Fmr LLC Reduces Holdings in Kennametal Inc. (KMT)

Fmr LLC cut its holdings in Kennametal Inc. (NYSE:KMT) by 15.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,244,285 shares of the industrial products company’s stock after selling 221,248 shares during the quarter. Fmr LLC owned about 1.54% of Kennametal worth $46,561,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. Vanguard Group Inc. raised its position in Kennametal by 18.0% in the second quarter. Vanguard Group Inc. now owns 8,290,187 shares of the industrial products company’s stock worth $310,219,000 after acquiring an additional 1,263,163 shares in the last quarter. Northern Trust Corp raised its position in Kennametal by 8.8% in the second quarter. Northern Trust Corp now owns 1,379,715 shares of the industrial products company’s stock worth $51,628,000 after acquiring an additional 111,691 shares in the last quarter. GSA Capital Partners LLP raised its position in Kennametal by 81.2% in the second quarter. GSA Capital Partners LLP now owns 26,908 shares of the industrial products company’s stock worth $1,007,000 after acquiring an additional 12,061 shares in the last quarter. Nicholas Investment Partners LP raised its position in Kennametal by 15.8% in the second quarter. Nicholas Investment Partners LP now owns 225,282 shares of the industrial products company’s stock worth $8,431,000 after acquiring an additional 30,816 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in Kennametal by 1.3% in the second quarter. PNC Financial Services Group Inc. now owns 16,606 shares of the industrial products company’s stock worth $622,000 after acquiring an additional 215 shares in the last quarter. Hedge funds and other institutional investors own 96.86% of the company’s stock.

Kennametal Inc. (NYSE KMT) opened at 42.36 on Wednesday. Kennametal Inc. has a 1-year low of $26.79 and a 1-year high of $43.09. The firm’s 50-day moving average price is $38.35 and its 200 day moving average price is $38.28. The stock has a market cap of $3.42 billion, a PE ratio of 69.44 and a beta of 1.94.

Kennametal (NYSE:KMT) last issued its earnings results on Wednesday, August 2nd. The industrial products company reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.08). The firm had revenue of $565.03 million during the quarter, compared to the consensus estimate of $562.16 million. Kennametal had a return on equity of 12.51% and a net margin of 2.39%. The company’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.44 EPS. Equities research analysts expect that Kennametal Inc. will post $2.21 EPS for the current year.

Several brokerages have commented on KMT. Zacks Investment Research upgraded shares of Kennametal from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research report on Friday, August 4th. BMO Capital Markets restated a “hold” rating and set a $45.00 price objective on shares of Kennametal in a report on Wednesday, August 23rd. Jefferies Group LLC restated a “buy” rating and set a $50.00 price objective on shares of Kennametal in a report on Thursday, September 21st. J P Morgan Chase & Co upgraded Kennametal from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $40.00 to $43.00 in a report on Thursday, August 17th. Finally, BidaskClub downgraded Kennametal from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $43.95.

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In related news, insider Christopher Rossi acquired 29,880 shares of the company’s stock in a transaction on Friday, August 18th. The stock was acquired at an average price of $33.46 per share, with a total value of $999,784.80. Following the acquisition, the insider now directly owns 29,850 shares of the company’s stock, valued at $998,781. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Charles Michael Jr. Byrnes acquired 1,900 shares of the company’s stock in a transaction on Friday, August 18th. The shares were bought at an average cost of $33.00 per share, with a total value of $62,700.00. The disclosure for this purchase can be found here. Corporate insiders own 2.00% of the company’s stock.

About Kennametal

Kennametal Inc is a supplier of tooling, engineered components and materials consumed in production processes. The Company operates through two segments: Industrial and Infrastructure. The Industrial segment generally serves customers that operate in industrial end markets, such as transportation, general engineering, aerospace and defense.

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Institutional Ownership by Quarter for Kennametal (NYSE:KMT)

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