Kennametal Inc. (NYSE:KMT) Sees Significant Decrease in Short Interest

Kennametal Inc. (NYSE:KMT) was the recipient of a significant decrease in short interest in the month of July. As of July 31st, there was short interest totalling 2,645,300 shares, a decrease of 21.6% from the June 30th total of 3,375,300 shares. Based on an average daily trading volume, of 912,000 shares, the days-to-cover ratio is presently 2.9 days. Currently, 3.3% of the company’s shares are short sold.

Shares of KMT stock traded down $1.12 during trading hours on Monday, reaching $28.89. The company had a trading volume of 546,100 shares, compared to its average volume of 745,387. The company has a quick ratio of 1.34, a current ratio of 2.58 and a debt-to-equity ratio of 0.43. Kennametal has a twelve month low of $28.85 and a twelve month high of $45.10. The stock has a market capitalization of $2.59 billion, a P/E ratio of 9.57, a P/E/G ratio of 1.23 and a beta of 2.24. The company’s fifty day simple moving average is $34.08.

Kennametal (NYSE:KMT) last posted its earnings results on Monday, August 5th. The industrial products company reported $0.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.02). Kennametal had a net margin of 10.19% and a return on equity of 18.97%. The company had revenue of $603.95 million during the quarter, compared to analyst estimates of $643.95 million. During the same quarter last year, the business posted $0.87 EPS. Kennametal’s quarterly revenue was down 6.5% compared to the same quarter last year. Research analysts forecast that Kennametal will post 2.94 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, August 12th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.77%. Kennametal’s dividend payout ratio (DPR) is currently 26.49%.

Several brokerages have commented on KMT. Zacks Investment Research lowered Kennametal from a “hold” rating to a “sell” rating in a research note on Wednesday, May 8th. KeyCorp dropped their price target on Kennametal from $52.00 to $47.00 and set an “overweight” rating for the company in a research note on Wednesday, May 8th. Goldman Sachs Group lowered Kennametal from a “buy” rating to a “sell” rating and dropped their price target for the stock from $43.00 to $30.00 in a research note on Tuesday, July 16th. Bank of America dropped their price target on Kennametal from $30.00 to $27.00 and set an “underperform” rating for the company in a research note on Tuesday, August 6th. Finally, ValuEngine lowered Kennametal from a “hold” rating to a “sell” rating in a research note on Wednesday, July 3rd. Four research analysts have rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $40.67.

In related news, Director Lawrence W. Stranghoener sold 7,000 shares of the stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $31.98, for a total transaction of $223,860.00. Following the transaction, the director now directly owns 26,108 shares in the company, valued at $834,933.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.00% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Manchester Capital Management LLC acquired a new stake in Kennametal during the 1st quarter valued at approximately $29,000. Manchester Financial Inc. bought a new position in Kennametal during the 2nd quarter worth approximately $30,000. Advisory Services Network LLC bought a new position in Kennametal during the 2nd quarter worth approximately $31,000. First Mercantile Trust Co. bought a new position in Kennametal during the 1st quarter worth approximately $53,000. Finally, Quantamental Technologies LLC bought a new position in Kennametal during the 2nd quarter worth approximately $72,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Kennametal Company 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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