Renaissance Technologies LLC Sells 84,499 Shares of Kennametal Inc. (NYSE:KMT)

Renaissance Technologies LLC trimmed its holdings in Kennametal Inc. (NYSE:KMT) by 26.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 230,901 shares of the industrial products company’s stock after selling 84,499 shares during the quarter. Renaissance Technologies LLC owned about 0.30% of Kennametal worth $5,546,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in KMT. Brandes Investment Partners LP grew its stake in shares of Kennametal by 3.1% during the fourth quarter. Brandes Investment Partners LP now owns 2,573,638 shares of the industrial products company’s stock valued at $61,819,000 after purchasing an additional 78,149 shares during the last quarter. American Century Companies Inc. boosted its position in Kennametal by 13.8% in the 4th quarter. American Century Companies Inc. now owns 2,543,973 shares of the industrial products company’s stock valued at $61,106,000 after buying an additional 308,000 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in shares of Kennametal in the 4th quarter valued at $59,207,000. Geode Capital Management LLC raised its position in shares of Kennametal by 1.0% during the third quarter. Geode Capital Management LLC now owns 1,815,939 shares of the industrial products company’s stock worth $47,096,000 after acquiring an additional 17,265 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Kennametal by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,479,599 shares of the industrial products company’s stock valued at $35,540,000 after acquiring an additional 56,104 shares during the period.

Insider Buying and Selling

In other Kennametal news, CEO Sanjay Chowbey bought 10,000 shares of Kennametal stock in a transaction that occurred on Tuesday, February 11th. The stock was acquired at an average price of $21.75 per share, for a total transaction of $217,500.00. Following the completion of the acquisition, the chief executive officer now owns 77,595 shares of the company’s stock, valued at $1,687,691.25. This trade represents a 14.79 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.41% of the stock is owned by corporate insiders.

Kennametal Stock Performance

KMT stock opened at $18.64 on Monday. Kennametal Inc. has a 1-year low of $17.30 and a 1-year high of $32.18. The business’s 50-day moving average price is $21.02 and its two-hundred day moving average price is $24.08. The firm has a market cap of $1.44 billion, a PE ratio of 15.28, a P/E/G ratio of 3.69 and a beta of 1.55. The company has a current ratio of 2.53, a quick ratio of 1.13 and a debt-to-equity ratio of 0.47.

Kennametal (NYSE:KMT) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $0.25 EPS for the quarter, missing the consensus estimate 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 earnings per share for the current year.

Kennametal Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 25th. Shareholders of record on Tuesday, February 11th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.29%. The ex-dividend date of this dividend was Tuesday, February 11th. Kennametal’s dividend payout ratio is 65.57%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on KMT. StockNews.com lowered shares of Kennametal from a “buy” rating to a “hold” rating in a research note on Wednesday, April 9th. Barclays dropped their target price on shares of Kennametal from $24.00 to $22.00 and set an “equal weight” rating for the company in a research report on Thursday, April 10th. Finally, Morgan Stanley dropped their price objective on Kennametal from $24.00 to $20.00 and set an “equal weight” rating for the company in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $25.20.

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.