ProShare Advisors LLC Sells 3,811 Shares of Kennametal Inc. (NYSE:KMT)

ProShare Advisors LLC cut its stake in Kennametal Inc. (NYSE:KMT) by 23.7% during the second quarter, HoldingsChannel reports. The firm owned 12,258 shares of the industrial products company’s stock after selling 3,811 shares during the period. ProShare Advisors LLC’s holdings in Kennametal were worth $289,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board purchased a new stake in Kennametal in the 2nd quarter valued at about $28,000. Headlands Technologies LLC purchased a new stake in shares of Kennametal in the first quarter valued at approximately $32,000. Quest Partners LLC bought a new position in Kennametal in the second quarter worth approximately $44,000. EntryPoint Capital LLC increased its holdings in Kennametal by 2,552.0% during the 1st 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 period. Finally, CWM LLC raised its position in Kennametal by 46.7% during the 2nd quarter. CWM LLC now owns 3,049 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 970 shares in the last quarter.

Kennametal Stock Down 1.4 %

NYSE:KMT opened at $25.15 on Friday. The company’s 50-day simple moving average is $25.25 and its 200-day simple moving average is $24.70. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.17 and a current ratio of 2.41. Kennametal Inc. has a fifty-two week low of $22.08 and a fifty-two week high of $27.04. The stock has a market capitalization of $1.98 billion, a P/E ratio of 18.63, a P/E/G ratio of 2.71 and a beta of 1.65.

Kennametal (NYSE:KMT) last released its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.05. Kennametal had a net margin of 5.34% and a return on equity of 9.17%. The business had revenue of $543.31 million for the quarter, compared to analyst estimates of $532.72 million. During the same period in the previous year, the company earned $0.51 earnings per share. The business’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, equities analysts anticipate that Kennametal Inc. will post 1.51 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 27th. Shareholders of record on Tuesday, August 13th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.18%. The ex-dividend date was Tuesday, August 13th. Kennametal’s dividend payout ratio is presently 59.26%.

Analysts Set New Price Targets

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

About Kennametal

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.