Systematic Financial Management LP Sells 7,868 Shares of Kennametal Inc. (NYSE:KMT)

Systematic Financial Management LP lessened its holdings in shares of Kennametal Inc. (NYSE:KMT) by 41.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,948 shares of the industrial products company’s stock after selling 7,868 shares during the quarter. Systematic Financial Management LP’s holdings in Kennametal were worth $405,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Lazard Asset Management LLC increased its stake in Kennametal by 20.2% during the 1st quarter. Lazard Asset Management LLC now owns 5,622,390 shares of the industrial products company’s stock valued at $206,622,000 after purchasing an additional 945,630 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Kennametal by 7.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,520,588 shares of the industrial products company’s stock valued at $83,884,000 after purchasing an additional 177,905 shares in the last quarter. Victory Capital Management Inc. increased its stake in Kennametal by 1.4% during the 1st quarter. Victory Capital Management Inc. now owns 2,169,345 shares of the industrial products company’s stock valued at $79,723,000 after purchasing an additional 29,960 shares in the last quarter. Norges Bank bought a new stake in Kennametal during the 4th quarter valued at $31,958,000. Finally, Geode Capital Management LLC increased its stake in Kennametal by 12.4% during the 4th quarter. Geode Capital Management LLC now owns 897,794 shares of the industrial products company’s stock valued at $29,878,000 after purchasing an additional 99,386 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Shares of NYSE:KMT traded up $1.19 during midday trading on Tuesday, reaching $30.08. The company had a trading volume of 5,052 shares, compared to its average volume of 769,321. The stock has a 50 day simple moving average of $34.08. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 2.58. The stock has a market capitalization of $2.47 billion, a PE ratio of 9.97, a P/E/G ratio of 1.23 and a beta of 2.24. Kennametal Inc. has a 52-week low of $28.85 and a 52-week high of $45.10.

Kennametal (NYSE:KMT) last issued its quarterly earnings results on Monday, August 5th. The industrial products company reported $0.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.02). The company had revenue of $603.95 million during the quarter, compared to analysts’ expectations of $643.95 million. Kennametal had a return on equity of 18.97% and a net margin of 10.19%. Kennametal’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same period last year, the firm posted $0.87 earnings per share. On average, equities research analysts forecast that Kennametal Inc. will post 2.94 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend is Monday, August 12th. Kennametal’s dividend payout ratio (DPR) is currently 26.49%.

KMT has been the subject of a number of recent research reports. Goldman Sachs Group lowered shares of Kennametal from a “buy” rating to a “sell” rating and decreased their price target for the company from $43.00 to $30.00 in a research note on Tuesday, July 16th. ValuEngine lowered shares of Kennametal from a “hold” rating to a “sell” rating in a research note on Wednesday, July 3rd. Zacks Investment Research lowered shares of Kennametal from a “hold” rating to a “sell” rating in a research note on Wednesday, May 8th. KeyCorp reduced their target price on shares of Kennametal from $52.00 to $47.00 and set an “overweight” rating for the company in a research note on Wednesday, May 8th. Finally, Bank of America reduced their target price on shares of Kennametal from $30.00 to $27.00 and set an “underperform” rating for the company in a research note on Tuesday, August 6th. Four investment analysts have rated the stock with a sell rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $40.67.

In other news, Director Lawrence W. Stranghoener sold 7,000 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $31.98, for a total value of $223,860.00. Following the sale, the director now directly owns 26,108 shares of the company’s stock, valued at $834,933.84. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.00% of the stock is currently owned by insiders.

About Kennametal

Kennametal Inc develops and applies tungsten carbides, ceramics, super-hard materials, and solutions for use in metal cutting and mission-critical wear applications to combat extreme conditions related with wear fatigue, corrosion, and high temperatures worldwide. The company operates through three segments: Industrial, Widia, and Infrastructure.

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Institutional Ownership by Quarter for Kennametal (NYSE:KMT)

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