Stifel Nicolaus Reiterates “Hold” Rating for Kennametal Inc. (NYSE:KMT)
A number of other research analysts also recently issued reports on KMT. Zacks Investment Research upgraded shares of Kennametal from a hold rating to a buy rating and set a $40.00 target price for the company in a research report on Friday. BidaskClub downgraded shares of Kennametal from a hold rating to a sell rating in a research report on Thursday, July 27th. Wells Fargo & Company upgraded shares of Kennametal from a market perform rating to an outperform rating and upped their price objective for the stock from $26.10 to $43.09 in a research report on Friday. BMO Capital Markets upped their price objective on shares of Kennametal from $40.00 to $45.00 and gave the stock a market perform rating in a research report on Monday, May 1st. Finally, Barrington Research upped their price objective on shares of Kennametal from $45.00 to $50.00 and gave the stock an outperform rating in a research report on Thursday, April 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $42.74.
Shares of Kennametal (KMT) traded up 3.35% during midday trading on Friday, reaching $36.66. The company’s stock had a trading volume of 2,078,431 shares. The firm has a market capitalization of $2.96 billion, a P/E ratio of 60.10 and a beta of 1.89. The stock has a 50-day moving average of $38.53 and a 200 day moving average of $38.36. Kennametal has a 12-month low of $25.18 and a 12-month high of $43.09.
Kennametal (NYSE:KMT) last posted its earnings results on Wednesday, August 2nd. The industrial products company reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by $0.08. The business had revenue of $565.03 million for the quarter, compared to analyst estimates of $562.16 million. Kennametal had a net margin of 2.39% and a return on equity of 12.51%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.44 earnings per share. Equities research analysts predict that Kennametal will post $2.20 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Friday, August 18th will be paid a dividend of $0.20 per share. The ex-dividend date is Wednesday, August 16th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.18%. Kennametal’s dividend payout ratio is currently 133.33%.
In other news, Director Philip A. Dur sold 7,000 shares of the business’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $40.01, for a total transaction of $280,070.00. Following the completion of the sale, the director now owns 22,024 shares of the company’s stock, valued at $881,180.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.00% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in Kennametal by 16,832.4% in the first quarter. BlackRock Inc. now owns 8,453,008 shares of the industrial products company’s stock worth $331,612,000 after buying an additional 8,403,086 shares in the last quarter. Vanguard Group Inc. boosted its stake in Kennametal by 9.6% in the first quarter. Vanguard Group Inc. now owns 7,027,024 shares of the industrial products company’s stock worth $275,670,000 after buying an additional 614,094 shares in the last quarter. State Street Corp boosted its stake in Kennametal by 0.5% in the first quarter. State Street Corp now owns 2,540,852 shares of the industrial products company’s stock worth $99,679,000 after buying an additional 13,482 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Kennametal by 9.7% in the first quarter. Bank of New York Mellon Corp now owns 1,952,594 shares of the industrial products company’s stock worth $76,600,000 after buying an additional 172,457 shares in the last quarter. Finally, Great West Life Assurance Co. Can boosted its stake in Kennametal by 1.5% in the first quarter. Great West Life Assurance Co. Can now owns 1,929,401 shares of the industrial products company’s stock worth $75,553,000 after buying an additional 28,374 shares in the last quarter. 97.23% of the stock is owned by institutional investors and hedge funds.
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.
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