International Assets Investment Management LLC Makes New $602,000 Investment in Kennametal Inc. (NYSE:KMT)

International Assets Investment Management LLC purchased a new position in Kennametal Inc. (NYSE:KMT) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 23,351 shares of the industrial products company’s stock, valued at approximately $602,000.

A number of other hedge funds have also recently made changes to their positions in KMT. SG Americas Securities LLC grew its holdings in shares of Kennametal by 635.2% during the third quarter. SG Americas Securities LLC now owns 72,523 shares of the industrial products company’s stock valued at $1,804,000 after buying an additional 62,659 shares during the last quarter. ARK Investment Management LLC acquired a new position in shares of Kennametal during the third quarter valued at about $161,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Kennametal by 20.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,795 shares of the industrial products company’s stock valued at $393,000 after buying an additional 2,705 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Kennametal by 3.5% during the third quarter. Mackenzie Financial Corp now owns 15,223 shares of the industrial products company’s stock valued at $371,000 after buying an additional 513 shares during the last quarter. Finally, Inspire Investing LLC grew its holdings in shares of Kennametal by 11.5% during the third quarter. Inspire Investing LLC now owns 12,305 shares of the industrial products company’s stock valued at $306,000 after buying an additional 1,265 shares during the last quarter.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, VP John Wayne Witt sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $25.55, for a total transaction of $25,550.00. Following the sale, the vice president now owns 1,343 shares of the company’s stock, valued at approximately $34,313.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.79% of the stock is currently owned by insiders.

Kennametal Stock Up 0.6 %

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 is $24.42 and its 200 day moving average is $24.34. Kennametal Inc. has a fifty-two week low of $22.08 and a fifty-two week high of $30.60. The firm has a market capitalization of $1.94 billion, a P/E ratio of 16.33, a PEG ratio of 3.24 and a beta of 1.78.

Kennametal (NYSE:KMT) last released its quarterly earnings results on Wednesday, February 7th. The industrial products company reported $0.30 earnings per share 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 analyst estimates of $498.99 million. Kennametal had a net margin of 5.86% and a return on equity of 9.94%. The firm’s revenue was down .4% on a year-over-year basis. During the same period last year, the firm earned $0.27 earnings per share. Research analysts expect that Kennametal Inc. will post 1.49 earnings per share for the current fiscal year.

Kennametal Announces Dividend

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

Kennametal declared that its Board of Directors has approved a share buyback program 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 buy up to 10.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.