Kennametal Inc. (KMT) Announces Quarterly Earnings Results, Beats Estimates By $0.17 EPS
Kennametal Inc. (NYSE:KMT) issued its quarterly earnings data on Wednesday. The industrial products company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.17, Bloomberg Earnings reports. The firm had revenue of $542.45 million during the quarter, compared to analysts’ expectations of $516.80 million. Kennametal had a return on equity of 12.51% and a net margin of 2.39%. Kennametal’s revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.11 earnings per share.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 29th. Stockholders of record on Tuesday, November 14th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date is Monday, November 13th. Kennametal’s dividend payout ratio is currently 133.33%.
In other Kennametal news, VP Charles Michael Jr. Byrnes bought 1,900 shares of Kennametal stock in a transaction dated Friday, August 18th. The stock was bought at an average price of $33.00 per share, for a total transaction of $62,700.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christopher Rossi bought 29,880 shares of Kennametal stock in a transaction dated Friday, August 18th. The stock was acquired at an average price of $33.46 per share, with a total value of $999,784.80. Following the acquisition, the insider now directly owns 29,850 shares of the company’s stock, valued at $998,781. The disclosure for this purchase can be found here. 2.00% of the stock is currently owned by corporate insiders.
KMT has been the subject of several recent research reports. Zacks Investment Research raised Kennametal from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research report on Friday, August 4th. Jefferies Group LLC reissued a “buy” rating and set a $50.00 price target on shares of Kennametal in a research report on Thursday, September 21st. BMO Capital Markets reissued a “hold” rating and set a $45.00 price target on shares of Kennametal in a research report on Friday, October 20th. Stifel Nicolaus reissued a “hold” rating on shares of Kennametal in a research report on Friday, August 4th. Finally, Wells Fargo & Company raised Kennametal from a “market perform” rating to an “outperform” rating and raised 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 seven have given a buy rating to the company. Kennametal presently has an average rating of “Buy” and a consensus target price of $44.75.
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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