Kennametal Inc. (NYSE:KMT) was upgraded by Wells Fargo & Company from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The brokerage presently has a $43.50 target price on the industrial products company’s stock, up from their prior target price of $26.10. Wells Fargo & Company’s price objective indicates a potential upside of 19.31% from the company’s current price.

Other analysts also recently issued research reports about the company. Jefferies Group LLC reiterated a “buy” rating and issued a $50.00 price objective (up previously from $47.00) on shares of Kennametal in a research report on Saturday, April 29th. Zacks Investment Research upgraded Kennametal from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Tuesday, April 18th. BMO Capital Markets reiterated a “hold” rating and issued a $40.00 price objective on shares of Kennametal in a research report on Thursday, April 20th. Stifel Nicolaus raised their price objective on Kennametal from $38.00 to $44.00 and gave the stock a “hold” rating in a research report on Friday, April 28th. Finally, Barrington Research raised their price objective on Kennametal from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Thursday, April 27th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $42.74.

Shares of Kennametal (KMT) opened at 36.46 on Friday. The firm’s 50-day moving average price is $38.16 and its 200 day moving average price is $38.32. Kennametal has a 12-month low of $26.10 and a 12-month high of $43.09. The stock has a market capitalization of $2.94 billion, a P/E ratio of 59.77 and a beta of 1.89.

Kennametal (NYSE:KMT) last announced its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.56 EPS for the quarter, missing the Zacks’ consensus estimate of $0.64 by $0.08. Kennametal had a return on equity of 12.51% and a net margin of 2.39%. The firm had revenue of $565.03 million during the quarter, compared to the consensus estimate of $562.16 million. During the same quarter in the prior year, the business posted $0.44 EPS. Kennametal’s revenue was up 8.4% compared to the same quarter last year. Analysts predict that Kennametal will post $2.20 EPS for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: “Kennametal Inc. (KMT) Upgraded to “Outperform” at Wells Fargo & Company” was originally published by Daily Political and is owned by of Daily Political. If you are accessing this piece of content on another publication, it was stolen and reposted in violation of US & international trademark and copyright laws. The original version of this piece of content can be viewed at https://www.dailypolitical.com/2017/08/05/kennametal-inc-kmt-upgraded-by-wells-fargo-co-to-outperform.html.

In other news, Director Philip A. Dur sold 7,000 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $40.01, for a total value of $280,070.00. Following the completion of the transaction, the director now directly owns 22,024 shares of the company’s stock, valued at approximately $881,180.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 3.00% of the company’s stock.

Several institutional investors have recently modified their holdings of KMT. Oregon Public Employees Retirement Fund boosted its position in shares of Kennametal by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 28,098 shares of the industrial products company’s stock worth $1,102,000 after buying an additional 400 shares during the last quarter. Emerald Advisers Inc. PA bought a new position in shares of Kennametal during the first quarter worth about $21,494,000. Emerald Mutual Fund Advisers Trust bought a new position in shares of Kennametal during the first quarter worth about $13,106,000. First Mercantile Trust Co. bought a new position in shares of Kennametal during the first quarter worth about $288,000. Finally, Retirement Systems of Alabama boosted its position in shares of Kennametal by 0.3% in the first quarter. Retirement Systems of Alabama now owns 103,531 shares of the industrial products company’s stock worth $4,062,000 after buying an additional 309 shares during the last quarter. 96.11% of the stock is owned by institutional investors and hedge funds.

Kennametal Company Profile

Kennametal Inc is a supplier of tooling, engineered components and materials consumed in production processes. The Company operates through two segments: Industrial and Infrastructure. The Industrial segment generally serves customers that operate in industrial end markets, such as transportation, general engineering, aerospace and defense.

Analyst Recommendations for Kennametal (NYSE:KMT)

Receive News & Ratings for Kennametal Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kennametal Inc. and related companies with MarketBeat.com's FREE daily email newsletter.