Top 5 New Stocks Billionaire Ken Fisher Just Bought

3. Kennametal Inc. (NYSE:KMT)

Kennametal Inc. (NYSE:KMT) was one of the largest new purchases made by Fisher Asset Management during Q3, as the investment firm bought just over 800,000 shares of the company that were valued at $23.17 million at the end of September. Hedge fund ownership of KMT sank to a 5-year low at the end of the first quarter of 2020 among the funds tracked by Insider Monkey as confidence in the industrial sector plummeted.

In its second quarter investor letter, John Rogers’ Ariel Investments, which owned 5.81 million KMT shares on June 30, expressed confidence in the initiatives undertaken by Kennametal to mitigate headwinds from Covid-19, stating:

“KMT continues to adjust production levels and is focused on managing costs while executing on its simplification/modernization and restructuring initiatives. We believe the scale, scope, quality, low- cost production and the value proposition of the cutting tools themselves also mitigate pricing pressure. Additionally, KMT continues to execute on its strategic plan to improve economies of scale and generate margin improvement, while gaining share in the marketplace.”