Kennametal Inc. (KMT) Shares Up NaN After Better-Than-Expected Earnings

Shares of Kennametal Inc. (NYSE:KMT) shot up NaN on Thursday following a better than expected earnings announcement. The stock traded as high as $48.89 and last traded at $0.00. 3,109,133 shares changed hands during mid-day trading, an increase of Infinity from the average session volume of 0 shares. The industrial products company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.17. Kennametal had a return on equity of 12.51% and a net margin of 2.39%. The firm had revenue of $542.45 million during the quarter, compared to analyst estimates of $516.80 million. During the same period last year, the firm posted $0.11 EPS. The business’s revenue was up 13.6% compared to the same quarter last year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 29th. Stockholders of record on Tuesday, November 14th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Monday, November 13th. Kennametal’s dividend payout ratio is presently 133.33%.

Several brokerages have recently issued reports on KMT. Zacks Investment Research raised Kennametal from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research report on Friday, August 4th. BMO Capital Markets reissued a “hold” rating and issued a $45.00 price objective on shares of Kennametal in a report on Wednesday, August 23rd. Jefferies Group LLC reissued a “buy” rating and issued a $50.00 price objective on shares of Kennametal in a report on Thursday, September 21st. J P Morgan Chase & Co raised Kennametal from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $40.00 to $43.00 in a report on Thursday, August 17th. Finally, Stifel Nicolaus reissued a “hold” rating on shares of Kennametal in a report on Friday, August 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $44.75.

In related news, VP Charles Michael Jr. Byrnes bought 1,900 shares of the business’s stock in a transaction on Friday, August 18th. The stock was acquired at an average price of $33.00 per share, for a total transaction of $62,700.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Christopher Rossi bought 29,880 shares of the business’s stock in a transaction on Friday, August 18th. The stock was bought at an average price of $33.46 per share, with a total value of $999,784.80. Following the purchase, the insider now owns 29,850 shares in the company, valued at $998,781. The disclosure for this purchase can be found here. 2.00% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Kennametal by 16,832.4% during 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 last quarter. Vanguard Group Inc. boosted its position in shares of Kennametal by 18.0% during 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 last quarter. State Street Corp boosted its position in shares of Kennametal by 4.4% during the 2nd quarter. State Street Corp now owns 2,653,399 shares of the industrial products company’s stock valued at $99,287,000 after acquiring an additional 112,547 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Kennametal by 39.4% during the 3rd quarter. American Century Companies Inc. now owns 2,382,709 shares of the industrial products company’s stock valued at $96,118,000 after acquiring an additional 673,230 shares during the last quarter. Finally, Janus Henderson Group PLC bought a new stake in shares of Kennametal during the 2nd quarter valued at about $76,161,000. Hedge funds and other institutional investors own 96.88% of the company’s stock.

TRADEMARK VIOLATION WARNING: “Kennametal Inc. (KMT) Shares Up NaN After Better-Than-Expected Earnings” was originally reported by Community Financial News and is the property of of Community Financial News. If you are reading this news story on another site, it was illegally stolen and republished in violation of United States and international trademark and copyright legislation. The original version of this news story can be read at https://www.com-unik.info/2017/11/03/kennametal-inc-kmt-shares-up-nan-after-better-than-expected-earnings.html.

About Kennametal

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.

What are top analysts saying about Kennametal Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Kennametal Inc. and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit