Kennametal Inc. (NYSE:KMT) was the recipient of a significant decrease in short interest in the month of July. As of July 31st, there was short interest totalling 2,645,300 shares, a decrease of 21.6% from the June 30th total of 3,375,300 shares. Based on an average daily trading volume, of 912,000 shares, the days-to-cover ratio is presently 2.9 days. Currently, 3.3% of the company’s shares are short sold.
Shares of KMT stock traded down $1.12 during trading hours on Monday, reaching $28.89. The company had a trading volume of 546,100 shares, compared to its average volume of 745,387. The company has a quick ratio of 1.34, a current ratio of 2.58 and a debt-to-equity ratio of 0.43. Kennametal has a twelve month low of $28.85 and a twelve month high of $45.10. The stock has a market capitalization of $2.59 billion, a P/E ratio of 9.57, a P/E/G ratio of 1.23 and a beta of 2.24. The company’s fifty day simple moving average is $34.08.
Kennametal (NYSE:KMT) last posted its earnings results on Monday, August 5th. The industrial products company reported $0.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.02). Kennametal had a net margin of 10.19% and a return on equity of 18.97%. The company had revenue of $603.95 million during the quarter, compared to analyst estimates of $643.95 million. During the same quarter last year, the business posted $0.87 EPS. Kennametal’s quarterly revenue was down 6.5% compared to the same quarter last year. Research analysts forecast that Kennametal will post 2.94 earnings per share for the current year.
Several brokerages have commented on KMT. Zacks Investment Research lowered Kennametal from a “hold” rating to a “sell” rating in a research note on Wednesday, May 8th. KeyCorp dropped their price target on Kennametal from $52.00 to $47.00 and set an “overweight” rating for the company in a research note on Wednesday, May 8th. Goldman Sachs Group lowered Kennametal from a “buy” rating to a “sell” rating and dropped their price target for the stock from $43.00 to $30.00 in a research note on Tuesday, July 16th. Bank of America dropped their price target on Kennametal from $30.00 to $27.00 and set an “underperform” rating for the company in a research note on Tuesday, August 6th. Finally, ValuEngine lowered Kennametal from a “hold” rating to a “sell” rating in a research note on Wednesday, July 3rd. Four research analysts have rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $40.67.
In related news, Director Lawrence W. Stranghoener sold 7,000 shares of the stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $31.98, for a total transaction of $223,860.00. Following the transaction, the director now directly owns 26,108 shares in the company, valued at $834,933.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.00% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Manchester Capital Management LLC acquired a new stake in Kennametal during the 1st quarter valued at approximately $29,000. Manchester Financial Inc. bought a new position in Kennametal during the 2nd quarter worth approximately $30,000. Advisory Services Network LLC bought a new position in Kennametal during the 2nd quarter worth approximately $31,000. First Mercantile Trust Co. bought a new position in Kennametal during the 1st quarter worth approximately $53,000. Finally, Quantamental Technologies LLC bought a new position in Kennametal during the 2nd quarter worth approximately $72,000. Institutional investors and hedge funds own 98.50% 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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