Teacher Retirement System of Texas lifted its stake in shares of Kennametal Inc. (NYSE:KMT) by 17.6% during the second quarter, HoldingsChannel.com reports. The fund owned 10,913 shares of the industrial products company’s stock after buying an additional 1,631 shares during the quarter. Teacher Retirement System of Texas’ holdings in Kennametal were worth $392,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of KMT. Victory Capital Management Inc. increased its position in shares of Kennametal by 15.6% during the second quarter. Victory Capital Management Inc. now owns 2,176,280 shares of the industrial products company’s stock worth $78,172,000 after acquiring an additional 294,437 shares during the period. BlackRock Inc. increased its holdings in Kennametal by 3.0% during the first quarter. BlackRock Inc. now owns 10,019,833 shares of the industrial products company’s stock valued at $400,493,000 after buying an additional 291,515 shares during the period. Russell Investments Group Ltd. increased its holdings in Kennametal by 433.0% during the second quarter. Russell Investments Group Ltd. now owns 329,066 shares of the industrial products company’s stock valued at $11,819,000 after buying an additional 267,326 shares during the period. Jennison Associates LLC increased its holdings in Kennametal by 21.6% during the first quarter. Jennison Associates LLC now owns 969,887 shares of the industrial products company’s stock valued at $38,766,000 after buying an additional 172,267 shares during the period. Finally, Burgundy Asset Management Ltd. increased its holdings in Kennametal by 6.6% during the first quarter. Burgundy Asset Management Ltd. now owns 2,620,746 shares of the industrial products company’s stock valued at $104,751,000 after buying an additional 161,285 shares during the period.
Several brokerages recently issued reports on KMT. BMO Capital Markets lifted their price objective on shares of Kennametal from $35.00 to $39.00 and gave the company a “market perform” rating in a report on Friday, August 20th. Loop Capital began coverage on shares of Kennametal in a report on Monday, August 30th. They issued a “buy” rating and a $48.00 price target on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $38.13.
Kennametal (NYSE:KMT) last posted its quarterly earnings data on Monday, August 2nd. The industrial products company reported $0.53 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.13. Kennametal had a net margin of 2.96% and a return on equity of 6.66%. The business had revenue of $515.97 million during the quarter, compared to the consensus estimate of $513.36 million. During the same period in the previous year, the firm posted $0.15 earnings per share. The business’s revenue for the quarter was up 36.1% compared to the same quarter last year. As a group, sell-side analysts predict that Kennametal Inc. will post 1.96 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 24th. Stockholders of record on Tuesday, August 10th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, August 9th. This represents a $0.80 annualized dividend and a dividend yield of 2.19%. Kennametal’s payout ratio is currently 76.92%.
Kennametal announced that its board has approved a stock buyback program on Monday, August 2nd that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the industrial products company to purchase up to 6.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
Kennametal Company Profile
Kennametal, Inc engages in the development and application of tungsten carbides, ceramics, and solutions used in metal cutting and extreme wear applications. It operates through the following segments: Metal Cutting and Infrastructure. The Metal Cutting segment develops and manufactures tooling and metal cutting products and services and offers an assortment of standard and custom metal cutting solutions to diverse end markets, including aerospace, general engineering, energy and transportation.
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