Principal Financial Group Inc. Sells 20,785 Shares of Kennametal Inc. (NYSE:KMT)

Principal Financial Group Inc. decreased its holdings in shares of Kennametal Inc. (NYSE:KMT) by 5.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 367,313 shares of the industrial products company’s stock after selling 20,785 shares during the period. Principal Financial Group Inc. owned 0.47% of Kennametal worth $9,524,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in KMT. Burgundy Asset Management Ltd. boosted its holdings in shares of Kennametal by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 4,977,697 shares of the industrial products company’s stock worth $117,175,000 after buying an additional 67,327 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Kennametal by 2.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,683,485 shares of the industrial products company’s stock worth $110,248,000 after purchasing an additional 100,905 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Kennametal by 1.6% in the 2nd quarter. Victory Capital Management Inc. now owns 3,298,229 shares of the industrial products company’s stock valued at $77,640,000 after buying an additional 50,622 shares during the period. Brandes Investment Partners LP raised its stake in Kennametal by 35.1% during the 2nd quarter. Brandes Investment Partners LP now owns 2,332,993 shares of the industrial products company’s stock worth $54,798,000 after buying an additional 606,477 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in 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 acquiring an additional 20,634 shares in the last quarter.

Wall Street Analyst Weigh In

KMT has been the topic of a number of research reports. StockNews.com lowered Kennametal from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Loop Capital lifted their price objective on shares of Kennametal from $22.00 to $24.00 and gave the company a “hold” rating in a report on Thursday, August 22nd. Bank of America lowered shares of Kennametal from a “neutral” rating to an “underperform” rating and set a $26.00 target price on the stock. in a report on Friday, October 18th. Finally, Barclays boosted their price objective on Kennametal from $24.00 to $25.00 and gave the stock an “equal weight” rating in a report on Friday, August 9th. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $24.60.

Kennametal Stock Performance

Shares of KMT opened at $28.19 on Tuesday. The stock has a 50 day moving average of $26.18 and a 200 day moving average of $25.25. The company has a current ratio of 2.52, a quick ratio of 1.16 and a debt-to-equity ratio of 0.45. Kennametal Inc. has a 12 month low of $22.50 and a 12 month high of $32.18. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 22.02, a PEG ratio of 2.39 and a beta of 1.64.

Kennametal (NYSE:KMT) last released its earnings results on Wednesday, November 6th. The industrial products company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. The company had revenue of $481.90 million for the quarter, compared to analysts’ expectations of $485.26 million. Kennametal had a return on equity of 8.35% and a net margin of 4.98%. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.41 EPS. As a group, sell-side analysts forecast that Kennametal Inc. will post 1.45 earnings per share for the current year.

Kennametal Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.80 annualized dividend and a dividend yield of 2.84%. Kennametal’s payout ratio is currently 62.50%.

Kennametal Company 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.