Kennametal Inc. (KMT) Holding Grow by Alliancebernstein L.P.

Kennametal Inc. (KMT) Holding Grow by Alliancebernstein L.P.

Alliancebernstein L.P. raised its position in shares of Kennametal Inc. (NYSE:KMT) by 715.3% during the first quarter, Holdings Channel reports. The firm owned 1,042,421 shares of the industrial products company’s stock after buying an additional 914,561 shares during the period. Alliancebernstein L.P.’s holdings in Kennametal were worth $40,894,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Columbus Circle Investors acquired a new stake in shares of Kennametal during the first quarter worth approximately $23,220,000. Russell Investments Group Ltd. acquired a new stake in shares of Kennametal during the fourth quarter worth approximately $2,158,000. State Street Corp raised its stake in shares of Kennametal by 1.2% in the fourth quarter. State Street Corp now owns 2,527,370 shares of the industrial products company’s stock worth $79,009,000 after buying an additional 29,639 shares during the period. Comerica Bank raised its stake in shares of Kennametal by 5.0% in the fourth quarter. Comerica Bank now owns 67,488 shares of the industrial products company’s stock worth $2,378,000 after buying an additional 3,205 shares during the period. Finally, Retirement Systems of Alabama raised its stake in shares of Kennametal by 0.3% in the first quarter. Retirement Systems of Alabama now owns 103,531 shares of the industrial products company’s stock worth $4,062,000 after buying an additional 309 shares during the period. Institutional investors and hedge funds own 99.15% of the company’s stock.

Kennametal Inc. (KMT) traded up 1.41% during mid-day trading on Friday, hitting $39.60. 806,882 shares of the stock traded hands. The firm’s market cap is $3.19 billion. The firm’s 50-day moving average is $39.11 and its 200 day moving average is $36.71. Kennametal Inc. has a 52-week low of $20.40 and a 52-week high of $43.09.

Kennametal (NYSE:KMT) last released its quarterly earnings data on Tuesday, April 25th. The industrial products company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.44 by $0.16. Kennametal had a positive return on equity of 9.14% and a negative net margin of 3.27%. The company had revenue of $528.60 million during the quarter, compared to the consensus estimate of $511.79 million. During the same period last year, the company earned $0.37 EPS. Kennametal’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities analysts predict that Kennametal Inc. will post $1.59 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 31st. Shareholders of record on Tuesday, May 16th were given a $0.20 dividend. The ex-dividend date was Friday, May 12th. This represents a $0.80 annualized dividend and a yield of 2.02%. Kennametal’s payout ratio is -98.76%.

A number of analysts have commented on KMT shares. BMO Capital Markets restated a “hold” rating and set a $40.00 price target on shares of Kennametal in a research note on Monday, February 6th. JPMorgan Chase & Co. upgraded shares of Kennametal from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $27.00 to $36.00 in a research note on Friday, February 3rd. Jefferies Group LLC boosted their price target on shares of Kennametal from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, February 3rd. Zacks Investment Research lowered shares of Kennametal from a “buy” rating to a “hold” rating in a research note on Thursday, March 30th. Finally, Seaport Global Securities upgraded shares of Kennametal from a “neutral” rating to a “buy” rating and boosted their price target for the company from $28.00 to $50.00 in a research note on Friday, February 3rd. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $41.09.

In other Kennametal news, VP Judith L. Bacchus sold 9,168 shares of the firm’s stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $41.89, for a total value of $384,047.52. Following the transaction, the vice president now directly owns 16,767 shares of the company’s stock, valued at $702,369.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders acquired 16,000 shares of company stock worth $6,500 over the last three months. Insiders own 3.00% of the company’s stock.

About Kennametal

Kennametal Inc is a supplier of tooling, engineered components and materials consumed in production processes. The Company operates through two segments: Industrial and Infrastructure. The Industrial segment generally serves customers that operate in industrial end markets, such as transportation, general engineering, aerospace and defense.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “KMT”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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