Kennametal (NYSE:KMT) Stock: Insider Patrick Watson Purchases 2,000 Shares

Kennametal Inc. (NYSE:KMT) CFO Patrick Watson bought 2,000 shares of the stock in a transaction dated Friday, November 6th. The shares were acquired at an average price of $23.50 per share, with a total value of $47,000.00. Following the completion of the acquisition, the chief financial officer directly owned 98,523 shares of the company’s stock, valued at approximately $2,315,290.50. The trade was a 2.07% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Kennametal Stock Performance

Kennametal stock opened at $24.08 on Wednesday. Kennametal Inc. has a twelve month low of $22.65 and a twelve month high of $43.81. The company has a quick ratio of 1.24, a current ratio of 3.45 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $1.86 billion, a P/E ratio of 3.18, a PEG ratio of 0.22 and a beta of 1.30. The stock’s 50 day moving average is $29.89 and its 200 day moving average is $34.31.

Kennametal (NYSE:KMT) last posted its quarterly earnings results on Wednesday, November 4th. The industrial products company reported $3.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.65 by $0.83. Kennametal had a return on equity of 38.40% and a net margin of 22.49%. The firm had revenue of $768.19 million during the quarter, compared to analyst estimates of $770.36 million. During the same quarter in the previous year, the firm earned $0.34 EPS. Kennametal’s quarterly revenue was up 54.3% compared to the same quarter last year. On average, equities research analysts predict that Kennametal Inc. will post 5.18 earnings per share for the current fiscal year.

Kennametal Dividend Announcement

The business 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 $0.20 dividend. The ex-dividend date is Monday, November 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.3%. Kennametal’s payout ratio is currently 10.55%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Weiss Ratings downgraded shares of Kennametal from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, October 23rd. Morgan Stanley downgraded Kennametal from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $31.00 to $27.00 in a research note on Monday, August 10th. DA Davidson reduced their price target on shares of Kennametal from $34.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, August 11th. Wall Street Zen cut shares of Kennametal from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, UBS Group lowered their price objective on shares of Kennametal from $39.00 to $35.00 and set a “neutral” rating on the stock in a research note on Monday, August 10th. Five 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 company currently has a consensus rating of “Reduce” and a consensus target price of $33.07.

Institutional Investors Weigh In On Kennametal

Several hedge funds and other institutional investors have recently modified their holdings of KMT. BlackRock Inc. bought a new stake in Kennametal during the second quarter valued at about $440,446,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Kennametal by 15.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,298,349 shares of the industrial products company’s stock worth $83,039,000 after purchasing an additional 307,209 shares during the period. William Blair Investment Management LLC bought a new position in shares of Kennametal in the second quarter worth approximately $69,614,000. Medina Value Partners LLC purchased a new stake in shares of Kennametal in the second quarter worth $43,007,296. Finally, NFJ Investment Group LLC purchased a new stake in shares of Kennametal in the second quarter worth $36,202,000.

Kennametal Company Profile

Kennametal Inc. is an industrial technology company that develops and manufactures metal-cutting tools, tooling systems, and wear-resistant products. Its products use materials such as tungsten carbide and advanced ceramics to help customers machine components and protect equipment used in demanding operating conditions. The company serves industries including aerospace, transportation, energy, general engineering, and earthworks. Its products and services include cutting tools and related tooling, engineered components, and wear solutions for industrial applications.