Corebridge Financial Inc. Sells 3,974 Shares of Kennametal Inc. (NYSE:KMT)

Corebridge Financial Inc. decreased its stake in Kennametal Inc. (NYSE:KMT) by 8.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,452 shares of the industrial products company’s stock after selling 3,974 shares during the period. Corebridge Financial Inc. owned 0.05% of Kennametal worth $996,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in KMT. FMR LLC increased its position in Kennametal by 395.8% during the 3rd quarter. FMR LLC now owns 16,561 shares of the industrial products company’s stock valued at $429,000 after purchasing an additional 13,221 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of Kennametal by 2.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 90,793 shares of the industrial products company’s stock valued at $2,354,000 after purchasing an additional 1,975 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Kennametal by 1.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 171,373 shares of the industrial products company’s stock worth $4,444,000 after buying an additional 2,401 shares during the period. Verition Fund Management LLC bought a new position in Kennametal during the third quarter worth $1,117,000. Finally, Centiva Capital LP acquired a new position in Kennametal in the third quarter valued at $230,000.

Wall Street Analyst Weigh In

KMT has been the subject of several research analyst reports. Barclays lowered their price objective on Kennametal from $25.00 to $24.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 26th. Jefferies Financial Group downgraded Kennametal from a “buy” rating to a “hold” rating and lowered their target price for the stock from $40.00 to $32.00 in a report on Friday, December 6th. Morgan Stanley cut their price target on Kennametal from $28.00 to $24.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 12th. Finally, StockNews.com downgraded shares of Kennametal from a “buy” rating to a “hold” rating in a research report on Monday, March 31st. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $26.40.

Kennametal Stock Down 3.7 %

Shares of NYSE:KMT opened at $19.10 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.13 and a current ratio of 2.53. Kennametal Inc. has a 52-week low of $18.61 and a 52-week high of $32.18. The business’s 50 day simple moving average is $22.11 and its two-hundred day simple moving average is $24.70. The firm has a market cap of $1.48 billion, a P/E ratio of 15.66, a PEG ratio of 3.69 and a beta of 1.55.

Kennametal (NYSE:KMT) last issued its earnings results on Wednesday, February 5th. The industrial products company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.02). Kennametal had a return on equity of 8.12% and a net margin of 4.76%. As a group, research analysts forecast that Kennametal Inc. will post 1.17 EPS for the current fiscal year.

Kennametal Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 25th. Investors of record on Tuesday, February 11th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, February 11th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.19%. Kennametal’s dividend payout ratio is presently 65.57%.

Insider Activity at Kennametal

In related news, CEO Sanjay Chowbey purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was acquired at an average cost of $21.75 per share, with a total value of $217,500.00. Following the transaction, the chief executive officer now owns 77,595 shares of the company’s stock, valued at $1,687,691.25. This represents a 14.79 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.41% of the stock is owned by 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.