TRC lowered its stake in shares of Kennametal Inc. (NYSE:KMT) by 14.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,755 shares of the industrial products company’s stock after selling 645 shares during the period. Tower Research Capital LLC TRC’s holdings in Kennametal were worth $70,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its holdings in shares of Kennametal by 36.8% in the first quarter. Wellington Management Group LLP now owns 8,132,544 shares of the industrial products company’s stock worth $151,427,000 after purchasing an additional 2,188,320 shares during the period. Ariel Investments LLC increased its holdings in shares of Kennametal by 3.0% in the fourth quarter. Ariel Investments LLC now owns 5,746,294 shares of the industrial products company’s stock worth $211,981,000 after purchasing an additional 168,981 shares during the period. Invesco Ltd. increased its holdings in shares of Kennametal by 4.9% in the first quarter. Invesco Ltd. now owns 3,706,269 shares of the industrial products company’s stock worth $69,011,000 after purchasing an additional 171,552 shares during the period. Alliancebernstein L.P. increased its holdings in shares of Kennametal by 23.8% in the first quarter. Alliancebernstein L.P. now owns 3,574,494 shares of the industrial products company’s stock worth $66,557,000 after purchasing an additional 686,785 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in shares of Kennametal by 1.9% in the fourth quarter. Janus Henderson Group PLC now owns 2,814,057 shares of the industrial products company’s stock worth $103,811,000 after purchasing an additional 52,759 shares during the period. 96.00% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:KMT opened at $28.45 on Wednesday. The stock’s 50-day moving average price is $27.20 and its 200-day moving average price is $28.14. Kennametal Inc. has a 12-month low of $14.45 and a 12-month high of $38.73. The stock has a market capitalization of $2.36 billion, a P/E ratio of 17.35, a price-to-earnings-growth ratio of 6.16 and a beta of 2.37. The company has a current ratio of 2.52, a quick ratio of 1.17 and a debt-to-equity ratio of 0.48.

Kennametal (NYSE:KMT) last announced its quarterly earnings data on Monday, May 4th. The industrial products company reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.14. Kennametal had a return on equity of 10.16% and a net margin of 3.10%. The firm had revenue of $483.10 million for the quarter, compared to analysts’ expectations of $503.23 million. During the same period last year, the firm earned $0.77 earnings per share. The company’s revenue for the quarter was down 19.1% compared to the same quarter last year. As a group, research analysts predict that Kennametal Inc. will post 0.92 EPS for the current year.

Several research analysts have recently weighed in on the stock. Wells Fargo & Co upped their price target on shares of Kennametal from $30.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, June 3rd. Zacks Investment Research cut shares of Kennametal from a “buy” rating to a “hold” rating and set a $29.00 price target on the stock. in a report on Monday. BMO Capital Markets increased their target price on Kennametal from $18.00 to $29.00 in a research note on Wednesday, June 10th. KeyCorp increased their target price on Kennametal from $30.00 to $38.00 and gave the company an “overweight” rating in a research note on Thursday, June 11th. Finally, Morgan Stanley started coverage on Kennametal in a research note on Friday, June 26th. They issued an “equal weight” rating and a $33.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $31.78.

In other news, Director Lawrence W. Stranghoener sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $30.06, for a total transaction of $210,420.00. Following the transaction, the director now directly owns 26,108 shares of the company’s stock, valued at $784,806.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michelle R. Keating sold 9,000 shares of the stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $24.24, for a total transaction of $218,160.00. The disclosure for this sale can be found here. Insiders have sold 26,750 shares of company stock worth $730,280 over the last ninety days. Insiders own 1.48% of the company’s stock.

Kennametal Profile

Kennametal Inc develops and applies tungsten carbides, ceramics, super-hard materials, and solutions for use in metal cutting and mission-critical wear applications to combat extreme conditions related with wear fatigue, corrosion, and high temperatures worldwide. The company operates through three segments: Industrial, Widia, and Infrastructure.

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Institutional Ownership by Quarter for Kennametal (NYSE:KMT)

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