Ariel Investments Lowers stake in Kennametal (KMT)

Kennametal (KMT) : Ariel Investments reduced its stake in Kennametal by 4.59% during the most recent quarter end. The investment management company now holds a total of 10,390,755 shares of Kennametal which is valued at $296,656,055 after selling 500,143 shares in Kennametal , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Kennametal makes up approximately 3.49% of Ariel Investments’s portfolio.

Other Hedge Funds, Including , Wellington Management Group Llp reduced its stake in KMT by selling 25,490 shares or 29.05% in the most recent quarter. The Hedge Fund company now holds 62,246 shares of KMT which is valued at $1,777,123. Marshall Wace Llp sold out all of its stake in KMT during the most recent quarter. The investment firm sold 58,551 shares of KMT which is valued $1,671,631. Finemark National Bank Trust added KMT to its portfolio by purchasing 65 company shares during the most recent quarter which is valued at $1,873. Neuberger Berman Group added KMT to its portfolio by purchasing 13,902 company shares during the most recent quarter which is valued at $383,278.California State Teachers Retirement System reduced its stake in KMT by selling 7,408 shares or 4.28% in the most recent quarter. The Hedge Fund company now holds 165,704 shares of KMT which is valued at $4,333,160. Kennametal makes up approx 0.01% of California State Teachers Retirement System’s portfolio.

Kennametal closed down -0.22 points or -0.79% at $27.74 with 9,15,706 shares getting traded on Thursday. Post opening the session at $28, the shares hit an intraday low of $27.4 and an intraday high of $28 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Kennametal reported $0.44 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Aug 1, 2016. Analyst had a consensus of $0.43. The company had revenue of $521.20 million for the quarter, compared to analysts expectations of $518.96 million. The company’s revenue was down -18.3 % 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. Seaport Global Securities Downgraded Kennametal on Aug 18, 2016 to ” Neutral”, Price Target of the shares are set at $28.Company shares were Reiterated by Barrington Research on Aug 3, 2016 to “Outperform”, Firm has raised the Price Target to $ 31 from a previous price target of $28 .Kennametal was Downgraded by BofA/Merrill to ” Underperform” on Jul 7, 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.

Leave a Reply

Kennametal - Is it time to Sell?

Top Brokerage Firms are advising their investors on Kennametal. Subscribe to MoneyFlowIndex.Org Pre-Market Alerts, You will be the first to know the street buzz.