Healthcare of Ontario Pension Plan Trust Fund Reduces Stock Holdings in Kennametal Inc. (NYSE:KMT)

Posted by Defense World Staff on Mar 2nd, 2023

Healthcare of Ontario Pension Plan Trust Fund trimmed its holdings in shares of Kennametal Inc. (NYSE:KMT – Get Rating) by 29.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,397 shares of the industrial products company’s stock after selling 8,731 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Kennametal were worth $440,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC grew its stake in Kennametal by 106.2% during the 3rd quarter. Quadrant Capital Group LLC now owns 1,423 shares of the industrial products company’s stock worth $29,000 after buying an additional 733 shares during the last quarter. Wipfli Financial Advisors LLC purchased a new position in Kennametal during the 3rd quarter worth $30,000. Lazard Asset Management LLC purchased a new position in Kennametal during the 2nd quarter worth $42,000. Quantbot Technologies LP grew its stake in Kennametal by 2,888.6% during the 3rd quarter. Quantbot Technologies LP now owns 7,083 shares of the industrial products company’s stock worth $145,000 after buying an additional 6,846 shares during the last quarter. Finally, Bank of Montreal Can grew its stake in Kennametal by 12.1% during the 1st quarter. Bank of Montreal Can now owns 7,089 shares of the industrial products company’s stock valued at $206,000 after purchasing an additional 768 shares during the last quarter.

Analyst Upgrades and Downgrades

Several analysts have weighed in on KMT shares. Loop Capital boosted their price target on Kennametal from $22.00 to $28.00 and gave the company a “hold” rating in a research note on Thursday, February 9th. StockNews.com upgraded Kennametal from a “hold” rating to a “buy” rating in a research note on Friday, February 10th. JPMorgan Chase & Co. boosted their price target on Kennametal from $24.00 to $26.00 and gave the company an “underweight” rating in a research note on Wednesday, February 8th. The Goldman Sachs Group boosted their price target on Kennametal from $23.00 to $26.00 and gave the company a “sell” rating in a research note on Thursday, December 15th. Finally, Morgan Stanley boosted their price target on Kennametal from $23.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 14th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Kennametal presently has an average rating of “Hold” and a consensus price target of $26.71.

Kennametal Stock Up 0.5 %

Shares of KMT opened at $28.46 on Thursday. Kennametal Inc. has a 52 week low of $20.21 and a 52 week high of $32.10. The company has a quick ratio of 0.90, a current ratio of 2.12 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of 18.60, a PEG ratio of 3.96 and a beta of 1.92. The stock’s 50-day moving average price is $27.22 and its 200-day moving average price is $25.37.

Kennametal (NYSE:KMT – Get Rating) last released its quarterly earnings results on Monday, February 6th. The industrial products company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.05. The company had revenue of $497.00 million during the quarter, compared to analysts’ expectations of $491.88 million. Kennametal had a return on equity of 10.26% and a net margin of 6.25%. Kennametal’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.35 EPS. On average, sell-side analysts predict that Kennametal Inc. will post 1.43 EPS for the current year.

Kennametal Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 28th. Investors of record on Tuesday, February 14th were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, February 13th. This represents a $0.80 dividend on an annualized basis and a yield of 2.81%. Kennametal’s payout ratio is 52.29%.

Kennametal Profile

(Get Rating)

Kennametal, Inc engages in the development and application of tungsten carbides, ceramics, and solutions used in metal cutting and extreme wear applications. It operates through the following segments: Metal Cutting and Infrastructure. The Metal Cutting segment develops and manufactures tooling and metal cutting products and services and offers an assortment of standard and custom metal cutting solutions to diverse end markets, including aerospace, general engineering, energy and transportation.