Kennametal Inc. (KMT) Receives “Buy” Rating from Jefferies Group
Kennametal Inc. (NYSE:KMT)‘s stock had its “buy” rating restated by analysts at Jefferies Group in a note issued to investors on Tuesday. They presently have a $35.00 price objective on the stock.
Several other analysts also recently issued reports on KMT. Credit Suisse Group AG reiterated a “hold” rating on shares of Kennametal in a research note on Saturday, July 9th. Barrington Research increased their target price on Kennametal from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday, August 3rd. Seaport Global Securities downgraded Kennametal from an “accumulate” rating to a “neutral” rating and set a $28.00 target price for the company. in a research note on Thursday, August 18th. Zacks Investment Research downgraded Kennametal from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 5th. Finally, Bank of America Corp. downgraded Kennametal from a “neutral” rating to an “underperform” rating in a research note on Thursday, July 7th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of C$25.00.
Kennametal (NYSE:KMT) traded down 0.88% on Tuesday, reaching $28.15. The company had a trading volume of 651,082 shares. The stock’s market cap is $2.24 billion. The company has a 50-day moving average of $28.19 and a 200 day moving average of $25.36. Kennametal has a one year low of $15.11 and a one year high of $29.87.
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Kennametal (NYSE:KMT) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.01. The company earned $521.20 million during the quarter, compared to the consensus estimate of $519.51 million. Kennametal had a positive return on equity of 7.51% and a negative net margin of 10.77%. The firm’s revenue was down 18.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.46 EPS. On average, equities research analysts predict that Kennametal will post $1.26 EPS for the current year.
Hedge funds have recently bought and sold shares of the stock. State Treasurer State of Michigan increased its stake in Kennametal by 0.6% in the second quarter. State Treasurer State of Michigan now owns 31,960 shares of the company’s stock worth $707,000 after buying an additional 200 shares during the last quarter. Amalgamated Bank increased its stake in Kennametal by 2.4% in the second quarter. Amalgamated Bank now owns 9,816 shares of the company’s stock worth $283,000 after buying an additional 228 shares during the last quarter. Comerica Bank increased its stake in Kennametal by 0.5% in the second quarter. Comerica Bank now owns 63,620 shares of the company’s stock worth $1,755,000 after buying an additional 292 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Kennametal by 1.4% in the second quarter. PNC Financial Services Group Inc. now owns 28,067 shares of the company’s stock worth $622,000 after buying an additional 387 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund increased its stake in 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 during the last quarter. Institutional investors and hedge funds own 97.68% of the company’s stock.
Kennametal Company Profile
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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