Kennametal Inc. (KMT) Upgraded to “Outperform” at Wells Fargo & Company
Kennametal Inc. (NYSE:KMT) was upgraded by Wells Fargo & Company from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The brokerage presently has a $43.50 target price on the industrial products company’s stock, up from their prior target price of $26.10. Wells Fargo & Company’s price objective indicates a potential upside of 19.31% from the company’s current price.
Other analysts also recently issued research reports about the company. Jefferies Group LLC reiterated a “buy” rating and issued a $50.00 price objective (up previously from $47.00) on shares of Kennametal in a research report on Saturday, April 29th. Zacks Investment Research upgraded Kennametal from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Tuesday, April 18th. BMO Capital Markets reiterated a “hold” rating and issued a $40.00 price objective on shares of Kennametal in a research report on Thursday, April 20th. Stifel Nicolaus raised their price objective on Kennametal from $38.00 to $44.00 and gave the stock a “hold” rating in a research report on Friday, April 28th. Finally, Barrington Research raised their price objective on Kennametal from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Thursday, April 27th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $42.74.
Shares of Kennametal (KMT) opened at 36.46 on Friday. The firm’s 50-day moving average price is $38.16 and its 200 day moving average price is $38.32. Kennametal has a 12-month low of $26.10 and a 12-month high of $43.09. The stock has a market capitalization of $2.94 billion, a P/E ratio of 59.77 and a beta of 1.89.
Kennametal (NYSE:KMT) last announced its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.56 EPS for the quarter, missing the Zacks’ consensus estimate of $0.64 by $0.08. Kennametal had a return on equity of 12.51% and a net margin of 2.39%. The firm had revenue of $565.03 million during the quarter, compared to the consensus estimate of $562.16 million. During the same quarter in the prior year, the business posted $0.44 EPS. Kennametal’s revenue was up 8.4% compared to the same quarter last year. Analysts predict that Kennametal will post $2.20 EPS for the current fiscal year.
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In other news, Director Philip A. Dur sold 7,000 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $40.01, for a total value of $280,070.00. Following the completion of the transaction, the director now directly owns 22,024 shares of the company’s stock, valued at approximately $881,180.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 3.00% of the company’s stock.
Several institutional investors have recently modified their holdings of KMT. Oregon Public Employees Retirement Fund boosted its position in shares of Kennametal by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 28,098 shares of the industrial products company’s stock worth $1,102,000 after buying an additional 400 shares during the last quarter. Emerald Advisers Inc. PA bought a new position in shares of Kennametal during the first quarter worth about $21,494,000. Emerald Mutual Fund Advisers Trust bought a new position in shares of Kennametal during the first quarter worth about $13,106,000. First Mercantile Trust Co. bought a new position in shares of Kennametal during the first quarter worth about $288,000. Finally, Retirement Systems of Alabama boosted its position in shares of Kennametal by 0.3% in the first quarter. Retirement Systems of Alabama now owns 103,531 shares of the industrial products company’s stock worth $4,062,000 after buying an additional 309 shares during the last quarter. 96.11% of the stock is owned by institutional investors and hedge funds.
Kennametal Company Profile
Kennametal Inc is a supplier of tooling, engineered components and materials consumed in production processes. The Company operates through two segments: Industrial and Infrastructure. The Industrial segment generally serves customers that operate in industrial end markets, such as transportation, general engineering, aerospace and defense.
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