Weiss Asset Management LP Takes Position in Kennametal Inc. (NYSE:KMT)

Weiss Asset Management LP acquired a new stake in Kennametal Inc. (NYSE:KMT) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 397,013 shares of the industrial products company’s stock, valued at approximately $10,295,000. Weiss Asset Management LP owned approximately 0.51% of Kennametal as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Petrus Trust Company LTA acquired a new position in Kennametal during the third quarter worth about $671,000. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of Kennametal by 141.0% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 258,910 shares of the industrial products company’s stock worth $6,714,000 after purchasing an additional 151,480 shares during the last quarter. Holocene Advisors LP grew its position in shares of Kennametal by 24.7% in the third quarter. Holocene Advisors LP now owns 93,186 shares of the industrial products company’s stock valued at $2,416,000 after purchasing an additional 18,432 shares in the last quarter. Centiva Capital LP acquired a new stake in shares of Kennametal in the third quarter valued at approximately $230,000. Finally, Verition Fund Management LLC purchased a new position in Kennametal during the third quarter worth approximately $1,117,000.

Wall Street Analyst Weigh In

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

Kennametal Trading Down 1.3 %

NYSE KMT opened at $27.88 on Friday. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of 21.78, a PEG ratio of 2.40 and a beta of 1.65. Kennametal Inc. has a one year low of $22.50 and a one year high of $32.18. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.16 and a current ratio of 2.52. The firm has a 50 day simple moving average of $26.99 and a 200-day simple moving average of $25.53.

Kennametal (NYSE:KMT) last announced its quarterly earnings results on Wednesday, November 6th. The industrial products company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.26 by $0.03. Kennametal had a net margin of 4.98% and a return on equity of 8.35%. The firm had revenue of $481.90 million for the quarter, compared to analyst estimates of $485.26 million. During the same period last year, the business earned $0.41 EPS. Kennametal’s revenue for the quarter was down 2.2% compared to the same quarter last year. Equities research analysts anticipate 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 given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.87%. Kennametal’s dividend payout ratio (DPR) is presently 62.50%.

Insider Buying and Selling

In other news, VP John Wayne Witt sold 1,765 shares of the 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 completion of the transaction, the vice president now directly owns 1,642 shares of the company’s stock, valued at approximately $48,192.70. This represents a 51.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.41% of the stock is owned by company insiders.

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.