Norges Bank Makes New $5.54 Million Investment in Kennametal Inc. (NYSE:KMT)

Norges Bank purchased a new stake in shares of Kennametal Inc. (NYSE:KMT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 230,748 shares of the industrial products company's stock, valued at approximately $5,543,000. Norges Bank owned about 0.30% of Kennametal as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in KMT. Wilmington Savings Fund Society FSB purchased a new position in Kennametal in the third quarter worth about $30,000. Blue Trust Inc. lifted its stake in shares of Kennametal by 120.9% in the 4th quarter. Blue Trust Inc. now owns 1,308 shares of the industrial products company's stock worth $34,000 after purchasing an additional 716 shares during the period. GAMMA Investing LLC lifted its stake in shares of Kennametal by 45.9% in the 4th quarter. GAMMA Investing LLC now owns 1,458 shares of the industrial products company's stock worth $35,000 after purchasing an additional 459 shares during the period. KBC Group NV boosted its holdings in shares of Kennametal by 50.3% in the fourth quarter. KBC Group NV now owns 3,351 shares of the industrial products company's stock worth $80,000 after buying an additional 1,122 shares during the last quarter. Finally, Centiva Capital LP bought a new stake in Kennametal during the third quarter valued at approximately $230,000.

Analyst Ratings Changes

Several research analysts have weighed in on KMT shares. StockNews.com downgraded shares of Kennametal from a "buy" rating to a "hold" rating in a research report on Wednesday, April 9th. Barclays decreased their target price on Kennametal from $24.00 to $22.00 and set an "equal weight" rating on the stock in a report on Thursday, April 10th. Finally, Morgan Stanley cut their price target on Kennametal from $28.00 to $24.00 and set an "equal weight" rating for the company in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to MarketBeat.com, Kennametal presently has a consensus rating of "Hold" and a consensus target price of $26.00.

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Insider Buying and Selling at Kennametal

In related news, CEO Sanjay Chowbey bought 10,000 shares of the stock in a transaction dated Tuesday, February 11th. The shares were purchased at an average price of $21.75 per share, with a total value of $217,500.00. Following the completion of the acquisition, the chief executive officer now owns 77,595 shares of the company's stock, valued at $1,687,691.25. This represents a 14.79 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.41% of the company's stock.

Kennametal Price Performance

Shares of NYSE KMT traded up $0.02 during midday trading on Tuesday, reaching $19.09. The stock had a trading volume of 123,318 shares, compared to its average volume of 1,055,320. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 15.64, a price-to-earnings-growth ratio of 3.69 and a beta of 1.55. Kennametal Inc. has a 12-month low of $17.30 and a 12-month high of $32.18. The stock has a 50-day moving average of $21.28 and a 200-day moving average of $24.27. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.13 and a current ratio of 2.53.

Kennametal (NYSE:KMT - Get Free Report) last posted its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.27 by ($0.02). Kennametal had a net margin of 4.76% and a return on equity of 8.12%. As a group, research analysts anticipate that Kennametal Inc. will post 1.17 EPS for the current fiscal year.

Kennametal Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 25th. Shareholders of record on Tuesday, February 11th were paid a $0.20 dividend. The ex-dividend date was Tuesday, February 11th. This represents a $0.80 annualized dividend and a yield of 4.19%. Kennametal's payout ratio is 65.57%.

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.