Kennametal Inc. (NYSE:KMT) Shares Sold by State Street Corp

State Street Corp reduced its stake in shares of Kennametal Inc. (NYSE:KMT) by 1.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,967,344 shares of the industrial products company’s stock after selling 50,485 shares during the quarter. State Street Corp’s holdings in Kennametal were worth $76,943,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Covestor Ltd raised its holdings in shares of Kennametal by 14.4% during the third quarter. Covestor Ltd now owns 3,753 shares of the industrial products company’s stock worth $97,000 after purchasing an additional 472 shares during the last quarter. Quarry LP boosted its position in Kennametal by 198.9% during the second quarter. Quarry LP now owns 1,058 shares of the industrial products company’s stock worth $25,000 after acquiring an additional 704 shares during the last quarter. CWM LLC boosted its position in Kennametal by 46.7% during the second quarter. CWM LLC now owns 3,049 shares of the industrial products company’s stock worth $72,000 after acquiring an additional 970 shares during the last quarter. Signaturefd LLC boosted its position in Kennametal by 98.7% during the third quarter. Signaturefd LLC now owns 2,029 shares of the industrial products company’s stock worth $53,000 after acquiring an additional 1,008 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Kennametal by 2.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 43,877 shares of the industrial products company’s stock valued at $1,033,000 after purchasing an additional 1,016 shares during the last quarter.

Insider Activity

In other Kennametal news, VP John Wayne Witt sold 1,765 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $29.35, for a total transaction of $51,802.75. Following the completion of the transaction, the vice president now directly owns 1,642 shares in the company, valued at approximately $48,192.70. This trade represents a 51.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Franklin Cardenas sold 20,470 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $28.24, for a total transaction of $578,072.80. Following the transaction, the vice president now owns 39,581 shares of the company’s stock, 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. Insiders own 1.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on KMT shares. Jefferies Financial Group lowered shares of Kennametal from a “buy” rating to a “hold” rating and decreased their target price for the company from $40.00 to $32.00 in a report on Friday, December 6th. Bank of America downgraded shares of Kennametal from a “neutral” rating to an “underperform” rating and set a $26.00 target price on the stock. in a research note on Friday, October 18th. StockNews.com downgraded shares of Kennametal from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Morgan Stanley increased their price objective on shares of Kennametal from $24.50 to $28.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, Loop Capital upped their target price on shares of Kennametal from $24.00 to $26.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. Two investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat, Kennametal currently has an average rating of “Hold” and a consensus price target of $26.83.

Kennametal Stock Down 0.2 %

Shares of NYSE:KMT opened at $26.49 on Wednesday. The stock has a market cap of $2.06 billion, a P/E ratio of 20.70, a P/E/G ratio of 2.29 and a beta of 1.65. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.52 and a quick ratio of 1.16. Kennametal Inc. has a 1-year low of $22.50 and a 1-year high of $32.18. The firm has a fifty day moving average price of $27.19 and a 200 day moving average price of $25.60.

Kennametal (NYSE:KMT) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $485.26 million. Kennametal had a net margin of 4.98% and a return on equity of 8.35%. Kennametal’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.41 EPS. Sell-side analysts predict that Kennametal Inc. will post 1.44 EPS for the current year.

Kennametal Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 26th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.02%. Kennametal’s dividend payout ratio is presently 62.50%.

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.