Kennametal’s (KMT) Buy Rating Reiterated at Jefferies Group
Kennametal Inc. (NYSE:KMT)‘s stock had its “buy” rating reaffirmed by analysts at Jefferies Group in a research note issued to investors on Tuesday. They currently have a $35.00 price target on the stock.
A number of other research analysts have also recently commented on the company. Zacks Investment Research cut Kennametal from a “hold” rating to a “sell” rating in a research note on Tuesday, October 4th. Seaport Global Securities downgraded Kennametal from an “accumulate” rating to a “neutral” rating and set a $28.00 price objective for the company. in a report on Thursday, August 18th. Barrington Research increased their price objective on Kennametal from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Wednesday, August 3rd. Credit Suisse Group AG restated a “hold” rating and issued a $23.00 price objective on shares of Kennametal in a report on Tuesday, August 2nd. Finally, Bank of America Corp. downgraded Kennametal from a “neutral” rating to an “underperform” rating in a report on Thursday, July 7th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of C$25.00.
Shares of Kennametal (NYSE:KMT) opened at 28.40 on Tuesday. The company’s market capitalization is $2.26 billion. The stock has a 50 day moving average price of $28.20 and a 200-day moving average price of $25.32. 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 announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.01. Kennametal had a positive return on equity of 7.51% and a negative net margin of 10.77%. The company earned $521.20 million during the quarter, compared to analysts’ expectations of $519.51 million. During the same period in the prior year, the company earned $0.46 EPS. Kennametal’s revenue was down 18.3% compared to the same quarter last year. On average, equities research analysts expect that Kennametal will post $1.26 EPS for the current year.
Institutional investors have recently added to or reduced their stakes in the company. LS Investment Advisors LLC boosted its position in Kennametal by 77.3% in the second quarter. LS Investment Advisors LLC now owns 4,878 shares of the company’s stock worth $108,000 after buying an additional 2,126 shares during the period. Tower Research Capital LLC TRC boosted its position in Kennametal by 305.8% in the second quarter. Tower Research Capital LLC TRC now owns 6,136 shares of the company’s stock worth $136,000 after buying an additional 4,624 shares during the period. Bank of Montreal Can bought a new position in Kennametal during the second quarter worth about $150,000. Amalgamated Bank boosted its position 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 period. Finally, Cantab Capital Partners LLP bought a new position in Kennametal during the second quarter worth about $223,000. 97.68% of the stock is currently owned by institutional investors.
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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