Kennametal (NYSE:KMT) Stock Gets Price Target Cut from DA Davidson

Kennametal (NYSE:KMT) had its price target dropped by investment analysts at DA Davidson from $30.00 to $25.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the industrial products company’s stock. DA Davidson‘s price objective suggests a potential upside of 2.33% from the company’s previous close.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. cut their price objective on Kennametal from $30.00 to $27.00 and set an “underweight” rating for the company in a report on Thursday, November 5th. Wall Street Zen downgraded shares of Kennametal from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 7th. UBS Group dropped their target price on shares of Kennametal from $39.00 to $35.00 and set a “neutral” rating for the company in a research report on Monday, August 10th. Morgan Stanley lowered shares of Kennametal from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $31.00 to $27.00 in a research report on Monday, August 10th. Finally, Zacks Research lowered shares of Kennametal from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 14th. Five investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $32.36.

Kennametal Stock Performance

Shares of Kennametal stock traded down $0.16 during trading hours on Thursday, reaching $24.43. The company had a trading volume of 344,418 shares, compared to its average volume of 1,444,517. The firm has a market cap of $1.88 billion, a PE ratio of 3.23, a price-to-earnings-growth ratio of 0.22 and a beta of 1.30. Kennametal has a one year low of $22.65 and a one year high of $43.81. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.45 and a quick ratio of 1.24. The business has a fifty day simple moving average of $29.80 and a 200 day simple moving average of $34.27.

Kennametal (NYSE:KMT) last issued its quarterly earnings data on Wednesday, November 4th. The industrial products company reported $3.48 EPS for the quarter, beating the consensus estimate of $2.65 by $0.83. The company had revenue of $768.19 million during the quarter, compared to analysts’ expectations of $770.36 million. Kennametal had a net margin of 22.49% and a return on equity of 38.40%. Kennametal’s revenue for the quarter was up 54.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.34 earnings per share. On average, analysts anticipate that Kennametal will post 5.18 earnings per share for the current fiscal year.

Insider Activity at Kennametal

In other news, CEO Sanjay Chowbey bought 7,000 shares of the company’s stock in a transaction that occurred on Thursday, November 5th. The stock was bought at an average price of $23.62 per share, for a total transaction of $165,340.00. Following the transaction, the chief executive officer directly owned 280,957 shares of the company’s stock, valued at $6,636,204.34. This represents a 2.56% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Judith Bacchus sold 9,676 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $30.29, for a total value of $293,086.04. Following the completion of the sale, the vice president owned 15,721 shares of the company’s stock, valued at $476,189.09. The trade was a 38.10% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have bought 16,000 shares of company stock valued at $416,040. Corporate insiders own 1.65% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of Kennametal in the 2nd quarter worth approximately $440,446,000. Arrowstreet Capital Limited Partnership raised its position in Kennametal by 15.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,298,349 shares of the industrial products company’s stock worth $83,039,000 after purchasing an additional 307,209 shares during the period. William Blair Investment Management LLC purchased a new position in Kennametal in the 2nd quarter worth $69,614,000. Medina Value Partners LLC purchased a new position in Kennametal in the 2nd quarter worth $43,007,296. Finally, NFJ Investment Group LLC bought a new stake in Kennametal in the second quarter worth $36,202,000.

About Kennametal

Kennametal Inc. is an industrial technology company that develops and manufactures metal-cutting tools, tooling systems, and wear-resistant products. Its products use materials such as tungsten carbide and advanced ceramics to help customers machine components and protect equipment used in demanding operating conditions. The company serves industries including aerospace, transportation, energy, general engineering, and earthworks. Its products and services include cutting tools and related tooling, engineered components, and wear solutions for industrial applications.