JPMorgan Chase & Co. Grows Stock Position in Kennametal Inc. (NYSE:KMT)

JPMorgan Chase & Co. lifted its position in Kennametal Inc. (NYSE:KMT) by 48.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 242,439 shares of the industrial products company’s stock after acquiring an additional 79,547 shares during the period. JPMorgan Chase & Co.’s holdings in Kennametal were worth $6,286,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd acquired a new stake in Kennametal during the 3rd quarter worth $804,000. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in shares of Kennametal by 1.0% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,051,503 shares of the industrial products company’s stock worth $48,292,000 after buying an additional 20,634 shares in the last quarter. Geode Capital Management LLC boosted its position in Kennametal by 1.0% during the third quarter. Geode Capital Management LLC now owns 1,815,939 shares of the industrial products company’s stock worth $47,096,000 after acquiring an additional 17,265 shares during the last quarter. Jane Street Group LLC grew its stake in Kennametal by 113.7% during the 3rd quarter. Jane Street Group LLC now owns 191,151 shares of the industrial products company’s stock valued at $4,957,000 after acquiring an additional 101,711 shares in the last quarter. Finally, Barclays PLC raised its holdings in Kennametal by 95.6% in the 3rd quarter. Barclays PLC now owns 163,670 shares of the industrial products company’s stock valued at $4,244,000 after acquiring an additional 79,992 shares during the last quarter.

Kennametal Stock Performance

Shares of Kennametal stock opened at $23.97 on Thursday. The firm has a market cap of $1.86 billion, a PE ratio of 18.73, a price-to-earnings-growth ratio of 2.26 and a beta of 1.67. The company has a quick ratio of 1.16, a current ratio of 2.52 and a debt-to-equity ratio of 0.45. Kennametal Inc. has a 52 week low of $22.50 and a 52 week high of $32.18. The business’s fifty day simple moving average is $26.73 and its 200-day simple moving average is $25.62.

Kennametal (NYSE:KMT) last announced its earnings results on Wednesday, November 6th. The industrial products company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.03. Kennametal had a net margin of 4.98% and a return on equity of 8.35%. The company had revenue of $481.90 million during the quarter, compared to analyst estimates of $485.26 million. During the same quarter last year, the firm posted $0.41 earnings per share. Kennametal’s revenue was down 2.2% compared to the same quarter last year. Equities analysts forecast that Kennametal Inc. will post 1.44 earnings per share for the current year.

Kennametal Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 26th. Investors of record on Tuesday, November 12th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $0.80 annualized dividend and a yield of 3.34%. Kennametal’s dividend payout ratio (DPR) is presently 62.50%.

Insider Buying and Selling at Kennametal

In other Kennametal news, VP John Wayne Witt sold 1,765 shares of Kennametal stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $29.35, for a total value of $51,802.75. Following the completion of the transaction, the vice president now directly owns 1,642 shares of the company’s stock, valued at $48,192.70. The trade was a 51.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Franklin Cardenas sold 20,470 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $28.24, for a total transaction of $578,072.80. Following the sale, the vice president now owns 39,581 shares in the company, valued at $1,117,767.44. This trade represents a 34.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.41% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

KMT has been the topic of several recent research reports. StockNews.com cut Kennametal from a “buy” rating to a “hold” rating in a report on Thursday, January 9th. Bank of America lowered Kennametal from a “neutral” rating to an “underperform” rating and set a $26.00 price objective on the stock. in a research note on Friday, October 18th. Loop Capital upped their target price on Kennametal from $24.00 to $26.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. Barclays reduced their price target on Kennametal from $31.00 to $30.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. Finally, Morgan Stanley upped their price objective on shares of Kennametal from $24.50 to $28.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Two analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat, Kennametal has a consensus rating of “Hold” and an average price target of $27.67.

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.