Geode Capital Management LLC Sells 31,381 Shares of Kennametal Inc. (NYSE:KMT)

Geode Capital Management LLC reduced its position in Kennametal Inc. (NYSE:KMT - Free Report) by 1.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,784,558 shares of the industrial products company's stock after selling 31,381 shares during the period. Geode Capital Management LLC owned 2.30% of Kennametal worth $42,876,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of KMT. Pacer Advisors Inc. purchased a new position in Kennametal in the 4th quarter valued at $59,207,000. American Century Companies Inc. raised its holdings in Kennametal by 13.8% during the fourth quarter. American Century Companies Inc. now owns 2,543,973 shares of the industrial products company's stock worth $61,106,000 after purchasing an additional 308,000 shares in the last quarter. Norges Bank acquired a new stake in Kennametal in the fourth quarter valued at about $5,543,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Kennametal by 32.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 469,202 shares of the industrial products company's stock worth $11,270,000 after buying an additional 115,718 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in Kennametal by 113.7% during the third quarter. Jane Street Group LLC now owns 191,151 shares of the industrial products company's stock worth $4,957,000 after acquiring an additional 101,711 shares during the period.

Wall Street Analyst Weigh In

Several equities research analysts have commented on KMT shares. Morgan Stanley decreased their target price on shares of Kennametal from $24.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Wednesday. StockNews.com downgraded Kennametal from a "buy" rating to a "hold" rating in a research note on Wednesday, April 9th. Finally, Barclays cut their target price on shares of Kennametal from $24.00 to $22.00 and set an "equal weight" rating for the company in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company's stock. Based on data from MarketBeat, Kennametal presently has a consensus rating of "Hold" and a consensus price target of $25.20.

Insider Activity at Kennametal

In related news, CEO Sanjay Chowbey purchased 10,000 shares of the stock in a transaction on Tuesday, February 11th. The shares were bought at an average price of $21.75 per share, for a total transaction of $217,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 77,595 shares in the company, valued at approximately $1,687,691.25. This trade represents a 14.79 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.41% of the stock is owned by company insiders.

Kennametal Price Performance

Shares of NYSE KMT traded down $0.18 during midday trading on Friday, reaching $18.64. The company's stock had a trading volume of 680,088 shares, compared to its average volume of 857,357. The company has a market cap of $1.44 billion, a price-to-earnings ratio of 15.28, a price-to-earnings-growth ratio of 3.69 and a beta of 1.55. The company has a current ratio of 2.53, a quick ratio of 1.13 and a debt-to-equity ratio of 0.47. The company has a 50 day moving average price of $21.08 and a 200 day moving average price of $24.15. Kennametal Inc. has a one year low of $17.30 and a one year high of $32.18.

Kennametal (NYSE:KMT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.02). Kennametal had a return on equity of 8.12% and a net margin of 4.76%. On average, equities research analysts expect that Kennametal Inc. will post 1.17 EPS for the current year.

Kennametal Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 25th. Shareholders of record on Tuesday, February 11th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.29%. The ex-dividend date was Tuesday, February 11th. Kennametal's payout ratio is 65.57%.

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.