Kennametal Inc. (NYSE:KMT)‘s stock had its “buy” rating reaffirmed by research analysts at Jefferies Group LLC in a note issued to investors on Friday, April 14th. They currently have a $47.00 target price on the industrial products company’s stock, up from their prior target price of $45.00. Jefferies Group LLC’s target price indicates a potential upside of 26.51% from the company’s previous close.
A number of other analysts also recently issued reports on KMT. Zacks Investment Research raised Kennametal from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a research note on Wednesday, December 28th. KeyCorp raised Kennametal from a “sector weight” rating to an “overweight” rating and set a $40.00 target price for the company in a research note on Tuesday, January 10th. Bank of America Corp raised Kennametal from an “underperform” rating to a “neutral” rating and set a $36.00 price objective for the company in a research report on Friday, January 13th. BMO Capital Markets reissued a “hold” rating and set a $35.00 price objective on shares of Kennametal in a research report on Friday, January 13th. Finally, JPMorgan Chase & Co. raised Kennametal from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $27.00 to $36.00 in a research report on Friday, February 3rd. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Kennametal has a consensus rating of “Hold” and a consensus price target of $41.09.
Shares of Kennametal (NYSE:KMT) traded up 3.63% on Friday, reaching $38.50. 623,674 shares of the company’s stock traded hands. The firm’s market cap is $3.10 billion. The stock has a 50-day moving average of $39.17 and a 200 day moving average of $36.08. Kennametal has a 12-month low of $20.40 and a 12-month high of $43.09.
Kennametal (NYSE:KMT) last posted its quarterly earnings data on Tuesday, April 25th. The industrial products company reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.16. Kennametal had a positive return on equity of 9.14% and a negative net margin of 3.27%. The firm had revenue of $528.60 million during the quarter, compared to the consensus estimate of $511.79 million. During the same period in the prior year, the company earned $0.37 EPS. The firm’s revenue was up 6.2% compared to the same quarter last year. On average, equities research analysts expect that Kennametal will post $1.59 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 31st. Investors of record on Tuesday, May 16th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend is Friday, May 12th. Kennametal’s payout ratio is -98.76%.
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In related news, VP Judith L. Bacchus sold 9,168 shares of the business’s stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $41.89, for a total transaction of $384,047.52. Following the completion of the sale, the vice president now owns 16,767 shares in the company, valued at $702,369.63. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last 90 days, insiders have purchased 31,000 shares of company stock valued at $12,550. 3.00% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in Kennametal by 16,832.4% in the first quarter. BlackRock Inc. now owns 8,453,008 shares of the industrial products company’s stock valued at $331,612,000 after buying an additional 8,403,086 shares during the period. Vanguard Group Inc. raised its position in Kennametal by 9.6% in the first quarter. Vanguard Group Inc. now owns 7,027,024 shares of the industrial products company’s stock valued at $275,670,000 after buying an additional 614,094 shares during the period. BlackRock Fund Advisors raised its position in Kennametal by 6.0% in the third quarter. BlackRock Fund Advisors now owns 4,184,646 shares of the industrial products company’s stock valued at $121,438,000 after buying an additional 236,730 shares during the period. State Street Corp raised its position in Kennametal by 0.5% in the first quarter. State Street Corp now owns 2,540,852 shares of the industrial products company’s stock valued at $99,679,000 after buying an additional 13,482 shares during the period. Finally, Franklin Resources Inc. raised its position in Kennametal by 139.9% in the fourth quarter. Franklin Resources Inc. now owns 2,140,367 shares of the industrial products company’s stock valued at $66,909,000 after buying an additional 1,248,291 shares during the period. 99.15% of the stock is currently owned by institutional investors.
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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