Kennametal (NYSE:KMT) CFO Acquires $47,000.00 in Stock

Kennametal Inc. (NYSE:KMT) CFO Patrick Watson purchased 2,000 shares of the company’s stock in a transaction that occurred on Friday, November 6th. The stock was purchased at an average price of $23.50 per share, for a total transaction of $47,000.00. Following the purchase, the chief financial officer owned 98,523 shares in the company, valued at $2,315,290.50. This represents a 2.07% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Kennametal Stock Performance

Shares of KMT stock opened at $24.70 on Thursday. Kennametal Inc. has a one year low of $22.65 and a one year high of $43.81. The company’s 50-day moving average is $29.80 and its 200 day moving average is $34.27. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of 3.26, a price-to-earnings-growth ratio of 0.22 and a beta of 1.30. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 3.45.

Kennametal (NYSE:KMT) last issued its earnings results on Wednesday, November 4th. The industrial products company reported $3.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.65 by $0.83. The business had revenue of $768.19 million during the quarter, compared to analysts’ expectations of $770.36 million. Kennametal had a net margin of 22.49% and a return on equity of 38.40%. The business’s revenue for the quarter was up 54.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.34 earnings per share. Sell-side analysts expect that Kennametal Inc. will post 5.18 EPS for the current fiscal year.

Kennametal Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Monday, November 9th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, November 9th. This represents a $0.80 annualized dividend and a dividend yield of 3.2%. Kennametal’s dividend payout ratio (DPR) is 10.55%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on KMT shares. DA Davidson decreased their price objective on shares of Kennametal from $34.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, August 11th. Wall Street Zen cut Kennametal from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 7th. UBS Group cut their target price on Kennametal from $39.00 to $35.00 and set a “neutral” rating on the stock in a research note on Monday, August 10th. Weiss Ratings lowered Kennametal from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 23rd. Finally, JPMorgan Chase & Co. reduced their target price on Kennametal from $30.00 to $27.00 and set an “underweight” rating for the company in a report on Thursday, November 5th. Five investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $33.07.

Hedge Funds Weigh In On Kennametal

Several hedge funds and other institutional investors have recently bought and sold shares of KMT. Ieq Capital LLC grew its stake in shares of Kennametal by 41.5% in the third quarter. Ieq Capital LLC now owns 38,868 shares of the industrial products company’s stock worth $1,195,000 after acquiring an additional 11,403 shares during the period. Global Retirement Partners LLC raised its holdings in shares of Kennametal by 93,066.7% during the third quarter. Global Retirement Partners LLC now owns 13,975 shares of the industrial products company’s stock valued at $430,000 after purchasing an additional 13,960 shares during the last quarter. Cibc World Market Inc. purchased a new position in shares of Kennametal during the third quarter valued at approximately $436,000. Edgestream Partners L.P. purchased a new position in shares of Kennametal during the third quarter valued at approximately $10,414,000. Finally, HighTower Advisors LLC bought a new position in Kennametal during the third quarter valued at approximately $216,000.

Kennametal Company Profile

Kennametal Inc. is an industrial technology company that develops and manufactures metal-cutting tools, tooling systems, and wear-resistant products. Its products use materials such as tungsten carbide and advanced ceramics to help customers machine components and protect equipment used in demanding operating conditions. The company serves industries including aerospace, transportation, energy, general engineering, and earthworks. Its products and services include cutting tools and related tooling, engineered components, and wear solutions for industrial applications.