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

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

Kennametal Price Performance

Kennametal stock traded up $1.26 during mid-day trading on Monday, reaching $24.27. The company had a trading volume of 1,934,309 shares, compared to its average volume of 1,436,894. The stock’s 50-day simple moving average is $30.10 and its 200-day simple moving average is $34.42. Kennametal Inc. has a 1 year low of $22.65 and a 1 year high of $43.81. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.45 and a quick ratio of 1.24. The company has a market capitalization of $1.87 billion, a P/E ratio of 3.21, a P/E/G ratio of 0.21 and a beta of 1.30.

Kennametal (NYSE:KMT) last announced its quarterly earnings results on Wednesday, November 4th. The industrial products company reported $3.48 EPS for the quarter, topping the consensus estimate of $2.65 by $0.83. The business had revenue of $768.19 million for the quarter, compared to analyst estimates of $770.36 million. Kennametal had a return on equity of 38.40% and a net margin of 22.49%. The company’s quarterly revenue was up 54.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.34 EPS. On average, equities analysts predict that Kennametal Inc. will post 5.18 EPS for the current year.

Kennametal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Monday, November 9th will be given a $0.20 dividend. The ex-dividend date is Monday, November 9th. This represents a $0.80 annualized dividend and a dividend yield of 3.3%. Kennametal’s payout ratio is currently 10.55%.

Analyst Upgrades and Downgrades

KMT has been the subject of several recent research reports. UBS Group dropped their target price on shares of Kennametal from $39.00 to $35.00 and set a “neutral” rating for the company in a report on Monday, August 10th. Zacks Research cut Kennametal from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 14th. DA Davidson dropped their price target on Kennametal from $34.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, August 11th. JPMorgan Chase & Co. cut their price target on Kennametal from $30.00 to $27.00 and set an “underweight” rating for the company in a report on Thursday. Finally, Morgan Stanley downgraded Kennametal from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $31.00 to $27.00 in a research report on Monday, August 10th. Five analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $33.07.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Kennametal in the second quarter valued at $440,446,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Kennametal by 15.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,298,349 shares of the industrial products company’s stock valued at $83,039,000 after buying an additional 307,209 shares during the period. William Blair Investment Management LLC acquired a new position in Kennametal in the second quarter valued at $69,614,000. Medina Value Partners LLC purchased a new stake in Kennametal during the second quarter valued at about $43,007,296. Finally, NFJ Investment Group LLC purchased a new position in shares of Kennametal in the 2nd quarter worth about $36,202,000.

About Kennametal

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.

Founded in 1938 as McKenna Metals, Kennametal has grown into a global business serving customers across multiple regions.