Kennametal Inc. (KMT) Stock Rating Reaffirmed by BMO Capital Markets
Kennametal Inc. (NYSE:KMT)‘s stock had its “hold” rating reiterated by analysts at BMO Capital Markets in a research note issued to investors on Wednesday. They currently have a $45.00 price objective on the industrial products company’s stock. BMO Capital Markets’ price objective suggests a potential upside of 28.13% from the stock’s current price.
Several other analysts also recently weighed in on the stock. J P Morgan Chase & Co upgraded shares of Kennametal from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $40.00 to $43.00 in a research report on Thursday, August 17th. BidaskClub downgraded shares of Kennametal from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 12th. Zacks Investment Research downgraded shares of Kennametal from a “buy” rating to a “hold” rating in a research report on Tuesday, August 8th. Stifel Nicolaus reiterated a “hold” rating on shares of Kennametal in a research report on Friday, August 4th. Finally, Wells Fargo & Company upgraded shares of Kennametal from a “market perform” rating to an “outperform” rating and upped their price target for the company from $26.10 to $43.50 in a research report on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $43.41.
Shares of Kennametal (NYSE KMT) opened at 35.12 on Wednesday. The company has a market cap of $2.83 billion, a P/E ratio of 57.57 and a beta of 1.89. The firm has a 50-day moving average of $37.01 and a 200-day moving average of $38.28. Kennametal has a 52-week low of $26.10 and a 52-week high of $43.09.
Kennametal (NYSE:KMT) last issued its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.64 by $0.08. The company had revenue of $565.03 million for the quarter, compared to analysts’ expectations of $562.16 million. Kennametal had a return on equity of 12.51% and a net margin of 2.39%. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.44 EPS. Equities research analysts forecast that Kennametal will post $2.21 earnings per share for the current year.
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In other Kennametal news, Director Philip A. Dur sold 7,000 shares of the business’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $40.01, for a total value of $280,070.00. Following 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 filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christopher Rossi acquired 29,880 shares of the company’s stock in a transaction on Friday, August 18th. The stock was purchased at an average cost of $33.46 per share, for a total transaction of $999,784.80. Following the completion of the purchase, the insider now directly owns 29,850 shares in the company, valued at approximately $998,781. The disclosure for this purchase can be found here. Insiders acquired a total of 89,780 shares of company stock worth $1,083,365 over the last three months. 3.00% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in KMT. BlackRock Inc. boosted its position in shares of Kennametal by 16,832.4% in the first quarter. BlackRock Inc. now owns 8,453,008 shares of the industrial products company’s stock valued at $331,612,000 after buying an additional 8,403,086 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Kennametal by 18.0% in the second quarter. Vanguard Group Inc. now owns 8,290,187 shares of the industrial products company’s stock valued at $310,219,000 after buying an additional 1,263,163 shares in the last quarter. State Street Corp boosted its position in shares of Kennametal by 4.4% in the second quarter. State Street Corp now owns 2,653,399 shares of the industrial products company’s stock valued at $99,287,000 after buying an additional 112,547 shares in the last quarter. Janus Henderson Group PLC purchased a new position in shares of Kennametal during the second quarter valued at about $76,161,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Kennametal by 9.7% in the first quarter. Bank of New York Mellon Corp now owns 1,952,594 shares of the industrial products company’s stock valued at $76,600,000 after buying an additional 172,457 shares in the last quarter. 96.76% of the stock is currently owned by institutional investors.
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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