Kennametal (NYSE:KMT) Lowered to Hold at StockNews.com

StockNews.com cut shares of Kennametal (NYSE:KMT) from a buy rating to a hold rating in a report released on Thursday morning.

A number of other brokerages also recently commented on KMT. Barclays boosted their price objective on shares of Kennametal from $24.00 to $25.00 and gave the company an equal weight rating in a research report on Friday, August 9th. Loop Capital upped their price target on shares of Kennametal from $22.00 to $24.00 and gave the stock a hold rating in a research note on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $24.17.

Kennametal Trading Up 0.4 %

Shares of KMT stock traded up $0.10 during trading hours on Thursday, reaching $24.85. 9,970 shares of the stock traded hands, compared to its average volume of 668,780. The company has a quick ratio of 1.17, a current ratio of 2.41 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $1.94 billion, a PE ratio of 18.04, a PEG ratio of 2.65 and a beta of 1.65. Kennametal has a 1-year low of $22.08 and a 1-year high of $27.04. The business has a fifty day moving average price of $25.18 and a 200 day moving average price of $24.74.

Kennametal (NYSE:KMT) last released its earnings results on Wednesday, August 7th. The industrial products company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. The company had revenue of $543.31 million during the quarter, compared to analyst estimates of $532.72 million. Kennametal had a return on equity of 9.17% and a net margin of 5.34%. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.51 earnings per share. On average, equities research analysts forecast that Kennametal will post 1.51 EPS for the current year.

Kennametal Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.22%. Kennametal’s dividend payout ratio is currently 58.39%.

Hedge Funds Weigh In On Kennametal

Several hedge funds and other institutional investors have recently added to or reduced their stakes in KMT. Burgundy Asset Management Ltd. boosted its stake in Kennametal by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 4,977,697 shares of the industrial products company’s stock valued at $117,175,000 after purchasing an additional 67,327 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Kennametal by 2.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,683,485 shares of the industrial products company’s stock valued at $110,248,000 after acquiring an additional 100,905 shares during the period. Wellington Management Group LLP grew its stake in shares of Kennametal by 7.8% in the fourth quarter. Wellington Management Group LLP now owns 4,240,814 shares of the industrial products company’s stock worth $109,371,000 after acquiring an additional 305,542 shares during the last quarter. Victory Capital Management Inc. increased its position in Kennametal by 1.6% during the second quarter. Victory Capital Management Inc. now owns 3,298,229 shares of the industrial products company’s stock worth $77,640,000 after acquiring an additional 50,622 shares during the period. Finally, Brandes Investment Partners LP increased its position in Kennametal by 35.1% during the second quarter. Brandes Investment Partners LP now owns 2,332,993 shares of the industrial products company’s stock worth $54,798,000 after acquiring an additional 606,477 shares during the period.

Kennametal Company Profile

Kennametal Inc engages in development and application of tungsten carbides, ceramics, and super-hard materials and solutions for use in metal cutting and extreme wear applications to enable customers work against corrosion and high temperatures conditions worldwide. The company operates through two segments, Metal Cutting and Infrastructure.