Kennametal Inc (NYSE:KMT).
Appaloosa Lp says it increased its position in Kennametal Inc by 471,639 shares in its quarterly SEC filing. Its position was valued at $72,631,000 an increase of 46.1% according to the filing.
Appaloosa Lp isn’t the only one who has changed their investment in KMT. First Mercantile Trust Co trimmed its ownership by selling 139 shares a decrease of 1.8% in the quarter. First Mercantile Trust Co controls 7,604 shares worth $307,000. The total value of its holdings increased 5.9%. As of the end of the quarter Commonwealth Of Pennsylvania Public School Empls Retrmt SYS had acquired 12 shares growing its holdings by 0.1%. The value of the investment in Kennametal Inc went from $440,000 to $475,000 a change of 8.0% for the reporting period.
Raymond James & Associates expanded its holdings by buying 7,812 shares an increase of 26.1% as of 09/30/2017. Raymond James & Associates claims 37,770 shares valued at $1,524,000. The value of the position overall is up by 36.0%.
Equity analyst Credit Suisse Group raised the price target on November 3 boosting the projection from $40.00 to $45.00 and issued a “Neutral” recommendation. Jefferies Group LLC raised the price target of the stock on November 3 changing the price objective from $50.00 to $55.00 with a rating of “Buy”.
On October 20 BMO Capital Markets made no change to the company rating of “Hold” targeting a price of $45.00. October 20 investment analysts at Jefferies Group LLC maintained a company rating of “Buy” with a current price target of $50.00.
September 21 investment analysts at Jefferies Group LLC left the stock rating at “Buy” projecting a price of $50.00. On August 23 BMO Capital Markets held the company rating at “Hold” projecting a price of $45.00.
The company is now down since yesterday’s close of 43.55. Kennametal Inc’s P/E ratio is 31.65 and the market cap is 3.45B. As of the last earnings report the EPS was $1.35 with 80.97M shares now outstanding.
Investors are more bullish on the company if you put credence in the downtick in short interest. The company experienced a fall in short interest of -6.92% as of October 13, 2017 from the last reporting period. Short shares fell from 3,350,083 to 3,118,321 over that timeframe. The short-interest ratio increased to 6.0 and the percentage of shorted shares is 0.04% as of October 13.