A number of other equities analysts have also recently commented on the company. Goldman Sachs Group cut Kennametal from a buy rating to a sell rating and reduced their target price for the company from $43.00 to $30.00 in a report on Tuesday, July 16th. Bank of America reduced their target price on Kennametal from $30.00 to $27.00 and set an underperform rating for the company in a report on Tuesday, August 6th. Longbow Research cut Kennametal from a buy rating to a neutral rating in a report on Tuesday, October 22nd. UBS Group reduced their target price on Kennametal from $35.00 to $27.00 and set a sell rating for the company in a report on Wednesday, August 21st. Finally, BMO Capital Markets dropped their price target on Kennametal from $30.50 to $25.00 and set a market perform rating for the company in a research report on Tuesday, October 22nd. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $32.75.
Shares of Kennametal stock traded down $0.37 during mid-day trading on Friday, reaching $34.00. 452,977 shares of the stock traded hands, compared to its average volume of 800,553. The business has a 50-day moving average of $30.87 and a 200 day moving average of $32.81. Kennametal has a fifty-two week low of $27.49 and a fifty-two week high of $43.98. The stock has a market capitalization of $2.78 billion, a PE ratio of 11.26, a PEG ratio of 2.23 and a beta of 2.28. The company has a quick ratio of 1.34, a current ratio of 2.54 and a debt-to-equity ratio of 0.44.
Kennametal (NYSE:KMT) last announced its earnings results on Monday, November 4th. The industrial products company reported $0.17 EPS for the quarter, meeting analysts’ consensus estimates of $0.17. Kennametal had a return on equity of 15.40% and a net margin of 8.31%. The business had revenue of $518.09 million during the quarter, compared to analysts’ expectations of $517.49 million. During the same quarter in the prior year, the firm earned $0.70 earnings per share. The business’s revenue was down 11.7% compared to the same quarter last year. On average, equities research analysts expect that Kennametal will post 1.77 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th will be given a $0.20 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.35%. Kennametal’s dividend payout ratio (DPR) is presently 26.49%.
In other news, Director Cindy L. Davis sold 4,644 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $34.15, for a total value of $158,592.60. Following the completion of the sale, the director now directly owns 11,529 shares in the company, valued at $393,715.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.48% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. Nuveen Asset Management LLC grew its position in Kennametal by 752.3% in the second quarter. Nuveen Asset Management LLC now owns 680,895 shares of the industrial products company’s stock worth $25,187,000 after acquiring an additional 601,004 shares during the period. AQR Capital Management LLC grew its position in Kennametal by 514.5% in the second quarter. AQR Capital Management LLC now owns 672,290 shares of the industrial products company’s stock worth $23,940,000 after acquiring an additional 562,886 shares during the period. William Blair Investment Management LLC purchased a new position in Kennametal in the second quarter worth approximately $16,113,000. Invesco Ltd. grew its position in Kennametal by 11.2% in the second quarter. Invesco Ltd. now owns 2,789,651 shares of the industrial products company’s stock worth $103,189,000 after acquiring an additional 281,656 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in Kennametal by 14.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,285,103 shares of the industrial products company’s stock worth $39,504,000 after acquiring an additional 157,464 shares during the period. Institutional investors and hedge funds own 98.05% of the company’s stock.
Kennametal Company Profile
Kennametal Inc develops and applies tungsten carbides, ceramics, super-hard materials, and solutions for use in metal cutting and mission-critical wear applications to combat extreme conditions related with wear fatigue, corrosion, and high temperatures worldwide. The company operates through three segments: Industrial, Widia, and Infrastructure.
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