Bank of New York Mellon Corp Has $29.90 Million Holdings in Kennametal Inc. (NYSE:KMT)

Bank of New York Mellon Corp raised its stake in Kennametal Inc. (NYSE:KMT) by 4.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,270,285 shares of the industrial products company’s stock after acquiring an additional 48,638 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.61% of Kennametal worth $29,903,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in KMT. Headlands Technologies LLC bought a new position in shares of Kennametal in the 1st quarter valued at $32,000. First United Bank & Trust bought a new position in Kennametal in the fourth quarter valued at about $45,000. CWM LLC boosted its stake in shares of Kennametal by 191.1% during the fourth quarter. CWM LLC now owns 1,767 shares of the industrial products company’s stock valued at $46,000 after purchasing an additional 1,160 shares in the last quarter. EntryPoint Capital LLC grew its holdings in shares of Kennametal by 2,552.0% during the first quarter. EntryPoint Capital LLC now owns 2,705 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 2,603 shares during the last quarter. Finally, Covestor Ltd increased its stake in shares of Kennametal by 77.3% in the first quarter. Covestor Ltd now owns 3,060 shares of the industrial products company’s stock valued at $77,000 after buying an additional 1,334 shares during the period.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. StockNews.com raised shares of Kennametal from a “hold” rating to a “buy” rating in a report on Tuesday, August 13th. Loop Capital boosted their price objective on shares of Kennametal from $22.00 to $24.00 and gave the stock a “hold” rating in a research note on Thursday, August 22nd. Finally, Barclays increased their price objective on Kennametal from $24.00 to $25.00 and gave the company an “equal weight” rating in a report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $24.17.

Insiders Place Their Bets

In related news, CEO Sanjay Chowbey acquired 5,000 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were purchased at an average price of $24.28 per share, for a total transaction of $121,400.00. Following the completion of the acquisition, the chief executive officer now owns 49,270 shares of the company’s stock, valued at $1,196,275.60. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.61% of the company’s stock.

Kennametal Price Performance

KMT stock opened at $25.21 on Wednesday. The company has a quick ratio of 1.17, a current ratio of 2.41 and a debt-to-equity ratio of 0.46. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of 18.67, a PEG ratio of 2.74 and a beta of 1.66. The company’s fifty day simple moving average is $24.58 and its 200 day simple moving average is $24.60. Kennametal Inc. has a 12-month low of $22.08 and a 12-month high of $27.04.

Kennametal (NYSE:KMT) last announced its quarterly earnings data on Wednesday, August 7th. The industrial products company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. Kennametal had a return on equity of 9.17% and a net margin of 5.34%. The company had revenue of $543.31 million for the quarter, compared to the consensus estimate of $532.72 million. During the same period in the previous year, the business earned $0.51 EPS. The firm’s revenue was down 1.3% compared to the same quarter last year. On average, analysts expect that Kennametal Inc. will post 1.51 earnings per share for the current year.

Kennametal Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.17%. The ex-dividend date was Tuesday, August 13th. Kennametal’s dividend payout ratio is presently 59.26%.

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.