Shares of Kennametal Inc. (NYSE:KMT) were down 2.5% during mid-day trading on Wednesday . The company traded as low as $20.55 and last traded at $21.26, with a volume of 1,555,507 shares changing hands. The stock had previously closed at $21.81.

A number of analysts have recently issued reports on KMT shares. Longbow Research downgraded shares of Kennametal from a “neutral” rating to an “underperform” rating and set a $16.00 price objective on the stock. in a report on Friday, March 18th. Zacks Investment Research upgraded shares of Kennametal from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a report on Wednesday, April 6th. Bank of America Corp. reissued a “hold” rating on shares of Kennametal in a research note on Tuesday, May 3rd. Stifel Nicolaus cut shares of Kennametal from a “buy” rating to a “hold” rating in a research note on Wednesday, May 4th. They noted that the move was a valuation call. Finally, Barrington Research raised their target price on shares of Kennametal from $25.00 to $28.00 and gave the company an “outperform” rating in a research note on Monday, May 9th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of C$22.25.

The company has a 50-day moving average price of $23.77 and a 200-day moving average price of $21.42. The company’s market capitalization is $1.69 billion.

Kennametal (NYSE:KMT) last announced its quarterly earnings data on Tuesday, May 3rd. The company reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.14. During the same quarter in the previous year, the firm posted $0.46 EPS. The company had revenue of $497 million for the quarter, compared to analysts’ expectations of $487.25 million. The firm’s quarterly revenue was down 22.1% compared to the same quarter last year. Equities analysts predict that Kennametal Inc. will post $1.09 EPS for the current year.

Other hedge funds and institutional investors have bought and sold shares of the company. Mutual of America Capital Management LLC boosted its position in Kennametal by 2.4% in the fourth quarter. Mutual of America Capital Management LLC now owns 54,180 shares of the company’s stock valued at $1,040,000 after buying an additional 1,257 shares in the last quarter. Princeton Alpha Management LP boosted its position in Kennametal by 575.3% in the fourth quarter. Princeton Alpha Management LP now owns 73,471 shares of the company’s stock valued at $1,411,000 after buying an additional 62,591 shares in the last quarter. Cornerstone Capital Management Holdings LLC. boosted its position in Kennametal by 6,103.1% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 80,702 shares of the company’s stock valued at $1,549,000 after buying an additional 79,401 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its position in Kennametal by 0.3% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 92,586 shares of the company’s stock valued at $1,778,000 after buying an additional 270 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its position in Kennametal by 1.6% in the fourth quarter. Retirement Systems of Alabama now owns 102,292 shares of the company’s stock valued at $1,964,000 after buying an additional 1,571 shares in the last quarter.

Kennametal Inc (Kennametal) is a supplier of tooling, engineered components and advanced materials consumed in production processes. The Company manages and reports its business in two segments: Industrial and Infrastructure. The Company provides wear-resistant products, application engineering and services backed by material science, serving customers across diverse sectors of industrial production, transportation, earthworks, energy, infrastructure and aerospace.

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