Shares of Kennametal Inc. (NYSE:KMT) rose 5.9% during mid-day trading on Friday . The company traded as high as $21.89 and last traded at $21.88, with a volume of 417,985 shares changing hands. The stock had previously closed at $20.67.

KMT has been the subject of a number of research analyst reports. Zacks Investment Research raised Kennametal from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research report on Wednesday, April 6th. Longbow Research cut Kennametal from a “neutral” rating to an “underperform” rating and set a $16.00 price objective for the company. in a research report on Friday, March 18th. Barrington Research increased their price objective on Kennametal from $25.00 to $28.00 and gave the stock an “outperform” rating in a research report on Monday, May 9th. Bank of America Corp. cut Kennametal from a “neutral” rating to an “underperform” rating in a research report on Thursday. Finally, Stifel Nicolaus cut Kennametal from a “buy” rating to a “hold” rating in a research report on Wednesday, May 4th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Kennametal has a consensus rating of “Hold” and a consensus target price of C$22.25.

The firm’s market capitalization is $1.74 billion. The company’s 50 day moving average is $23.63 and its 200-day moving average is $21.41.

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

A number of hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its stake in shares of Kennametal by 11.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,356,982 shares of the company’s stock valued at $26,054,000 after buying an additional 139,489 shares in the last quarter. Cooke & Bieler LP raised its stake in shares of Kennametal by 68.6% in the fourth quarter. Cooke & Bieler LP now owns 1,103,681 shares of the company’s stock valued at $21,191,000 after buying an additional 449,246 shares in the last quarter. Diamond Hill Capital Management Inc. raised its stake in shares of Kennametal by 1.6% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 1,044,672 shares of the company’s stock valued at $20,058,000 after buying an additional 16,705 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Kennametal by 5,427.6% in the fourth quarter. American Century Companies Inc. now owns 864,511 shares of the company’s stock valued at $16,599,000 after buying an additional 848,871 shares in the last quarter. Finally, Gamco Investors INC. ET AL raised its stake in shares of Kennametal by 288.6% in the fourth quarter. Gamco Investors INC. ET AL now owns 542,775 shares of the company’s stock valued at $10,421,000 after buying an additional 403,115 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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.