Kennametal Inc. (NYSE:KMT) Shares Sold by State Street Corp

State Street Corp reduced its position in shares of Kennametal Inc. (NYSE:KMT - Free Report) by 1.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 2,967,344 shares of the industrial products company's stock after selling 50,485 shares during the quarter. State Street Corp owned about 3.82% of Kennametal worth $76,943,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of KMT. Dynamic Technology Lab Private Ltd bought a new stake in Kennametal during the third quarter worth approximately $804,000. Azarias Capital Management L.P. increased its position in shares of Kennametal by 34.9% during the 2nd quarter. Azarias Capital Management L.P. now owns 259,399 shares of the industrial products company's stock valued at $6,106,000 after purchasing an additional 67,139 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Kennametal by 1.0% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,051,503 shares of the industrial products company's stock valued at $48,292,000 after purchasing an additional 20,634 shares during the last quarter. Brandes Investment Partners LP raised its holdings in Kennametal by 35.1% during the 2nd quarter. Brandes Investment Partners LP now owns 2,332,993 shares of the industrial products company's stock valued at $54,798,000 after buying an additional 606,477 shares during the period. Finally, Deerfield Management Company L.P. Series C bought a new stake in Kennametal in the second quarter worth $1,202,000.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. StockNews.com cut shares of Kennametal from a "buy" rating to a "hold" rating in a research report on Thursday, November 7th. Loop Capital increased their price objective on shares of Kennametal from $24.00 to $26.00 and gave the stock a "hold" rating in a research report on Tuesday, November 19th. Jefferies Financial Group downgraded shares of Kennametal from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $40.00 to $32.00 in a research note on Friday, December 6th. Bank of America cut Kennametal from a "neutral" rating to an "underperform" rating and set a $26.00 target price on the stock. in a research note on Friday, October 18th. Finally, Morgan Stanley raised their price target on Kennametal from $24.50 to $28.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $26.83.

Insider Transactions at Kennametal

In other Kennametal news, VP Franklin Cardenas sold 20,470 shares of Kennametal stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $28.24, for a total value of $578,072.80. Following the transaction, the vice president now owns 39,581 shares in the company, valued at $1,117,767.44. The trade was a 34.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Wayne Witt sold 1,765 shares of the stock in a transaction dated Friday, November 22nd. The shares were 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 of the company's stock, valued at approximately $48,192.70. The trade was a 51.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.41% of the company's stock.

Kennametal Trading Down 4.0 %

Shares of Kennametal stock traded down $1.07 on Wednesday, hitting $25.42. 744,531 shares of the company traded hands, compared to its average volume of 715,107. The stock's 50 day moving average price is $27.22 and its 200-day moving average price is $25.60. The company has a market cap of $1.98 billion, a PE ratio of 19.86, a PEG ratio of 2.29 and a beta of 1.65. Kennametal Inc. has a 52 week low of $22.50 and a 52 week high of $32.18. The company has a current ratio of 2.52, a quick ratio of 1.16 and a debt-to-equity ratio of 0.45.

Kennametal (NYSE:KMT - Get Free Report) last posted its quarterly 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. The business had revenue of $481.90 million for the quarter, compared to the consensus estimate of $485.26 million. Kennametal had a return on equity of 8.35% and a net margin of 4.98%. The business's revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.41 EPS. Equities research analysts predict that Kennametal Inc. will post 1.44 EPS for the current year.

Kennametal Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $0.80 annualized dividend and a dividend yield of 3.15%. Kennametal's dividend payout ratio is currently 62.50%.

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.