Pacer Advisors Inc. Sells 1,788,724 Shares of Kennametal Inc. (NYSE:KMT)

Pacer Advisors Inc. reduced its position in Kennametal Inc. (NYSE:KMT) by 72.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 676,201 shares of the industrial products company’s stock after selling 1,788,724 shares during the quarter. Pacer Advisors Inc. owned 0.87% of Kennametal worth $14,403,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. SummerHaven Investment Management LLC grew its holdings in shares of Kennametal by 1.8% during the 1st quarter. SummerHaven Investment Management LLC now owns 34,150 shares of the industrial products company’s stock valued at $727,000 after purchasing an additional 600 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Kennametal by 1.8% in the fourth quarter. Sei Investments Co. now owns 34,614 shares of the industrial products company’s stock worth $831,000 after buying an additional 609 shares during the period. Bank of Montreal Can lifted its stake in shares of Kennametal by 10.5% in the 4th quarter. Bank of Montreal Can now owns 9,437 shares of the industrial products company’s stock valued at $227,000 after acquiring an additional 898 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Kennametal by 2.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,294 shares of the industrial products company’s stock worth $1,064,000 after acquiring an additional 934 shares during the last quarter. Finally, Parallel Advisors LLC increased its stake in Kennametal by 107.6% in the 1st quarter. Parallel Advisors LLC now owns 1,958 shares of the industrial products company’s stock worth $42,000 after purchasing an additional 1,015 shares during the period.

Wall Street Analysts Forecast Growth

KMT has been the topic of several recent analyst reports. Barclays raised their target price on shares of Kennametal from $22.00 to $24.00 and gave the stock an “equal weight” rating in a report on Monday, May 12th. Morgan Stanley increased their target price on shares of Kennametal from $20.00 to $21.00 and gave the stock an “equal weight” rating in a report on Monday, May 12th. Loop Capital reiterated a “hold” rating and issued a $24.00 price objective (up previously from $21.00) on shares of Kennametal in a report on Wednesday, June 25th. Finally, Wall Street Zen raised Kennametal from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $25.40.

Kennametal Stock Up 0.5%

Shares of Kennametal stock opened at $25.38 on Friday. The company has a 50-day simple moving average of $22.94 and a two-hundred day simple moving average of $22.01. The stock has a market capitalization of $1.93 billion, a PE ratio of 18.26, a price-to-earnings-growth ratio of 3.42 and a beta of 1.40. Kennametal Inc. has a 52-week low of $17.30 and a 52-week high of $32.18. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.10 and a current ratio of 2.44.

Kennametal (NYSE:KMT) last issued its earnings results on Wednesday, May 7th. The industrial products company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.26 by $0.21. Kennametal had a return on equity of 9.12% and a net margin of 5.45%. The business had revenue of $486.40 million for the quarter, compared to the consensus estimate of $489.30 million. During the same period last year, the business posted $0.30 EPS. The company’s revenue was down 5.7% compared to the same quarter last year. On average, analysts anticipate that Kennametal Inc. will post 1.17 EPS for the current fiscal year.

Kennametal Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 27th. Stockholders of record on Tuesday, May 13th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $0.80 annualized dividend and a dividend yield of 3.15%. Kennametal’s dividend payout ratio (DPR) is 57.55%.

Kennametal Profile

Kennametal Inc engages in development and application of tungsten carbides, ceramics, and super-hard materials and solutions for use in metal cutting and extreme wear applications to enable customers work against corrosion and high temperatures conditions worldwide. The company operates through two segments, Metal Cutting and Infrastructure.