Kennametal (NYSE:KMT) reported a drop of 8.8% or 310,233 shares in its short interest. The short figure came in at 4.1% of the total floats. The average daily volume of 857,951 shares suggests that the days to cover 3,210,235 short positions, as on June 15,2016, will be 4. On May 31,2016, the short interest was 3,520,468 shares. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 24th after market close.
Kennametal (NYSE:KMT): The stock opened at $23.52 on Friday but the bulls could not build on the opening and the stock topped out at $23.57 for the day. The stock traded down to $22.32 during the day, due to lack of any buying support eventually closed down at $22.40 with a loss of -9.20% for the day. The stock had closed at $24.67 on the previous day. The total traded volume was 8,074,866 shares.
The company shares have dropped -34.66% from its 1 Year high price. On Jun 29, 2015, the shares registered one year high at $35.17 and the one year low was seen on Jan 20, 2016. The 50-Day Moving Average price is $24.02 and the 200 Day Moving Average price is recorded at $21.48.
Kennametal (NYSE:KMT) has tumbled 8.68% during the past week and has dropped 8.12% in the last 4 week period. The stocks are negative as compared to the S&P 500 for the past week with a loss of 7.17%. Kennametal (NYSE:KMT) has underperformed the index by 5.34% in the last 4 weeks. Investors should watch out for further signals and trade with caution.
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 Companys 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.