Kennametal Lowered to Neutral at Credit Suisse (KMT)
Kennametal (NYSE:KMT) was downgraded by equities researchers at Credit Suisse from an “outperform” rating to a “neutral” rating in a research report issued on Monday, TheFlyOnTheWall.com reports. They currently have a $50.00 target price on the stock. Credit Suisse’s target price would indicate a potential downside of 0.79% from the company’s current price.
The analysts wrote, “While management has done a very laudable job in holding margins through the recent short-cycle recession, and has an efficient balance sheet approach, we think these factors are fully embedded in the share price, and are concerned that consensus is expecting too steep a rebound in organic sales growth,” the report said. “In Infrastructure, we forecast a return to growth in the March Q, after 6 consecutive quarters of declines, but again do not see why a sharp snap-back is likely given energy prices and OEM commentary.”
Shares of Kennametal (NYSE:KMT) traded down 3.06% on Monday, hitting $50.40. 822,096 shares of the company’s stock traded hands. Kennametal has a 52 week low of $35.49 and a 52 week high of $52.37. The stock’s 50-day moving average is $49.15 and its 200-day moving average is $45.08. The company has a market cap of $3.952 billion and a P/E ratio of 21.38.
Kennametal (NYSE:KMT) last issued its quarterly earnings data on Thursday, October 24th. The company reported $0.48 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.55 by $0.07. The company had revenue of $619.81 million for the quarter, compared to the consensus estimate of $622.20 million. During the same quarter last year, the company posted $0.57 earnings per share. Kennametal’s revenue was down 1.4% compared to the same quarter last year. Analysts expect that Kennametal will post $2.98 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Goldman Sachs Group Inc. initiated coverage on shares of Kennametal in a research note to investors on Friday, November 15th. They set a “neutral” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Kennametal in a research note to investors on Tuesday, November 12th. They now have a $49.00 price target on the stock. Finally, analysts at JPMorgan Chase & Co. initiated coverage on shares of Kennametal in a research note to investors on Thursday, November 7th. They set a “neutral” rating and a $50.00 price target on the stock. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $51.09.
Kennametal Inc (NYSE:KMT), is a supplier of tooling, engineered components and advanced materials consumed in production processes.
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