Kennametal Inc. (KMT) Receives Consensus Recommendation of “Hold” from Analysts
Kennametal Inc. (NYSE:KMT) has received an average recommendation of “Hold” from the thirteen research firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $43.72.
Several research firms have weighed in on KMT. Zacks Investment Research downgraded shares of Kennametal from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. BidaskClub downgraded shares of Kennametal from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Stifel Nicolaus restated a “hold” rating on shares of Kennametal in a report on Friday, August 4th. Wells Fargo & Company upgraded shares of Kennametal from a “market perform” rating to an “outperform” rating and raised their target price for the company from $26.10 to $43.50 in a report on Friday, August 4th. Finally, BMO Capital Markets restated a “hold” rating and set a $45.00 target price on shares of Kennametal in a report on Wednesday, August 23rd.
Kennametal (KMT) traded up 2.53% on Friday, reaching $35.28. 485,855 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $35.62 and a 200-day moving average price of $37.98. The company has a market capitalization of $2.85 billion, a P/E ratio of 57.84 and a beta of 1.90. Kennametal has a 1-year low of $26.10 and a 1-year high of $43.09.
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 Thomson Reuters’ consensus estimate of $0.64 by $0.08. Kennametal had a net margin of 2.39% and a return on equity of 12.51%. The company had revenue of $565.03 million during the quarter, compared to analyst estimates of $562.16 million. During the same quarter last year, the business earned $0.44 EPS. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. Equities research analysts expect that Kennametal will post $2.20 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Friday, August 18th were issued a dividend of $0.20 per share. The ex-dividend date was Wednesday, August 16th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.27%. Kennametal’s dividend payout ratio (DPR) is presently 133.33%.
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In other news, VP Charles Michael Jr. Byrnes purchased 1,900 shares of the stock in a transaction dated Friday, August 18th. The stock was acquired at an average cost of $33.00 per share, for a total transaction of $62,700.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Christopher Rossi purchased 29,880 shares of the stock in a transaction dated Friday, August 18th. The shares were purchased at an average price of $33.46 per share, with a total value of $999,784.80. Following the completion of the acquisition, the insider now owns 29,850 shares of the company’s stock, valued at $998,781. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 89,780 shares of company stock valued at $1,083,365. Insiders own 3.00% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Kennametal by 8.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,556 shares of the industrial products company’s stock worth $133,000 after buying an additional 272 shares in the last quarter. CIBC World Markets Inc. purchased a new stake in Kennametal in the first quarter valued at approximately $218,000. Capstone Asset Management Co. purchased a new stake in Kennametal in the first quarter valued at approximately $230,000. Oakbrook Investments LLC grew its holdings in Kennametal by 2.6% in the second quarter. Oakbrook Investments LLC now owns 5,950 shares of the industrial products company’s stock valued at $223,000 after purchasing an additional 150 shares during the period. Finally, Venturi Wealth Management LLC purchased a new stake in Kennametal in the first quarter valued at approximately $225,000. Institutional investors and hedge funds own 97.19% of the company’s stock.
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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