Kennametal (KMT) : The traders have covered their outstanding shorts in Kennametal (KMT) to the tune of -1,444,146 shares, a change of -24.5%. As on Jul 29, 2016, the outstanding shorts on the stock were 5,885,491 shares, however, by August 15, 2016, the shorts had reduced to 4,441,345 shares. The covering shows that the traders dont believe that a large downside exists in the stock from current levels. The open short positions equal 5.8% of the free float of the stock. It takes 3 days to cover the outstanding short positions. The stock has an average daily volume of 1,479,209 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Kennametal (NYSE:KMT): The stock opened at $28.75 on Wednesday but the bulls could not build on the opening and the stock topped out at $28.94 for the day. The stock traded down to $28.43 during the day, due to lack of any buying support eventually closed down at $28.49 with a loss of -1.32% for the day. The stock had closed at $28.87 on the previous day. The total traded volume was 724,989 shares.
In a related news, The Securities and Exchange Commission has divulged in a Form 4 filing that the director of Kennametal Inc, Harvey William J. had purchased shares worth of $12,460 in a transaction dated on June 10, 2016. A total of 517 shares were purchased at a price of $24.1 per share. The information is based on open market trades at the market prices.Option exercises are not covered.
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.