Kennametal (NYSE:KMT) Upgraded to Buy at ValuEngine

ValuEngine upgraded shares of Kennametal (NYSE:KMT) from a hold rating to a buy rating in a research report sent to investors on Friday, ValuEngine reports.

KMT has been the subject of a number of other reports. Longbow Research lowered Kennametal from a buy rating to a neutral rating in a research report on Tuesday, October 22nd. Zacks Investment Research lowered Kennametal from a hold rating to a sell rating and set a $30.00 target price for the company. in a research report on Thursday, October 10th. Wells Fargo & Co decreased their target price on Kennametal from $34.00 to $32.00 and set a market perform rating for the company in a research report on Tuesday, October 15th. Bank of America cut their price target on Kennametal from $30.00 to $27.00 and set an underperform rating on the stock in a report on Tuesday, August 6th. Finally, TheStreet downgraded Kennametal from a b- rating to a c+ rating in a report on Tuesday, August 27th. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Kennametal presently has a consensus rating of Hold and an average target price of $32.75.

NYSE KMT traded down $0.37 on Friday, reaching $34.00. 452,977 shares of the stock traded hands, compared to its average volume of 800,553. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.34 and a current ratio of 2.54. The company has a fifty day moving average price of $30.87 and a 200-day moving average price of $32.81. The company has a market cap of $2.78 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 2.23 and a beta of 2.28. Kennametal has a 12 month low of $27.49 and a 12 month high of $43.98.

Kennametal (NYSE:KMT) last issued its earnings results on Monday, November 4th. The industrial products company reported $0.17 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.17. The business had revenue of $518.09 million during the quarter, compared to analyst estimates of $517.49 million. Kennametal had a return on equity of 15.40% and a net margin of 8.31%. Kennametal’s revenue was down 11.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 EPS. As a group, research analysts anticipate that Kennametal will post 1.77 earnings per share 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 issued 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 is presently 26.49%.

In other news, Director Cindy L. Davis sold 4,644 shares of Kennametal stock in a transaction 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 transaction, the director now directly owns 11,529 shares in the company, valued at approximately $393,715.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.48% of the company’s stock.

A number of hedge funds have recently made changes to their positions in KMT. Nuveen Asset Management LLC grew its stake in Kennametal by 752.3% during the 2nd quarter. Nuveen Asset Management LLC now owns 680,895 shares of the industrial products company’s stock worth $25,187,000 after buying an additional 601,004 shares during the last quarter. AQR Capital Management LLC grew its stake in Kennametal by 514.5% during the 2nd quarter. AQR Capital Management LLC now owns 672,290 shares of the industrial products company’s stock worth $23,940,000 after buying an additional 562,886 shares during the last quarter. William Blair Investment Management LLC purchased a new position in Kennametal during the 2nd quarter worth $16,113,000. Invesco Ltd. grew its stake in Kennametal by 11.2% during the 2nd quarter. Invesco Ltd. now owns 2,789,651 shares of the industrial products company’s stock worth $103,189,000 after buying an additional 281,656 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in Kennametal by 14.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,285,103 shares of the industrial products company’s stock worth $39,504,000 after buying an additional 157,464 shares during the last quarter. Hedge funds and other institutional investors own 98.05% of the company’s stock.

About Kennametal

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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Analyst Recommendations for Kennametal (NYSE:KMT)

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