Wellington Management Group LLP Cuts Position in Kennametal Inc. (NYSE:KMT)

Wellington Management Group LLP lowered its stake in shares of Kennametal Inc. (NYSE:KMT) by 15.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 5,309,148 shares of the industrial products company’s stock after selling 942,484 shares during the period. Wellington Management Group LLP owned about 0.07% of Kennametal worth $127,526,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in KMT. Pacer Advisors Inc. purchased a new position in shares of Kennametal in the fourth quarter valued at $59,207,000. Weiss Asset Management LP acquired a new stake in Kennametal in the 3rd quarter valued at about $10,295,000. American Century Companies Inc. increased its holdings in Kennametal by 13.8% during the 4th quarter. American Century Companies Inc. now owns 2,543,973 shares of the industrial products company’s stock valued at $61,106,000 after acquiring an additional 308,000 shares in the last quarter. Norges Bank acquired a new position in Kennametal during the fourth quarter worth about $5,543,000. Finally, Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Kennametal by 141.0% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 258,910 shares of the industrial products company’s stock valued at $6,714,000 after purchasing an additional 151,480 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on KMT. StockNews.com cut shares of Kennametal from a “buy” rating to a “hold” rating in a research note on Monday. Jefferies Financial Group downgraded Kennametal from a “buy” rating to a “hold” rating and dropped their price target for the stock from $40.00 to $32.00 in a research report on Friday, December 6th. Morgan Stanley reduced their price objective on Kennametal from $28.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 12th. Finally, Barclays dropped their price objective on Kennametal from $25.00 to $24.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 26th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $26.40.

Kennametal Trading Down 9.6 %

Shares of Kennametal stock opened at $19.84 on Friday. The firm has a market cap of $1.53 billion, a PE ratio of 16.26, a P/E/G ratio of 3.69 and a beta of 1.55. The company has a quick ratio of 1.13, a current ratio of 2.53 and a debt-to-equity ratio of 0.47. Kennametal Inc. has a fifty-two week low of $19.69 and a fifty-two week high of $32.18. The business’s fifty day moving average is $22.21 and its two-hundred day moving average is $24.74.

Kennametal (NYSE:KMT) last issued its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.02). Kennametal had a return on equity of 8.12% and a net margin of 4.76%. Analysts anticipate that Kennametal Inc. will post 1.17 earnings per share for the current year.

Kennametal Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 25th. Shareholders of record on Tuesday, February 11th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date was Tuesday, February 11th. Kennametal’s dividend payout ratio is currently 65.57%.

Insider Buying and Selling at Kennametal

In other news, CEO Sanjay Chowbey bought 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The shares were acquired at an average cost of $21.75 per share, with a total value of $217,500.00. Following the transaction, the chief executive officer now owns 77,595 shares of the company’s stock, valued at $1,687,691.25. This represents a 14.79 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.41% of the stock is owned by company insiders.

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.