The stock last traded at $43.65 a tad higher than the 50 day moving average which is $40.70 and which is impressively higher than the 200 day moving average of $38.62. The 50 day moving average moved up $2.95 and the 200 day average went up $5.03 or +13.02%. (NYSE:KMT) shares saw heavy trading volume with 1,099K shares changing hands in the last trading session. Volume was up 72.91% over the stocks average daily volume.
Traders are feeling more bullish on Kennametal Inc. recently if you consider the downtick in short interest. The company saw a fall in short interest between September 29, 2017 and October 13, 2017 of -6.92%. Short shares fell 231,762 over that timeframe. With short interest at 3,118,321 and short average daily volume at 549,150, the short-interest ratio is 6.0 and the short interest percentage is 0.04% as of October 13.
Kennametal Inc. (NYSE:KMT) has been the object of insider buying and selling activity recently. Michelle R. Keating, Vice-President let go of $20,093 worth of shares at an average price of $35.25 on Wed the 30th. That brings the Vice-President’s holdings to $233,003 as recorded in a recent Form 4 SEC filing. VP Charles Michael Jr. Byrnes disclosed the purchase of 1,900 shares. The shares were bought on August 18th for an average price of $33.00. Byrnes now owns $490,776 of the stock according to the SEC filing.
Christopher Rossi, President and CEO reported the purchase of 29,880 shares of (KMT). The shares were purchased at an average price of $33.44. The President and CEO now owns $999,187 of the stock per the Form 4 SEC filing.
A few notable investment firms have updated their holdings. As of the end of the quarter First Trust Advisors Lp had disposed of a total of 12,594 shares trimming its stake by 14.5%. The value in dollars went from $3,252,000 to $2,998,000 a change of 7.8% for the reporting period. Nationwide Fund Advisors reduced its position by selling 40,410 shares a decrease of 16.8% in the quarter. Nationwide Fund Advisors controls 200,386 shares valued at $8,084,000. The total value of its holdings decreased 10.3%.
Parkside Financial Bank & Trust downsized its investment by shedding 85 shares a decrease of 26.4%. Parkside Financial Bank & Trust claims 237 shares with a value of $10,000. The value of the position overall is down by 16.7%. As of quarter end Aperio Group, LLC had bought 2,028 shares growing its holdings by 8.9%. The value of the investment in KMT increased from $848,000 to $996,000 increasing 17.5% since the last quarter.
On August 4 the stock rating was upgraded to “Outperform” from “Market Perform” in an announcement from Wells Fargo. On August 17 the company was rated “Overweight” according to a JP Morgan report which is up from the previous “Underweight” rating.
In the market the company is trading up since yesterday’s close of $43.65. Additionally Kennametal Inc. declared a dividend for shareholders paid on Thursday August 31st, 2017. The dividend was $0.200 per share for the quarter or $0.80 annualized. This dividend amount represented a yield of $1.87. The ex-dividend date was Wednesday the 16th of August 2017.
Kennametal Inc.’s P/E ratio is 71.56 and market cap is 3.52B. As of the last earnings report the EPS was $0.61 and is projected to be $2.21 for the current year with 80,672,000 shares now outstanding. Analysts expect next quarter’s EPS will be $0.45 and the next full year EPS is anticipated to be $2.61.
Kennametal Inc. (Kennametal), launched on June 25, 1943, is a supplier of tooling, engineered components and materials consumed in production processes. The Company operates through 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, construction, process industries and aerospace. Kennametal solutions are built across technology platforms, including precision-engineered metalworking tools and components, surface technologies and earth cutting tools that are mission-critical to customer operations battling conditions associated with wear fatigue, corrosion and high temperatures..