Kennametal (NYSE:KMT) Upgraded to Buy at ValuEngine

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Kennametal (NYSE:KMT) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a report released on Friday, ValuEngine reports.

Other equities research analysts have also issued research reports about the stock. Bank of America cut their price target on shares of Kennametal from $30.00 to $27.00 and set an “underperform” rating on the stock in a report on Tuesday, August 6th. Wells Fargo & Co cut their price target on shares of Kennametal from $34.00 to $32.00 and set a “market perform” rating on the stock in a report on Tuesday, October 15th. Goldman Sachs Group lowered shares of Kennametal from a “buy” rating to a “sell” rating and cut their price target for the company from $43.00 to $30.00 in a report on Tuesday, July 16th. Longbow Research lowered shares of Kennametal from a “buy” rating to a “neutral” rating in a report on Tuesday, October 22nd. Finally, UBS Group cut their price target on shares of Kennametal from $35.00 to $27.00 and set a “sell” rating on the stock in a report on Wednesday, August 21st. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $32.75.

Shares of KMT stock traded down $0.37 during trading hours on Friday, reaching $34.00. 452,977 shares of the stock traded hands, compared to its average volume of 800,553. Kennametal has a 1-year low of $27.49 and a 1-year high of $43.98. The business has a fifty day moving average price of $30.87 and a 200 day moving average price of $32.81. The company has a quick ratio of 1.34, a current ratio of 2.54 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $2.78 billion, a PE ratio of 11.26, a PEG ratio of 2.23 and a beta of 2.28.

Kennametal (NYSE:KMT) last released its quarterly earnings results on Monday, November 4th. The industrial products company reported $0.17 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.17. Kennametal had a net margin of 8.31% and a return on equity of 15.40%. The business had revenue of $518.09 million for the quarter, compared to analyst estimates of $517.49 million. During the same quarter in the previous year, the business earned $0.70 earnings per share. The firm’s revenue was down 11.7% compared to the same quarter last year. Research analysts expect that Kennametal will post 1.77 earnings per share for the current fiscal year.

In other Kennametal news, Director Cindy L. Davis sold 4,644 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $34.15, for a total value of $158,592.60. Following the transaction, the director now owns 11,529 shares in the company, valued at approximately $393,715.35. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 1.48% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. acquired a new position in Kennametal in the 2nd quarter valued at approximately $1,210,000. Chicago Equity Partners LLC grew its position in Kennametal by 57.2% in the second quarter. Chicago Equity Partners LLC now owns 81,290 shares of the industrial products company’s stock worth $3,007,000 after acquiring an additional 29,570 shares in the last quarter. Bank of America Corp DE grew its position in Kennametal by 9.9% in the second quarter. Bank of America Corp DE now owns 602,149 shares of the industrial products company’s stock worth $22,273,000 after acquiring an additional 54,154 shares in the last quarter. Janney Montgomery Scott LLC grew its position in Kennametal by 2.5% in the second quarter. Janney Montgomery Scott LLC now owns 23,488 shares of the industrial products company’s stock worth $869,000 after acquiring an additional 579 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in Kennametal by 514.5% in the second quarter. AQR Capital Management LLC now owns 672,290 shares of the industrial products company’s stock worth $23,940,000 after acquiring an additional 562,886 shares in the last quarter. Hedge funds and other institutional investors own 98.05% of the company’s stock.

About Kennametal

Kennametal Inc develops and applies tungsten carbides, ceramics, super-hard materials, and solutions for use in metal cutting and mission-critical wear applications to combat extreme conditions related with wear fatigue, corrosion, and high temperatures worldwide. The company operates through three segments: Industrial, Widia, and Infrastructure.

See Also: Death Cross

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Kennametal (NYSE:KMT)

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