Kennametal President Sanjay Chowbey Buys $165,368 of Stock

President and CEO Sanjay Chowbey bought 7,000 shares of Kennametal Inc (NYSE: KMT) on Thursday, Nov. 5, at $23.624 per share, for a total of $165,368, according to a Form 4 filing with the Securities and Exchange Commission that was disclosed Friday, Nov. 6. The purchase was made directly and was not made under a pre-arranged trading plan. After the trade, Chowbey held 280,957.373 shares directly. He is also a director of the company.

Recent insider activity

In the period from Aug. 8 through Nov. 5, other insiders reported both buys and sales. Vice President Michelle R. Keating sold 20,000 shares worth $610,720, and Vice President Judith L. Bacchus sold 9,676 shares worth $293,115.07. Director Richard J. Harshman bought 5,000 shares worth $151,050. Keating and Bacchus sales were not made under a 10b5-1 plan.

Stock and company results

The stock closed at $23.22 on Thursday, Nov. 5, and had fallen 26.8% over the prior 20 sessions. On Friday, Nov. 6, shares fell 0.9% to close at $23.00, while the S&P 500 ETF rose 0.3% that session.

Kennametal reported fiscal first-quarter results on Nov. 4. Revenue for the quarter ended Sept. 30 was $768.2 million, up 54% from a year earlier, and diluted earnings per share were $3.48, compared with $0.30 a year earlier. The company had about $272.8 million in cash and equivalents as of Sept. 30.