ARK Investment Management LLC Sells 735 Shares of Kennametal Inc. (NYSE:KMT)

ARK Investment Management LLC decreased its holdings in shares of Kennametal Inc. (NYSE:KMT) by 12.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,016 shares of the industrial products company’s stock after selling 735 shares during the period. ARK Investment Management LLC’s holdings in Kennametal were worth $118,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in KMT. Brandes Investment Partners LP raised its holdings in shares of Kennametal by 1,186.7% in the 4th quarter. Brandes Investment Partners LP now owns 890,034 shares of the industrial products company’s stock valued at $22,954,000 after acquiring an additional 820,864 shares in the last quarter. Norges Bank bought a new stake in Kennametal during the fourth quarter valued at approximately $15,400,000. Wellington Management Group LLP grew its stake in Kennametal by 7.8% in the 4th quarter. Wellington Management Group LLP now owns 4,240,814 shares of the industrial products company’s stock worth $109,371,000 after buying an additional 305,542 shares in the last quarter. Azarias Capital Management L.P. purchased a new position in Kennametal in the first quarter worth $4,795,000. Finally, Burgundy Asset Management Ltd. boosted its holdings in shares of Kennametal by 3.7% in the 4th quarter. Burgundy Asset Management Ltd. now owns 4,852,273 shares of the industrial products company’s stock worth $125,140,000 after purchasing an additional 173,023 shares in the last quarter.

Insider Activity at Kennametal

In other news, CEO Sanjay Chowbey acquired 5,000 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was acquired at an average price of $24.28 per share, for a total transaction of $121,400.00. Following the completion of the acquisition, the chief executive officer now owns 49,270 shares in the company, valued at $1,196,275.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.61% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on KMT. StockNews.com raised Kennametal from a “hold” rating to a “buy” rating in a research note on Tuesday, August 13th. Barclays raised their price target on Kennametal from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Friday, August 9th. Finally, Loop Capital boosted their price objective on Kennametal from $22.00 to $24.00 and gave the company a “hold” rating in a research report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Kennametal currently has a consensus rating of “Hold” and an average price target of $24.17.

Kennametal Trading Down 0.8 %

Shares of KMT stock traded down $0.20 during trading hours on Tuesday, reaching $25.70. The company’s stock had a trading volume of 259,497 shares, compared to its average volume of 667,645. The company has a current ratio of 2.42, a quick ratio of 1.09 and a debt-to-equity ratio of 0.46. Kennametal Inc. has a one year low of $22.08 and a one year high of $27.05. The stock has a market capitalization of $2.02 billion, a P/E ratio of 19.07, a P/E/G ratio of 2.37 and a beta of 1.66. The firm’s fifty day simple moving average is $24.33 and its 200 day simple moving average is $24.55.

Kennametal (NYSE:KMT) last released its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.05. Kennametal had a net margin of 5.29% and a return on equity of 9.35%. The business had revenue of $543.31 million for the quarter, compared to analysts’ expectations of $532.72 million. During the same quarter in the previous year, the business posted $0.51 earnings per share. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. Equities research analysts expect that Kennametal Inc. will post 1.45 EPS for the current year.

Kennametal Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th will be issued a $0.20 dividend. The ex-dividend date is Tuesday, August 13th. This represents a $0.80 annualized dividend and a yield of 3.11%. Kennametal’s dividend payout ratio (DPR) is presently 59.26%.

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.