Q4 2018 EPS Estimates for Kennametal Inc. Raised by Jefferies Group (KMT)
Kennametal Inc. (NYSE:KMT) – Equities research analysts at Jefferies Group boosted their Q4 2018 EPS estimates for Kennametal in a research note issued on Thursday. Jefferies Group analyst S. Volkmann now expects that the industrial products company will post earnings per share of $0.71 for the quarter, up from their prior estimate of $0.70. Jefferies Group currently has a “Buy” rating and a $50.00 price objective on the stock.
Kennametal (NYSE:KMT) last announced its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $562.16 million. During the same period last year, the business earned $0.44 earnings per share. The company’s quarterly revenue was up 8.4% compared to the same quarter last year.
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Several other analysts have also recently commented on the company. Zacks Investment Research cut Kennametal from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. BMO Capital Markets reiterated a “hold” rating and set a $45.00 price target on shares of Kennametal in a research report on Wednesday, August 23rd. BidaskClub cut Kennametal from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. J P Morgan Chase & Co upgraded Kennametal from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $40.00 to $43.00 in a research report on Thursday, August 17th. Finally, Wells Fargo & Company upgraded Kennametal from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $26.10 to $43.50 in a research report on Friday, August 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $43.95.
Shares of Kennametal (NYSE KMT) traded down 0.10% during midday trading on Friday, reaching $40.60. 331,279 shares of the company’s stock were exchanged. Kennametal has a one year low of $26.79 and a one year high of $43.09. The stock has a market cap of $3.28 billion, a P/E ratio of 66.56 and a beta of 1.94. The company’s 50-day moving average is $37.06 and its 200-day moving average is $38.11.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KMT. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in 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 during the last quarter. Koch Industries Inc. acquired a new position in Kennametal during the second quarter worth $211,000. Oakbrook Investments LLC boosted its stake in Kennametal by 2.6% during the second quarter. Oakbrook Investments LLC now owns 5,950 shares of the industrial products company’s stock worth $223,000 after buying an additional 150 shares during the last quarter. Shelton Capital Management acquired a new position in Kennametal during the second quarter worth $229,000. Finally, Capstone Asset Management Co. boosted its stake in Kennametal by 4.9% during the second quarter. Capstone Asset Management Co. now owns 6,155 shares of the industrial products company’s stock worth $230,000 after buying an additional 290 shares during the last quarter. 96.86% of the stock is currently owned by institutional investors.
In related news, VP Charles Michael Jr. Byrnes acquired 1,900 shares of the stock in a transaction on Friday, August 18th. The shares were bought at an average price of $33.00 per share, with a total value of $62,700.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christopher Rossi acquired 29,880 shares of the stock in a transaction on Friday, August 18th. The shares were bought at an average cost of $33.46 per share, for a total transaction of $999,784.80. Following the purchase, the insider now directly owns 29,850 shares of the company’s stock, valued at approximately $998,781. The disclosure for this purchase can be found here. Insiders own 2.00% 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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