International Assets Investment Management LLC Makes New Investment in Kennametal Inc. (NYSE:KMT)

International Assets Investment Management LLC bought a new position in shares of Kennametal Inc. (NYSE:KMT) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 23,351 shares of the industrial products company’s stock, valued at approximately $602,000.

Several other institutional investors and hedge funds also recently made changes to their positions in KMT. SG Americas Securities LLC boosted its stake in Kennametal by 635.2% in the 3rd quarter. SG Americas Securities LLC now owns 72,523 shares of the industrial products company’s stock worth $1,804,000 after purchasing an additional 62,659 shares during the period. ARK Investment Management LLC acquired a new position in Kennametal in the 3rd quarter worth $161,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Kennametal by 20.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,795 shares of the industrial products company’s stock worth $393,000 after purchasing an additional 2,705 shares during the period. Mackenzie Financial Corp boosted its stake in Kennametal by 3.5% in the 3rd quarter. Mackenzie Financial Corp now owns 15,223 shares of the industrial products company’s stock worth $371,000 after purchasing an additional 513 shares during the period. Finally, Inspire Investing LLC boosted its stake in Kennametal by 11.5% in the 3rd quarter. Inspire Investing LLC now owns 12,305 shares of the industrial products company’s stock worth $306,000 after purchasing an additional 1,265 shares during the period.

Insider Activity

In other news, VP John Wayne Witt sold 1,000 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $25.55, for a total value of $25,550.00. Following the sale, the vice president now directly owns 1,343 shares of the company’s stock, valued at approximately $34,313.65. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.79% of the stock is owned by insiders.

Wall Street Analyst Weigh In

KMT has been the subject of a number of research analyst reports. StockNews.com lowered shares of Kennametal from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. JPMorgan Chase & Co. reduced their target price on shares of Kennametal from $26.00 to $24.00 and set an “underweight” rating for the company in a research note on Thursday, February 8th. Morgan Stanley assumed coverage on shares of Kennametal in a research report on Monday, January 8th. They set an “equal weight” rating and a $24.00 price target on the stock. Finally, Barclays cut their price target on shares of Kennametal from $25.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 2nd. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $24.58.

Kennametal Trading Up 0.6 %

Shares of NYSE:KMT opened at $24.49 on Thursday. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.44 and a quick ratio of 1.06. The company’s 50-day moving average price is $24.42 and its two-hundred day moving average price is $24.34. The stock has a market capitalization of $1.94 billion, a PE ratio of 16.33, a price-to-earnings-growth ratio of 3.24 and a beta of 1.78. Kennametal Inc. has a one year low of $22.08 and a one year high of $30.60.

Kennametal (NYSE:KMT) last issued its earnings results on Wednesday, February 7th. The industrial products company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.05. The company had revenue of $495.30 million for the quarter, compared to analysts’ expectations of $498.99 million. Kennametal had a net margin of 5.86% and a return on equity of 9.94%. Kennametal’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.27 EPS. On average, equities analysts forecast that Kennametal Inc. will post 1.49 EPS for the current fiscal year.

Kennametal declared that its Board of Directors has approved a share buyback plan on Wednesday, February 7th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire up to 10.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Kennametal Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Stockholders of record on Tuesday, February 13th were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, February 12th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.27%. Kennametal’s payout ratio is 53.33%.

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.