$513.52 Million in Sales Expected for Kennametal Inc. (KMT) This Quarter
Equities research analysts forecast that Kennametal Inc. (NYSE:KMT) will announce sales of $513.52 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Kennametal’s earnings. The highest sales estimate is $520.55 million and the lowest is $504.00 million. Kennametal reported sales of $477.14 million in the same quarter last year, which suggests a positive year over year growth rate of 7.6%. The business is scheduled to report its next quarterly earnings report after the market closes on Thursday, November 2nd.
On average, analysts expect that Kennametal will report full year sales of $513.52 million for the current fiscal year, with estimates ranging from $2.15 billion to $2.20 billion. For the next financial year, analysts anticipate that the company will report sales of $2.27 billion per share, with estimates ranging from $2.25 billion to $2.34 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Kennametal.
Kennametal (NYSE:KMT) last announced its earnings results on Wednesday, August 2nd. The industrial products company reported $0.56 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 net margin of 2.39% and a return on equity of 12.51%. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 EPS.
A number of research firms recently weighed in on KMT. Zacks Investment Research raised Kennametal from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research report on Friday, August 4th. BMO Capital Markets reaffirmed a “hold” rating and set a $45.00 price objective on shares of Kennametal in a research report on Wednesday, August 23rd. Jefferies Group LLC reaffirmed a “buy” rating and set a $50.00 price objective on shares of Kennametal in a research report on Thursday, September 21st. J P Morgan Chase & Co raised Kennametal from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $40.00 to $43.00 in a research report on Thursday, August 17th. Finally, BidaskClub lowered Kennametal from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $44.75.
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Kennametal (NYSE KMT) opened at 43.65 on Wednesday. The stock has a market cap of $3.52 billion, a PE ratio of 71.56 and a beta of 1.94. The company’s 50 day moving average price is $40.70 and its 200 day moving average price is $38.62. Kennametal has a 12 month low of $27.01 and a 12 month high of $43.82.
In other Kennametal news, insider Christopher Rossi bought 29,880 shares of the business’s stock in a transaction on Friday, August 18th. The shares were acquired at an average cost of $33.46 per share, for a total transaction of $999,784.80. Following the purchase, the insider now owns 29,850 shares in the company, valued at approximately $998,781. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Charles Michael Jr. Byrnes bought 1,900 shares of the business’s stock in a transaction on Friday, August 18th. The shares were acquired at an average price of $33.00 per share, for a total transaction of $62,700.00. The disclosure for this purchase can be found here. Company insiders own 2.00% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Kennametal by 0.4% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,756 shares of the industrial products company’s stock worth $440,000 after buying an additional 42 shares during the last quarter. Alpha Windward LLC boosted its stake in shares of Kennametal by 0.7% in the 2nd quarter. Alpha Windward LLC now owns 12,745 shares of the industrial products company’s stock worth $477,000 after buying an additional 92 shares during the last quarter. Affinity Wealth Management boosted its stake in shares of Kennametal by 1.5% in the 2nd quarter. Affinity Wealth Management now owns 8,780 shares of the industrial products company’s stock worth $328,000 after buying an additional 130 shares during the last quarter. Oakbrook Investments LLC boosted its stake in shares of Kennametal by 2.6% in the 2nd 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. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Kennametal by 1.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 16,606 shares of the industrial products company’s stock worth $622,000 after buying an additional 215 shares during the last quarter. Hedge funds and other institutional investors own 96.88% 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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