Kennametal Inc. (KMT) Sees Unusually-High Trading Volume on Analyst Upgrade
Kennametal Inc. (NYSE:KMT) shares saw unusually-strong trading volume on Wednesday after Jefferies Group raised their price target on the stock from $30.00 to $35.00. Jefferies Group currently has a buy rating on the stock. Approximately 769,820 shares were traded during mid-day trading, a decline of 6% from the previous session’s volume of 818,435 shares.The stock last traded at $28.77 and had previously closed at $28.50.
Several other research firms have also issued reports on KMT. Seaport Global Securities lowered shares of Kennametal from an “accumulate” rating to a “neutral” rating and set a $28.00 price target for the company. in a research report on Thursday, August 18th. Zacks Investment Research lowered shares of Kennametal from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 5th. Bank of America Corp. lowered shares of Kennametal from a “neutral” rating to an “underperform” rating in a research report on Thursday, July 7th. Credit Suisse Group AG reissued a “hold” rating and issued a $23.00 price target on shares of Kennametal in a research report on Tuesday, August 2nd. Finally, Barrington Research increased their price target on shares of Kennametal from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 3rd. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. Kennametal presently has an average rating of “Hold” and an average price target of C$25.00.
Several hedge funds have recently modified their holdings of KMT. Oregon Public Employees Retirement Fund raised its stake in shares of Kennametal by 2.1% in the third quarter. Oregon Public Employees Retirement Fund now owns 27,052 shares of the company’s stock worth $785,000 after buying an additional 549 shares in the last quarter. Northwestern Mutual Investment Management Company LLC raised its stake in shares of Kennametal by 660.7% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 104,557 shares of the company’s stock worth $2,312,000 after buying an additional 90,812 shares in the last quarter. Mason Street Advisors LLC bought a new stake in shares of Kennametal during the second quarter worth $803,000. Sterling Capital Management LLC bought a new stake in shares of Kennametal during the second quarter worth $504,000. Finally, Schwab Charles Investment Management Inc. raised its stake in shares of Kennametal by 145.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 540,245 shares of the company’s stock worth $11,945,000 after buying an additional 320,286 shares in the last quarter. 97.66% of the stock is owned by institutional investors and hedge funds.
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The company’s market capitalization is $2.29 billion. The firm’s 50 day moving average price is $28.20 and its 200 day moving average price is $25.14.
Kennametal (NYSE:KMT) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.44 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.01. The firm earned $521.20 million during the quarter, compared to the consensus estimate of $519.51 million. Kennametal had a negative net margin of 10.77% and a positive return on equity of 7.51%. The business’s revenue for the quarter was down 18.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.46 EPS. On average, equities research analysts expect that Kennametal Inc. will post $1.26 EPS for the current year.
Kennametal Inc (Kennametal) is a supplier of tooling, engineered components and advanced materials consumed in production processes. The Company manages and reports its business in two segments: Industrial and Infrastructure. The Company provides wear-resistant products, application engineering and services backed by material science, serving customers across diverse sectors of industrial production, transportation, earthworks, energy, infrastructure and aerospace.
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