Raymond James Financial Inc. Acquires Shares of 15,514 Kennametal Inc. (NYSE:KMT)

Raymond James Financial Inc. acquired a new stake in Kennametal Inc. (NYSE:KMT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 15,514 shares of the industrial products company's stock, valued at approximately $373,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Invesco Ltd. boosted its position in shares of Kennametal by 4.1% in the fourth quarter. Invesco Ltd. now owns 426,083 shares of the industrial products company's stock valued at $10,235,000 after acquiring an additional 16,926 shares during the period. Bank of Montreal Can boosted its stake in shares of Kennametal by 10.5% during the fourth quarter. Bank of Montreal Can now owns 9,437 shares of the industrial products company's stock valued at $227,000 after purchasing an additional 898 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in Kennametal by 13.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 17,989 shares of the industrial products company's stock valued at $432,000 after purchasing an additional 2,130 shares during the period. Dynamic Technology Lab Private Ltd raised its position in shares of Kennametal by 39.3% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 43,200 shares of the industrial products company's stock worth $1,038,000 after acquiring an additional 12,198 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in Kennametal by 14.5% during the fourth quarter. Wells Fargo & Company MN now owns 58,316 shares of the industrial products company's stock worth $1,401,000 after buying an additional 7,377 shares during the last quarter.

Kennametal Trading Up 5.3%

Shares of NYSE:KMT traded up $1.11 during trading on Monday, reaching $21.91. The company's stock had a trading volume of 1,114,975 shares, compared to its average volume of 871,143. The company has a current ratio of 2.53, a quick ratio of 1.13 and a debt-to-equity ratio of 0.47. Kennametal Inc. has a 12 month low of $17.30 and a 12 month high of $32.18. The stock has a market capitalization of $1.67 billion, a PE ratio of 17.96, a price-to-earnings-growth ratio of 3.69 and a beta of 1.39. The firm's 50 day simple moving average is $20.26 and its two-hundred day simple moving average is $23.46.

Kennametal (NYSE:KMT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The industrial products company reported $0.47 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.21. Kennametal had a net margin of 4.76% and a return on equity of 8.12%. The business had revenue of $486.40 million during the quarter, compared to the consensus estimate of $489.30 million. During the same period in the previous year, the company posted $0.30 earnings per share. The firm's revenue was down 5.7% on a year-over-year basis. On average, research analysts predict that Kennametal Inc. will post 1.17 EPS for the current fiscal year.

Kennametal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 27th. Investors of record on Tuesday, May 13th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $0.80 annualized dividend and a dividend yield of 3.65%. Kennametal's dividend payout ratio is presently 57.55%.

Insider Transactions at Kennametal

In related news, CEO Sanjay Chowbey purchased 10,000 shares of the company's stock in a transaction dated Tuesday, February 11th. The stock was acquired at an average cost of $21.75 per share, for a total transaction of $217,500.00. Following the completion of the transaction, the chief executive officer now directly owns 77,595 shares of the company's stock, valued at approximately $1,687,691.25. This trade represents a 14.79% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on KMT shares. StockNews.com upgraded shares of Kennametal from a "hold" rating to a "buy" rating in a report on Monday, April 28th. Morgan Stanley lifted their price objective on shares of Kennametal from $20.00 to $21.00 and gave the stock an "equal weight" rating in a report on Monday. Finally, Barclays lifted their target price on shares of Kennametal from $22.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $25.80.

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.