Fisher Asset Management LLC Sells 534,071 Shares of Kennametal Inc. (NYSE:KMT)

Fisher Asset Management LLC cut its holdings in Kennametal Inc. (NYSE:KMT) by 20.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,039,680 shares of the industrial products company’s stock after selling 534,071 shares during the period. Fisher Asset Management LLC owned 2.56% of Kennametal worth $52,603,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Signaturefd LLC boosted its holdings in shares of Kennametal by 119.6% in the fourth quarter. Signaturefd LLC now owns 1,107 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 603 shares during the period. CWM LLC lifted its stake in Kennametal by 191.1% in the fourth quarter. CWM LLC now owns 1,767 shares of the industrial products company’s stock worth $46,000 after purchasing an additional 1,160 shares during the last quarter. GAMMA Investing LLC bought a new position in shares of Kennametal in the fourth quarter worth approximately $48,000. DekaBank Deutsche Girozentrale bought a new position in Kennametal during the 3rd quarter valued at approximately $62,000. Finally, Acadian Asset Management LLC bought a new stake in shares of Kennametal during the 3rd quarter valued at about $82,000.

Insider Buying and Selling

In other Kennametal news, VP John Wayne Witt sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $25.55, for a total transaction of $25,550.00. Following the completion of the transaction, the vice president now owns 1,343 shares in the company, valued at $34,313.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.61% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

KMT has been the topic of a number of recent analyst reports. Morgan Stanley began coverage on shares of Kennametal in a report on Monday, January 8th. They set an “equal weight” rating and a $24.00 price target on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Kennametal from $26.00 to $24.00 and set an “underweight” rating on the stock in a report on Thursday, February 8th. Barclays lowered their price objective on Kennametal from $25.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 2nd. Finally, StockNews.com raised shares of Kennametal from a “hold” rating to a “buy” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Kennametal has an average rating of “Hold” and an average price target of $24.58.

Kennametal Price Performance

Shares of Kennametal stock opened at $24.54 on Friday. 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 Inc. has a 12 month low of $22.08 and a 12 month high of $30.60. The stock has a 50 day moving average of $24.37 and a 200 day moving average of $24.32. The firm has a market cap of $1.95 billion, a PE ratio of 16.36, a PEG ratio of 3.24 and a beta of 1.76.

Kennametal (NYSE:KMT) last posted its quarterly earnings data on Wednesday, February 7th. The industrial products company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.05. The business had revenue of $495.30 million during the quarter, compared to analyst estimates of $498.99 million. Kennametal had a return on equity of 9.94% and a net margin of 5.86%. The company’s revenue for the quarter was down .4% on a year-over-year basis. During the same period last year, the company earned $0.27 EPS. On average, research analysts expect that Kennametal Inc. will post 1.49 EPS for the current fiscal year.

Kennametal declared that its Board of Directors has approved a share buyback program on Wednesday, February 7th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase up to 10.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Kennametal Company Profile

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.