Insider Buying: Kennametal (NYSE:KMT) CEO Purchases 7,000 Shares of Stock

Kennametal Inc. (NYSE:KMT) CEO Sanjay Chowbey purchased 7,000 shares of the business’s stock in a transaction dated Thursday, November 5th. The shares were purchased at an average cost of $23.62 per share, for a total transaction of $165,340.00. Following the completion of the purchase, the chief executive officer directly owned 280,957 shares of the company’s stock, valued at approximately $6,636,204.34. This represents a 2.56% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Sanjay Chowbey also recently made the following trade(s):

• On Thursday, September 10th, Sanjay Chowbey purchased 7,000 shares of Kennametal stock. The shares were purchased at an average price of $29.10 per share, for a total transaction of $203,700.00.

Kennametal Trading Down 0.3%

Shares of Kennametal stock traded down $0.08 on Friday, hitting $23.14. The stock had a trading volume of 2,316,370 shares, compared to its average volume of 1,426,016. The stock has a 50 day moving average of $30.24 and a 200 day moving average of $34.47. Kennametal Inc. has a twelve month low of $22.65 and a twelve month high of $43.81. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.98 and a current ratio of 3.45. The firm has a market capitalization of $1.77 billion, a P/E ratio of 3.04, a PEG ratio of 0.24 and a beta of 1.30.

Kennametal (NYSE:KMT) last issued its quarterly earnings data on Wednesday, November 4th. The industrial products company reported $3.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.65 by $0.83. Kennametal had a net margin of 22.49% and a return on equity of 38.40%. The business had revenue of $768.19 million during the quarter, compared to analyst estimates of $770.36 million. During the same quarter last year, the business earned $0.34 EPS. The firm’s quarterly revenue was up 54.3% on a year-over-year basis. Sell-side analysts expect that Kennametal Inc. will post 5.18 earnings per share for the current fiscal year.

Kennametal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Stockholders of record on Monday, November 9th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, November 9th. This represents a $0.80 annualized dividend and a dividend yield of 3.5%. Kennametal’s dividend payout ratio (DPR) is presently 18.18%.

Institutional Trading of Kennametal

A number of institutional investors have recently bought and sold shares of KMT. Maryland State Retirement & Pension System raised its position in shares of Kennametal by 53.6% in the 3rd quarter. Maryland State Retirement & Pension System now owns 17,099 shares of the industrial products company’s stock worth $526,000 after acquiring an additional 5,970 shares in the last quarter. Fulcrum Asset Management LLP lifted its stake in shares of Kennametal by 3,904.0% in the 3rd quarter. Fulcrum Asset Management LLP now owns 6,006 shares of the industrial products company’s stock valued at $186,000 after purchasing an additional 5,856 shares during the period. M Holdings Securities Inc. acquired a new position in shares of Kennametal in the 3rd quarter valued at about $214,000. Parallel Advisors LLC boosted its position in shares of Kennametal by 235.8% during the 3rd quarter. Parallel Advisors LLC now owns 5,581 shares of the industrial products company’s stock valued at $172,000 after purchasing an additional 3,919 shares in the last quarter. Finally, Alps Advisors Inc. bought a new stake in shares of Kennametal during the 3rd quarter valued at about $4,656,000.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. DA Davidson cut their price target on shares of Kennametal from $34.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, August 11th. Weiss Ratings downgraded Kennametal from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 23rd. Morgan Stanley cut Kennametal from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $31.00 to $27.00 in a report on Monday, August 10th. UBS Group decreased their target price on shares of Kennametal from $39.00 to $35.00 and set a “neutral” rating for the company in a research report on Monday, August 10th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Kennametal from $30.00 to $27.00 and set an “underweight” rating for the company in a report on Thursday. Five research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $33.07.

Kennametal Company Profile

Kennametal Inc (NYSE: KMT) is a global industrial technology company that develops and manufactures tooling, engineered components and wear-resistant solutions. Its products are designed to help customers improve productivity, durability and performance in demanding manufacturing and industrial applications.

The company’s offerings include metal-cutting tools and systems, tooling components, advanced materials, and products made with hard metals and other wear-resistant technologies. Kennametal also provides engineered solutions for applications such as machining, earthworks, energy production, transportation, aerospace, defense and general engineering.

Founded in 1938 by Philip M.