U.S. stocks edge higher; solid earnings season continues
Kennametal Inc. (NYSE:KMT) President and CEO Sanjay Chowbey recently purchased 10,000 shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The shares were acquired on February 11 at a weighted average price of $21.753 per share, amounting to a total transaction value of approximately $217,530. The timing of this purchase is notable, as InvestingPro data shows the stock is currently in oversold territory, with shares down significantly over the past three months.
The purchase was made through multiple transactions, with prices ranging from $21.740 to $21.760 per share. Following this acquisition, Chowbey now directly owns 77,595.483 shares of Kennametal, which includes 319.48 shares held in the company’s 401(k) plan. The transaction was executed by Michelle R. Keating, acting as attorney-in-fact for Chowbey. The $1.68 billion market cap company offers a 3.72% dividend yield and has maintained dividend payments for 55 consecutive years. For more detailed analysis and additional insights, check out the comprehensive research report available on InvestingPro.
In other recent news, Kennametal saw notable developments in its financial performance. The company’s Q2 earnings fell short of analyst expectations, resulting in a cut to its full-year outlook due to weakened demand in Europe, the Middle East, and Africa. Kennametal reported adjusted earnings per share of $0.25, missing the analyst estimate of $0.26, and revenue of $482.05 million, below the consensus expectation of $488.33 million. Loop Capital subsequently adjusted its outlook on Kennametal shares, decreasing the price target to $21.00 from the previous $26.00, and maintaining a Hold rating. Despite these challenges, Kennametal has been implementing cost reduction strategies, which are expected to contribute more significantly to the company’s financial performance by the fourth fiscal quarter. These recent developments highlight the ongoing financial adjustments within Kennametal.
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