Ariel Investments buys $251.9 Million stake in Kennametal (KMT)

Kennametal (KMT) : Ariel Investments scooped up 288,380 additional shares in Kennametal during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 10,890,898 shares of Kennametal which is valued at $251.9 Million.Kennametal makes up approximately 3.09% of Ariel Investments’s portfolio.

Other Hedge Funds, Including , Clinton Group Inc added KMT to its portfolio by purchasing 12,795 company shares during the most recent quarter which is valued at $295,948. Kennametal makes up approx 0.02% of Clinton Group Inc’s portfolio.Mutual Of America Capital Management boosted its stake in KMT in the latest quarter, The investment management firm added 1,399 additional shares and now holds a total of 55,579 shares of Kennametal which is valued at $1.3 Million. Kennametal makes up approx 0.03% of Mutual Of America Capital Management’s portfolio. Nine Chapters Capital Management sold out all of its stake in KMT during the most recent quarter. The investment firm sold 50,500 shares of KMT which is valued $1.2 Million. Td Asset Management Inc sold out all of its stake in KMT during the most recent quarter. The investment firm sold 10,922 shares of KMT which is valued $259,398.

Kennametal opened for trading at $24.34 and hit $24.97 on the upside on Wednesday, eventually ending the session at $24.96, with a gain of 3.14% or 0.76 points. The heightened volatility saw the trading volume jump to 9,72,291 shares. Company has a market cap of $1,989 M.

On the company’s financial health, Kennametal reported $0.37 EPS for the quarter, beating the analyst consensus estimate by $ 0.14 according to the earnings call on May 2, 2016. Analyst had a consensus of $0.23. The company had revenue of $497.83 million for the quarter, compared to analysts expectations of $487.28 million. The company’s revenue was down -22.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.46 EPS.

Many Wall Street Analysts have commented on Kennametal. Company shares were Reiterated by Barrington Research on May 9, 2016 to “Outperform”, Firm has raised the Price Target to $ 28 from a previous price target of $25 .Kennametal was Downgraded by Stifel to ” Hold” on May 4, 2016. Kennametal was Downgraded by Longbow to ” Underperform” on Mar 18, 2016.

Kennametal Inc. (Kennametal) is a supplier of tooling engineered components and advanced materials consumed in production processes. The Company manages and reports its business in two segments: Industrial and Infrastructure. The Company provides wear-resistant products application engineering and services backed by material science serving customers across diverse sectors of industrial production transportation earthworks energy infrastructure and aerospace. The Company markets its products under the brands Kennametal and WIDIA. The Company’s product offering includes a selection of standard and customized technologies for metalworking such as metal cutting tools tooling systems and services as well as materials such as cemented tungsten carbide products super alloys coatings and investment castings to address customer demands. It offers these products through a range of channels to meet customer-specified needs.

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