Kennametal Inc. (NYSE:KMT) Short Interest Update

Kennametal Inc. (NYSE:KMTGet Free Report) was the recipient of a significant drop in short interest during the month of February. As of February 29th, there was short interest totalling 3,960,000 shares, a drop of 5.7% from the February 14th total of 4,200,000 shares. Based on an average trading volume of 712,200 shares, the days-to-cover ratio is presently 5.6 days. Approximately 5.2% of the shares of the company are short sold.

Insider Buying and Selling at Kennametal

In other Kennametal news, VP John Wayne Witt sold 1,000 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $25.55, for a total value of $25,550.00. Following the completion of the sale, the vice president now owns 1,343 shares in the company, valued at $34,313.65. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.61% of the company’s stock.

Hedge Funds Weigh In On Kennametal

A number of large investors have recently modified their holdings of the company. BlackRock Inc. grew its stake in Kennametal by 32.3% during the first quarter. BlackRock Inc. now owns 13,646,987 shares of the industrial products company’s stock valued at $376,384,000 after acquiring an additional 3,328,786 shares in the last quarter. Ariel Investments LLC grew its stake in Kennametal by 8.9% during the first quarter. Ariel Investments LLC now owns 9,707,735 shares of the industrial products company’s stock valued at $277,739,000 after acquiring an additional 790,456 shares in the last quarter. Burgundy Asset Management Ltd. grew its stake in Kennametal by 3.7% during the fourth quarter. Burgundy Asset Management Ltd. now owns 4,852,273 shares of the industrial products company’s stock valued at $125,140,000 after acquiring an additional 173,023 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Kennametal by 0.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,416,981 shares of the industrial products company’s stock valued at $113,914,000 after acquiring an additional 38,358 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in Kennametal by 7.8% during the fourth quarter. Wellington Management Group LLP now owns 4,240,814 shares of the industrial products company’s stock valued at $109,371,000 after acquiring an additional 305,542 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on KMT shares. Morgan Stanley initiated coverage on shares of Kennametal in a research note on Monday, January 8th. They set an “equal weight” rating and a $24.00 target price for the company. JPMorgan Chase & Co. decreased their price target on shares of Kennametal from $26.00 to $24.00 and set an “underweight” rating for the company in a research report on Thursday, February 8th. Barclays reduced their price objective on shares of Kennametal from $26.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 8th. Finally, StockNews.com raised shares of Kennametal from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $24.75.

Read Our Latest Report on KMT

Kennametal Stock Performance

Shares of KMT stock opened at $23.93 on Monday. The firm has a 50-day moving average of $24.65 and a 200-day moving average of $24.54. The company has a market cap of $1.90 billion, a P/E ratio of 15.95, a P/E/G ratio of 3.35 and a beta of 1.79. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.44 and a quick ratio of 1.06. Kennametal has a one year low of $22.08 and a one year high of $30.60.

Kennametal (NYSE:KMTGet Free Report) last announced its earnings results on Wednesday, February 7th. The industrial products company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.25 by $0.05. Kennametal had a net margin of 5.86% and a return on equity of 9.94%. The company had revenue of $495.30 million during the quarter, compared to the consensus estimate of $498.99 million. During the same quarter in the prior year, the company posted $0.27 earnings per share. The firm’s revenue for the quarter was down .4% on a year-over-year basis. Equities research analysts forecast that Kennametal will post 1.49 EPS for the current fiscal year.

Kennametal declared that its Board of Directors has authorized a share repurchase program on Wednesday, February 7th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the industrial products company to buy up to 10.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Kennametal Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 13th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, February 12th. This represents a $0.80 dividend on an annualized basis and a yield of 3.34%. Kennametal’s dividend payout ratio is presently 53.33%.

Kennametal Company Profile

(Get Free Report)

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.

Recommended Stories

Receive News & Ratings for Kennametal Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kennametal and related companies with MarketBeat.com's FREE daily email newsletter.