Weiss Asset Management LP Makes New $10.30 Million Investment in Kennametal Inc. (NYSE:KMT)

Weiss Asset Management LP purchased a new stake in Kennametal Inc. (NYSE:KMT - Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 397,013 shares of the industrial products company's stock, valued at approximately $10,295,000. Weiss Asset Management LP owned 0.51% of Kennametal as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of KMT. Quarry LP boosted its stake in Kennametal by 198.9% during the 2nd quarter. Quarry LP now owns 1,058 shares of the industrial products company's stock valued at $25,000 after purchasing an additional 704 shares during the period. Canada Pension Plan Investment Board acquired a new stake in shares of Kennametal during the second quarter valued at approximately $28,000. Quest Partners LLC acquired a new stake in shares of Kennametal during the second quarter valued at approximately $44,000. Signaturefd LLC raised its holdings in shares of Kennametal by 98.7% during the third quarter. Signaturefd LLC now owns 2,029 shares of the industrial products company's stock valued at $53,000 after acquiring an additional 1,008 shares during the period. Finally, CWM LLC increased its stake in Kennametal by 46.7% in the 2nd quarter. CWM LLC now owns 3,049 shares of the industrial products company's stock valued at $72,000 after buying an additional 970 shares during the period.

Insider Activity

In related news, VP Franklin Cardenas sold 20,470 shares of Kennametal stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $28.24, for a total transaction of $578,072.80. Following the transaction, the vice president now owns 39,581 shares of the company's stock, valued at $1,117,767.44. This trade represents a 34.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Wayne Witt sold 1,765 shares of Kennametal stock in a transaction that occurred 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 transaction, 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 disclosure for this sale can be found here. Insiders own 1.41% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on KMT shares. Barclays boosted their target price on shares of Kennametal from $24.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Friday, August 9th. 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 report on Friday. StockNews.com cut shares of Kennametal from a "buy" rating to a "hold" rating in a research note on Thursday, November 7th. Loop Capital increased their price objective on shares of Kennametal from $24.00 to $26.00 and gave the company a "hold" rating in a research note on Tuesday, November 19th. Finally, Bank of America cut shares of Kennametal from a "neutral" rating to an "underperform" rating and set a $26.00 price objective for the company. in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, Kennametal presently has an average rating of "Hold" and a consensus target price of $26.17.

Kennametal Price Performance

Shares of Kennametal stock traded down $0.70 during mid-day trading on Friday, reaching $27.18. 581,212 shares of the stock were exchanged, compared to its average volume of 715,172. The company has a market cap of $2.11 billion, a price-to-earnings ratio of 21.78, a price-to-earnings-growth ratio of 2.40 and a beta of 1.65. The company has a current ratio of 2.52, a quick ratio of 1.16 and a debt-to-equity ratio of 0.45. The firm has a 50-day simple moving average of $26.99 and a 200 day simple moving average of $25.53. Kennametal Inc. has a fifty-two week low of $22.50 and a fifty-two week high of $32.18.

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

Kennametal Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.94%. The ex-dividend date was Tuesday, November 12th. Kennametal's dividend payout ratio (DPR) is presently 62.50%.

Kennametal Company 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.