Fisher Asset Management LLC Reduces Position in Kennametal Inc. (NYSE:KMT)

Fisher Asset Management LLC lessened its stake in Kennametal Inc. (NYSE:KMT - Free Report) by 1.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,107,609 shares of the industrial products company's stock after selling 32,378 shares during the period. Fisher Asset Management LLC owned about 2.71% of Kennametal worth $54,650,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in KMT. O Shaughnessy Asset Management LLC bought a new stake in Kennametal in the first quarter valued at approximately $228,000. CANADA LIFE ASSURANCE Co increased its position in shares of Kennametal by 5.0% during the first quarter. CANADA LIFE ASSURANCE Co now owns 67,843 shares of the industrial products company's stock worth $1,692,000 after buying an additional 3,261 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Kennametal by 6.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 42,385 shares of the industrial products company's stock worth $1,058,000 after buying an additional 2,519 shares during the last quarter. First Hawaiian Bank acquired a new position in Kennametal in the second quarter valued at $482,000. Finally, 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 valued at $72,000 after acquiring an additional 970 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. StockNews.com lowered Kennametal from a "buy" rating to a "hold" rating in a research report on Thursday, November 7th. Bank of America downgraded Kennametal from a "neutral" rating to an "underperform" rating and set a $26.00 target price for the company. in a report on Friday, October 18th. Loop Capital increased their price target on Kennametal from $24.00 to $26.00 and gave the stock a "hold" rating in a report on Tuesday, November 19th. Finally, Barclays lifted their price objective on shares of Kennametal from $24.00 to $25.00 and gave the company an "equal weight" rating in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $25.00.

Insider Activity at Kennametal

In other news, VP John Wayne Witt sold 1,765 shares of Kennametal stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $29.35, for a total transaction of $51,802.75. Following the sale, the vice president now directly owns 1,642 shares in the company, valued at $48,192.70. The trade was a 51.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.41% of the stock is currently owned by insiders.

Kennametal Stock Up 0.2 %

Kennametal stock traded up $0.06 during mid-day trading on Wednesday, reaching $28.57. The stock had a trading volume of 210,344 shares, compared to its average volume of 717,381. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.16 and a current ratio of 2.52. Kennametal Inc. has a fifty-two week low of $22.50 and a fifty-two week high of $32.18. The stock's 50-day simple moving average is $26.62 and its 200-day simple moving average is $25.40. The firm has a market capitalization of $2.22 billion, a PE ratio of 22.27, a price-to-earnings-growth ratio of 2.47 and a beta of 1.64.

Kennametal (NYSE:KMT - Get Free Report) last issued its earnings results on Wednesday, November 6th. The industrial products company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.26 by $0.03. Kennametal had a return on equity of 8.35% and a net margin of 4.98%. The company had revenue of $481.90 million for the quarter, compared to analysts' expectations of $485.26 million. During the same period last year, the business earned $0.41 EPS. Kennametal's quarterly revenue was down 2.2% compared to the same quarter last year. On average, sell-side analysts forecast that Kennametal Inc. will post 1.45 EPS for the current fiscal year.

Kennametal Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 26th. Investors of record on Tuesday, November 12th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend was Tuesday, November 12th. Kennametal's payout ratio is currently 62.50%.

Kennametal Profile

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.