Jefferies Group Reaffirms “Buy” Rating for Kennametal (KMT)
Kennametal (NYSE:KMT)‘s stock had its “buy” rating reissued by equities researchers at Jefferies Group in a research report issued to clients and investors on Thursday. They currently have a $60.00 price objective on the industrial products company’s stock. Jefferies Group’s price objective would indicate a potential upside of 20.05% from the stock’s previous close.
Several other equities research analysts have also recently commented on KMT. Zacks Investment Research raised shares of Kennametal from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research report on Wednesday, October 4th. 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. Credit Suisse Group boosted their price target on shares of Kennametal from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Friday, November 3rd. TheStreet raised shares of Kennametal from a “c+” rating to a “b” rating in a research report on Thursday, November 2nd. Finally, ValuEngine cut shares of Kennametal from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $48.95.
Shares of Kennametal (NYSE:KMT) traded down $0.28 during midday trading on Thursday, reaching $49.98. 1,021,464 shares of the company were exchanged, compared to its average volume of 764,533. The firm has a market cap of $4,070.00, a price-to-earnings ratio of 37.02, a PEG ratio of 2.40 and a beta of 1.98. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.41 and a current ratio of 2.71. Kennametal has a 12-month low of $32.23 and a 12-month high of $52.52.
In other news, Director Steven H. Wunning sold 4,445 shares of the company’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $46.63, for a total value of $207,270.35. Following the sale, the director now directly owns 29,693 shares of the company’s stock, valued at approximately $1,384,584.59. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Timothy R. Mclevish sold 7,000 shares of the company’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $47.00, for a total transaction of $329,000.00. Following the completion of the sale, the director now directly owns 78,904 shares in the company, valued at $3,708,488. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,570 shares of company stock worth $2,816,345. 2.00% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of KMT. BlackRock Inc. raised its holdings in Kennametal by 16,832.4% in the 1st quarter. BlackRock Inc. now owns 8,453,008 shares of the industrial products company’s stock valued at $331,612,000 after acquiring an additional 8,403,086 shares during the period. Janus Henderson Group PLC bought a new position in Kennametal in the 2nd quarter valued at about $76,161,000. FMR LLC bought a new position in Kennametal in the 1st quarter valued at about $57,492,000. Vanguard Group Inc. raised its holdings in Kennametal by 18.0% in the 2nd quarter. Vanguard Group Inc. now owns 8,290,187 shares of the industrial products company’s stock valued at $310,219,000 after acquiring an additional 1,263,163 shares during the period. Finally, Franklin Resources Inc. raised its holdings in Kennametal by 139.9% in the 4th quarter. Franklin Resources Inc. now owns 2,140,367 shares of the industrial products company’s stock valued at $66,909,000 after acquiring an additional 1,248,291 shares during the period. 98.59% of the stock is currently owned by institutional investors.
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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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