Kennametal Inc. (NYSE:KMT) shares shot up 1.5% during mid-day trading on Friday . The company traded as high as $23.69 and last traded at $23.31, with a volume of 484,819 shares trading hands. The stock had previously closed at $22.96.

A number of research firms recently issued reports on KMT. Zacks Investment Research downgraded shares of Kennametal from a “hold” rating to a “sell” rating in a research report on Monday. Credit Suisse Group AG restated a “hold” rating on shares of Kennametal in a report on Saturday, July 9th. Bank of America Corp. downgraded shares of Kennametal from a “neutral” rating to an “underperform” rating in a report on Thursday, July 7th. Barrington Research upped their price objective on shares of Kennametal from $25.00 to $28.00 and gave the stock an “outperform” rating in a report on Monday, May 9th. Finally, Stifel Nicolaus downgraded shares of Kennametal from a “buy” rating to a “hold” rating in a report on Wednesday, May 4th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. Kennametal presently has a consensus rating of “Hold” and an average target price of C$22.25.

The company’s 50 day moving average is $23.45 and its 200 day moving average is $21.51. The stock’s market capitalization is $1.88 billion.

Kennametal (NYSE:KMT) last released its quarterly earnings results 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. During the same quarter in the previous year, the company posted $0.46 EPS. The company had revenue of $497 million for the quarter, compared to analysts’ expectations of $487.25 million. The business’s quarterly revenue was down 22.1% on a year-over-year basis. Analysts expect that Kennametal Inc. will post $1.09 EPS for the current year.

Other hedge funds recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System raised its stake 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 during the last quarter. Retirement Systems of Alabama raised its stake 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 during the last quarter. Nationwide Fund Advisors raised its stake in Kennametal by 0.4% in the fourth quarter. Nationwide Fund Advisors now owns 127,139 shares of the company’s stock valued at $2,441,000 after buying an additional 491 shares during the last quarter. California State Teachers Retirement System raised its stake in Kennametal by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 151,582 shares of the company’s stock valued at $2,910,000 after buying an additional 2,375 shares during the last quarter. Finally, California Public Employees Retirement System raised its stake in Kennametal by 3.0% in the fourth quarter. California Public Employees Retirement System now owns 231,400 shares of the company’s stock valued at $4,443,000 after buying an additional 6,700 shares during 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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