Jefferies Group LLC Reaffirms Buy Rating for Kennametal Inc. (KMT)
Kennametal Inc. (NYSE:KMT)‘s stock had its “buy” rating reiterated by stock analysts at Jefferies Group LLC in a note issued to investors on Friday. They currently have a $50.00 target price on the industrial products company’s stock. Jefferies Group LLC’s target price points to a potential upside of 16.85% from the stock’s current price.
A number of other equities research analysts have also issued reports on KMT. Zacks Investment Research lowered shares of Kennametal from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. BidaskClub lowered shares of Kennametal from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Wells Fargo & Company raised 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. Stifel Nicolaus reissued a “hold” rating on shares of Kennametal in a report on Friday, August 4th. Finally, J P Morgan Chase & Co raised shares of Kennametal from a “neutral” rating to an “overweight” rating and raised their target price for the company from $40.00 to $43.00 in a report on Thursday, August 17th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company. Kennametal currently has an average rating of “Buy” and an average target price of $43.95.
Shares of Kennametal (NYSE:KMT) traded up 1.16% during midday trading on Friday, reaching $42.79. 420,057 shares of the company’s stock traded hands. The stock’s 50-day moving average price is $39.33 and its 200 day moving average price is $38.41. Kennametal has a one year low of $26.79 and a one year high of $43.09. The firm has a market capitalization of $3.45 billion, a PE ratio of 70.15 and a beta of 1.94.
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. On average, equities research analysts expect that Kennametal will post $2.21 earnings per share for the current fiscal year.
In related news, insider Christopher Rossi purchased 29,880 shares of the stock in a transaction that occurred on Friday, August 18th. The stock was bought at an average cost of $33.46 per share, for a total transaction of $999,784.80. Following the completion of the transaction, the insider now directly owns 29,850 shares in the company, valued at $998,781. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Charles Michael Jr. Byrnes purchased 1,900 shares of the stock in a transaction that occurred on Friday, August 18th. The stock was bought at an average price of $33.00 per share, with a total value of $62,700.00. The disclosure for this purchase can be found here. 2.00% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Kennametal by 8.3% in 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. bought a new stake in Kennametal in the second quarter worth $211,000. Oakbrook Investments LLC lifted its position in Kennametal by 2.6% in 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 bought a new stake in Kennametal in the second quarter worth $229,000. Finally, Capstone Asset Management Co. lifted its position in Kennametal by 4.9% in 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. Institutional investors own 96.86% of the company’s stock.
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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