Raymond James & Associates Sells 1,060 Shares of Kennametal Inc. (KMT)

Raymond James & Associates lowered its stake in shares of Kennametal Inc. (NYSE:KMT) by 3.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,841 shares of the industrial products company’s stock after selling 1,060 shares during the period. Raymond James & Associates’ holdings in Kennametal were worth $993,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Texas Permanent School Fund increased its stake in Kennametal by 4.6% during the 4th quarter. Texas Permanent School Fund now owns 53,727 shares of the industrial products company’s stock worth $1,788,000 after buying an additional 2,354 shares during the period. Bank of New York Mellon Corp grew its holdings in Kennametal by 0.7% during the 4th quarter. Bank of New York Mellon Corp now owns 1,913,432 shares of the industrial products company’s stock worth $63,678,000 after acquiring an additional 12,631 shares in the last quarter. ETRADE Capital Management LLC acquired a new position in Kennametal during the 4th quarter worth $444,000. Massachusetts Financial Services Co. MA grew its holdings in Kennametal by 21.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 678,843 shares of the industrial products company’s stock worth $22,592,000 after acquiring an additional 120,305 shares in the last quarter. Finally, BlackRock Inc. grew its holdings in Kennametal by 3.2% during the 4th quarter. BlackRock Inc. now owns 9,522,676 shares of the industrial products company’s stock worth $316,914,000 after acquiring an additional 293,975 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors.

In other news, VP Michelle R. Keating sold 1,890 shares of Kennametal stock in a transaction dated Wednesday, February 6th. The shares were sold at an average price of $37.51, for a total value of $70,893.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Peter A. Dragich sold 35,346 shares of Kennametal stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $38.59, for a total transaction of $1,364,002.14. The disclosure for this sale can be found here. Insiders sold a total of 39,501 shares of company stock valued at $1,520,807 over the last ninety days. Company insiders own 2.00% of the company’s stock.

Shares of NYSE KMT traded up $0.01 during midday trading on Wednesday, hitting $41.51. The company’s stock had a trading volume of 611,319 shares, compared to its average volume of 602,737. Kennametal Inc. has a 1-year low of $30.32 and a 1-year high of $45.10. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.31 and a current ratio of 2.72. The firm has a market capitalization of $3.41 billion, a PE ratio of 15.66, a price-to-earnings-growth ratio of 1.37 and a beta of 2.07.

Kennametal (NYSE:KMT) last posted its quarterly earnings results on Monday, February 4th. The industrial products company reported $0.71 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.03. Kennametal had a net margin of 9.50% and a return on equity of 19.73%. The business had revenue of $587.40 million during the quarter, compared to analyst estimates of $606.76 million. During the same period in the previous year, the business posted $0.52 EPS. The company’s quarterly revenue was up 2.8% on a year-over-year basis. Equities analysts forecast that Kennametal Inc. will post 3.13 earnings per share for the current year.

KMT has been the subject of several recent analyst reports. Barclays decreased their price objective on shares of Kennametal from $41.00 to $38.00 and set an “equal weight” rating for the company in a report on Monday, January 7th. ValuEngine raised shares of Kennametal from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Finally, Zacks Investment Research lowered shares of Kennametal from a “hold” rating to a “sell” rating in a report on Tuesday, January 29th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. Kennametal has a consensus rating of “Hold” and a consensus price target of $46.75.

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Kennametal Profile

Kennametal Inc develops and applies tungsten carbides, ceramics, super-hard materials, and solutions for use in metal cutting and mission-critical wear applications to combat extreme conditions related with wear fatigue, corrosion, and high temperatures worldwide. The company operates through three segments: Industrial, Widia, and Infrastructure.

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Institutional Ownership by Quarter for Kennametal (NYSE:KMT)

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