Kennametal Inc. to Issue Quarterly Dividend of $0.20 (KMT)
Kennametal Inc. (NYSE:KMT) declared a quarterly dividend on Wednesday, November 1st, RTT News reports. Shareholders of record on Tuesday, November 14th will be given a dividend of 0.20 per share by the industrial products company on Wednesday, November 29th. This represents a $0.80 annualized dividend and a yield of 1.83%.
Kennametal has increased its dividend by an average of 5.6% per year over the last three years and has raised its dividend every year for the last 6 years. Kennametal has a dividend payout ratio of 36.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Kennametal to earn $2.66 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 30.1%.
Kennametal (NYSE:KMT) last issued its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.08). Kennametal had a net margin of 2.39% and a return on equity of 12.51%. The business had revenue of $565.03 million during the quarter, compared to analyst estimates of $562.16 million. During the same period in the previous year, the business posted $0.44 earnings per share. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis.
In related news, insider Christopher Rossi acquired 29,880 shares of the stock in a transaction on Friday, August 18th. The shares were bought at an average price of $33.46 per share, with a total value of $999,784.80. Following the completion of the purchase, the insider now owns 29,850 shares of the company’s stock, valued at approximately $998,781. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Charles Michael Jr. Byrnes acquired 1,900 shares of the stock in a transaction on Friday, August 18th. The shares were bought at an average cost of $33.00 per share, for a total transaction of $62,700.00. The disclosure for this purchase can be found here. Insiders own 2.00% of the company’s stock.
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KMT has been the topic of a number of research analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and issued a $50.00 price target on shares of Kennametal in a research note on Friday, October 20th. Wells Fargo & Company raised Kennametal from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $26.10 to $43.50 in a research note on Friday, August 4th. Zacks Investment Research lowered Kennametal from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. BidaskClub lowered Kennametal from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Finally, Stifel Nicolaus reaffirmed a “hold” rating on shares of Kennametal in a research note on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $44.75.
Kennametal Company Profile
Kennametal Inc is a supplier of tooling, engineered components and materials consumed in production processes. The Company operates through two segments: Industrial and Infrastructure. The Industrial segment generally serves customers that operate in industrial end markets, such as transportation, general engineering, aerospace and defense.
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