Illinois Municipal Retirement Fund Trims Stock Position in Kennametal Inc. (NYSE:KMT)

Illinois Municipal Retirement Fund cut its position in Kennametal Inc. (NYSE:KMT) by 7.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,947 shares of the industrial products company’s stock after selling 3,425 shares during the quarter. Illinois Municipal Retirement Fund owned about 0.05% of Kennametal worth $872,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. SummerHaven Investment Management LLC increased its holdings in shares of Kennametal by 1.8% in the first quarter. SummerHaven Investment Management LLC now owns 34,150 shares of the industrial products company’s stock worth $727,000 after purchasing an additional 600 shares during the period. Sei Investments Co. increased its stake in Kennametal by 1.8% in the 4th quarter. Sei Investments Co. now owns 34,614 shares of the industrial products company’s stock worth $831,000 after acquiring an additional 609 shares during the last quarter. Bank of Montreal Can raised its holdings 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Kennametal by 2.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,294 shares of the industrial products company’s stock valued at $1,064,000 after acquiring an additional 934 shares in the last quarter. Finally, Parallel Advisors LLC increased its position in shares of Kennametal by 107.6% in the first 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 last quarter.

Wall Street Analysts Forecast Growth

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

Kennametal Stock Performance

NYSE KMT opened at $24.33 on Thursday. The company has a 50-day simple moving average of $21.52 and a two-hundred day simple moving average of $22.02. Kennametal Inc. has a 12-month low of $17.30 and a 12-month high of $32.18. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 17.50, a PEG ratio of 3.29 and a beta of 1.40. The company has a quick ratio of 1.10, a current ratio of 2.44 and a debt-to-equity ratio of 0.47.

Kennametal (NYSE:KMT) last issued its earnings results on Wednesday, May 7th. The industrial products company reported $0.47 earnings per share 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 company had revenue of $486.40 million during the quarter, compared to analysts’ expectations of $489.30 million. During the same period in the prior year, the business posted $0.30 EPS. Kennametal’s quarterly revenue was down 5.7% compared to the same quarter last year. On average, equities analysts forecast that Kennametal Inc. will post 1.17 EPS for the current year.

Kennametal Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 27th. Investors of record on Tuesday, May 13th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend was Tuesday, May 13th. Kennametal’s payout ratio 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.