ARK Investment Management LLC Makes New Investment in Kennametal Inc. $KMT

ARK Investment Management LLC acquired a new position in shares of Kennametal Inc. (NYSE:KMTFree Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,400 shares of the industrial products company’s stock, valued at approximately $78,000.

A number of other institutional investors and hedge funds have also bought and sold shares of KMT. Ameritas Advisory Services LLC purchased a new stake in Kennametal in the 2nd quarter valued at $27,000. US Bancorp DE raised its position in Kennametal by 93.4% in the 1st quarter. US Bancorp DE now owns 2,145 shares of the industrial products company’s stock valued at $46,000 after buying an additional 1,036 shares during the last quarter. GAMMA Investing LLC raised its position in Kennametal by 293.6% in the 2nd quarter. GAMMA Investing LLC now owns 2,153 shares of the industrial products company’s stock valued at $49,000 after buying an additional 1,606 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in Kennametal in the 1st quarter valued at $52,000. Finally, Bayforest Capital Ltd purchased a new stake in Kennametal in the 1st quarter valued at $64,000.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. UBS Group upgraded Kennametal from a “sell” rating to a “neutral” rating and upped their price objective for the company from $19.00 to $21.00 in a research note on Friday, August 15th. Loop Capital restated a “hold” rating and issued a $24.00 price objective (up previously from $21.00) on shares of Kennametal in a research note on Wednesday, June 25th. Weiss Ratings restated a “hold (c)” rating on shares of Kennametal in a research note on Wednesday, October 8th. Zacks Research upgraded Kennametal from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Finally, JPMorgan Chase & Co. increased their price target on Kennametal from $20.00 to $22.00 and gave the stock an “underweight” rating in a research note on Tuesday, October 14th. Seven analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $24.00.

Get Our Latest Stock Report on KMT

Kennametal Trading Down 2.6%

Kennametal stock opened at $22.41 on Thursday. The stock has a market cap of $1.70 billion, a P/E ratio of 18.68, a PEG ratio of 3.85 and a beta of 1.46. Kennametal Inc. has a fifty-two week low of $17.30 and a fifty-two week high of $32.18. The firm’s fifty day moving average price is $21.36 and its 200-day moving average price is $21.65. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.19 and a current ratio of 2.46.

Kennametal (NYSE:KMTGet Free Report) last released its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.06). The firm had revenue of $516.45 million during the quarter, compared to the consensus estimate of $527.52 million. Kennametal had a return on equity of 8.09% and a net margin of 4.73%.The company’s revenue for the quarter was down 4.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.49 EPS. Equities research analysts forecast that Kennametal Inc. will post 1.17 earnings per share for the current fiscal year.

Kennametal Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, August 12th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Tuesday, August 12th. Kennametal’s dividend payout ratio (DPR) is 66.67%.

About Kennametal

(Free Report)

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.

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Institutional Ownership by Quarter for Kennametal (NYSE:KMT)

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