Abstract: A cutting tool, especially for cutting grooves, which has a shank at one end and a head at the other end with a diametral axial slot extending into the tool from the head end. A pair of overlapping plates having means on the outer ends for supporting cutting elements are fitted into the slot and abut respective shoulders at the axially inner end of the slot. A clamp screw draws the head tight against the plates while other screws threaded angularly into the head engage the plates and hold the plates in engagement with the respective shoulders.