Geode Capital Management LLC Grows Stock Position in Kennametal Inc. (NYSE:KMT)

Geode Capital Management LLC raised its holdings in shares of Kennametal Inc. (NYSE:KMT) by 1.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,815,939 shares of the industrial products company’s stock after purchasing an additional 17,265 shares during the period. Geode Capital Management LLC’s holdings in Kennametal were worth $47,096,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Barclays PLC increased its stake in shares of Kennametal by 95.6% during the 3rd quarter. Barclays PLC now owns 163,670 shares of the industrial products company’s stock worth $4,244,000 after purchasing an additional 79,992 shares in the last quarter. Dean Investment Associates LLC boosted its stake in shares of Kennametal by 12.3% during the third quarter. Dean Investment Associates LLC now owns 116,297 shares of the industrial products company’s stock valued at $3,016,000 after acquiring an additional 12,736 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Kennametal during the third quarter worth about $489,000. Jane Street Group LLC grew its stake in Kennametal by 113.7% in the 3rd quarter. Jane Street Group LLC now owns 191,151 shares of the industrial products company’s stock worth $4,957,000 after acquiring an additional 101,711 shares during the period. Finally, Wellington Management Group LLP raised its holdings in Kennametal by 33.5% in the 3rd quarter. Wellington Management Group LLP now owns 6,251,632 shares of the industrial products company’s stock valued at $162,105,000 after acquiring an additional 1,567,867 shares during the last quarter.

Wall Street Analyst Weigh In

KMT has been the subject of a number of recent analyst reports. Jefferies Financial Group downgraded Kennametal from a “buy” rating to a “hold” rating and lowered their price objective for the company from $40.00 to $32.00 in a research report on Friday, December 6th. Morgan Stanley increased their price objective on shares of Kennametal from $24.50 to $28.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. StockNews.com downgraded shares of Kennametal from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Loop Capital upped their price target 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. Finally, Bank of America lowered Kennametal from a “neutral” rating to an “underperform” rating and set a $26.00 price objective on the stock. in a research note on Friday, October 18th. Two investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $26.83.

Kennametal Stock Performance

NYSE:KMT opened at $24.44 on Tuesday. 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 1-year low of $22.50 and a 1-year high of $32.18. The firm has a 50-day moving average of $27.19 and a two-hundred day moving average of $25.60. The stock has a market cap of $1.90 billion, a P/E ratio of 19.09, a PEG ratio of 2.29 and a beta of 1.65.

Kennametal (NYSE:KMT) last posted its quarterly earnings data on Wednesday, November 6th. The industrial products company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.03. The firm had revenue of $481.90 million for the quarter, compared to the consensus estimate of $485.26 million. Kennametal had a net margin of 4.98% and a return on equity of 8.35%. The firm’s revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 EPS. On average, research analysts expect that Kennametal Inc. will post 1.44 earnings per share for the current fiscal year.

Kennametal Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 26th. Shareholders of record on Tuesday, November 12th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend was Tuesday, November 12th. Kennametal’s dividend payout ratio is presently 62.50%.

Insider Transactions at Kennametal

In other news, VP John Wayne Witt sold 1,765 shares of the company’s 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 completion of the transaction, the vice president now owns 1,642 shares in the company, valued at approximately $48,192.70. This represents a 51.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Franklin Cardenas sold 20,470 shares of Kennametal stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $28.24, for a total transaction of $578,072.80. Following the completion of the sale, the vice president now owns 39,581 shares in the company, valued at approximately $1,117,767.44. This represents a 34.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.41% of the company’s stock.

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.