Fisher Asset Management LLC Sells 32,378 Shares of Kennametal Inc. (NYSE:KMT)

Fisher Asset Management LLC reduced its stake in shares of Kennametal Inc. (NYSE:KMT) by 1.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,107,609 shares of the industrial products company’s stock after selling 32,378 shares during the period. Fisher Asset Management LLC owned about 2.71% of Kennametal worth $54,650,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of KMT. Covestor Ltd grew its holdings in Kennametal by 14.4% during the third quarter. Covestor Ltd now owns 3,753 shares of the industrial products company’s stock valued at $97,000 after purchasing an additional 472 shares during the period. Quarry LP lifted its position in shares of 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 buying an additional 704 shares during the last quarter. CWM LLC grew its stake in shares of Kennametal by 46.7% during the 2nd quarter. CWM LLC now owns 3,049 shares of the industrial products company’s stock worth $72,000 after acquiring an additional 970 shares during the period. Signaturefd LLC increased its holdings in Kennametal by 98.7% in the 3rd quarter. Signaturefd LLC now owns 2,029 shares of the industrial products company’s stock worth $53,000 after acquiring an additional 1,008 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Kennametal by 2.4% during the second quarter. The Manufacturers Life Insurance Company now owns 43,877 shares of the industrial products company’s stock valued at $1,033,000 after purchasing an additional 1,016 shares during the last quarter.

Analyst Ratings Changes

KMT has been the topic of several research reports. StockNews.com lowered shares of Kennametal from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Bank of America downgraded Kennametal from a “neutral” rating to an “underperform” rating and set a $26.00 target price on the stock. in a research report on Friday, October 18th. Barclays lifted their price target on Kennametal from $24.00 to $25.00 and gave the company an “equal weight” rating in a research report on Friday, August 9th. Finally, Loop Capital increased their price objective on Kennametal from $24.00 to $26.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $25.00.

Kennametal Stock Down 3.1 %

Shares of NYSE:KMT opened at $28.50 on Wednesday. The firm has a fifty day moving average price of $26.56 and a two-hundred day moving average price of $25.38. The company has a market cap of $2.22 billion, a price-to-earnings ratio of 22.27, a PEG ratio of 2.45 and a beta of 1.64. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.52 and a quick ratio of 1.16. Kennametal Inc. has a one year low of $22.50 and a one year high of $32.18.

Kennametal (NYSE:KMT) last posted its quarterly earnings data on Wednesday, November 6th. The industrial products company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.03. The company had revenue of $481.90 million during the quarter, compared to analyst estimates of $485.26 million. Kennametal had a return on equity of 8.35% and a net margin of 4.98%. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the company earned $0.41 earnings per share. Analysts anticipate that Kennametal Inc. will post 1.45 EPS for the current fiscal year.

Kennametal Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 26th. Investors of record on Tuesday, November 12th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date of this dividend was Tuesday, November 12th. Kennametal’s dividend payout ratio is currently 62.50%.

Insider Activity at Kennametal

In other news, VP John Wayne Witt sold 1,765 shares of the firm’s stock in a transaction on 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 owns 1,642 shares in the company, valued at approximately $48,192.70. This trade represents a 51.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.41% of the stock is currently owned by insiders.

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.