Mackenzie Financial Corp Sells 692 Shares of Kennametal Inc. (NYSE:KMT)

Mackenzie Financial Corp trimmed its position in Kennametal Inc. (NYSE:KMT) by 4.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,531 shares of the industrial products company’s stock after selling 692 shares during the period. Mackenzie Financial Corp’s holdings in Kennametal were worth $375,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Louisiana State Employees Retirement System bought a new stake in shares of Kennametal during the 4th quarter worth $1,026,000. International Assets Investment Management LLC bought a new stake in shares of Kennametal during the 4th quarter worth $602,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Kennametal by 4.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 36,768 shares of the industrial products company’s stock worth $948,000 after acquiring an additional 1,437 shares during the last quarter. Tudor Investment Corp Et Al lifted its holdings in shares of Kennametal by 10.8% during the 3rd quarter. Tudor Investment Corp Et Al now owns 198,026 shares of the industrial products company’s stock worth $4,927,000 after acquiring an additional 19,274 shares during the last quarter. Finally, GSA Capital Partners LLP lifted its holdings in shares of Kennametal by 541.0% during the 3rd quarter. GSA Capital Partners LLP now owns 86,155 shares of the industrial products company’s stock worth $2,144,000 after acquiring an additional 72,715 shares during the last quarter.

Insider Activity at Kennametal

In related news, VP John Wayne Witt sold 1,000 shares of the business’s stock in a transaction dated 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 $34,313.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.61% of the stock is owned by corporate insiders.

Kennametal Price Performance

KMT stock opened at $24.04 on Friday. The firm’s 50-day moving average price is $24.38 and its two-hundred day moving average price is $24.33. Kennametal Inc. has a 12-month low of $22.08 and a 12-month high of $30.60. The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of 16.03, a PEG ratio of 3.19 and a beta of 1.78. The company has a current ratio of 2.44, a quick ratio of 1.06 and a debt-to-equity ratio of 0.45.

Kennametal (NYSE:KMT) last released its quarterly earnings data on Wednesday, February 7th. The industrial products company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.05. Kennametal had a net margin of 5.86% and a return on equity of 9.94%. The firm had revenue of $495.30 million for the quarter, compared to analysts’ expectations of $498.99 million. During the same quarter in the previous year, the company earned $0.27 earnings per share. The company’s revenue for the quarter was down .4% compared to the same quarter last year. As a group, equities analysts predict that Kennametal Inc. will post 1.49 earnings per share for the current year.

Kennametal announced that its board has approved a stock repurchase program on Wednesday, February 7th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the industrial products company to buy up to 10.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Kennametal Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 27th. Investors of record on Tuesday, February 13th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.33%. The ex-dividend date was Monday, February 12th. Kennametal’s dividend payout ratio is currently 53.33%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Barclays dropped 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. decreased their target price 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. Morgan Stanley started coverage on shares of Kennametal in a research report on Monday, January 8th. They issued an “equal weight” rating and a $24.00 target price on the stock. Finally, StockNews.com cut shares of Kennametal from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $24.58.

About Kennametal

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.