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Kennametal (NYSE:KMT) was the target of a large drop in short interest in June. As of June 13th, there was short interest totalling 2,041,870 shares, a drop of 29.4% from the May 30th total of 2,890,424 shares, Stock Ratings News reports. Based on an average trading volume of 660,504 shares, the days-to-cover ratio is presently 3.1 days. Currently, 2.6% of the company’s stock are short sold.

A number of analysts have recently weighed in on KMT shares. Analysts at Zacks upgraded shares of Kennametal from an “underperform” rating to a “neutral” rating in a research note on Friday, May 16th. They now have a $49.00 price target on the stock. Separately, analysts at BMO Capital Markets raised their price target on shares of Kennametal from $49.00 to $52.00 in a research note on Friday, May 2nd. Finally, analysts at Wells Fargo & Co. upgraded shares of Kennametal from a “market perform” rating to an “outperform” rating in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. Kennametal has a consensus rating of “Hold” and an average price target of $50.60.

Shares of Kennametal (NYSE:KMT) opened at 45.71 on Thursday. Kennametal has a 52-week low of $38.85 and a 52-week high of $52.37. The stock has a 50-day moving average of $46.31 and a 200-day moving average of $46.27. The company has a market cap of $3.591 billion and a price-to-earnings ratio of 20.98.

Kennametal (NYSE:KMT) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.74 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.73 by $0.01. The company had revenue of $755.00 million for the quarter, compared to the consensus estimate of $759.19 million. During the same quarter in the prior year, the company posted $0.67 earnings per share. The company’s quarterly revenue was up 15.3% on a year-over-year basis. On average, analysts predict that Kennametal will post $2.66 earnings per share for the current fiscal year.

Kennametal Inc (NYSE:KMT) is a supplier of tooling, engineered components and advanced materials consumed in production processes.

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