ValuEngine Upgrades Kennametal (NYSE:KMT) to Buy

Kennametal (NYSE:KMT) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, ValuEngine reports.

Several other equities research analysts also recently issued reports on KMT. Longbow Research downgraded shares of Kennametal from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 22nd. Bank of America dropped their price target on shares of Kennametal from $30.00 to $27.00 and set an “underperform” rating on the stock in a research note on Tuesday, August 6th. Wells Fargo & Co dropped their target price on shares of Kennametal from $34.00 to $32.00 and set a “market perform” rating for the company in a research report on Tuesday, October 15th. TheStreet downgraded shares of Kennametal from a “b-” rating to a “c+” rating in a research report on Tuesday, August 27th. Finally, Goldman Sachs Group downgraded shares of Kennametal from a “buy” rating to a “sell” rating and dropped their target price for the stock from $43.00 to $30.00 in a research report on Tuesday, July 16th. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $32.75.

Kennametal stock traded down $0.37 during midday trading on Friday, hitting $34.00. 452,977 shares of the stock were exchanged, compared to its average volume of 800,553. Kennametal has a 1 year low of $27.49 and a 1 year high of $43.98. The firm has a market cap of $2.78 billion, a P/E ratio of 11.26, a P/E/G ratio of 2.23 and a beta of 2.28. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.54 and a quick ratio of 1.34. The company has a 50 day moving average price of $30.87 and a two-hundred day moving average price of $32.81.

Kennametal (NYSE:KMT) last released its quarterly earnings results on Monday, November 4th. The industrial products company reported $0.17 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.17. Kennametal had a net margin of 8.31% and a return on equity of 15.40%. The firm had revenue of $518.09 million for the quarter, compared to the consensus estimate of $517.49 million. During the same quarter in the previous year, the firm posted $0.70 EPS. The firm’s quarterly revenue was down 11.7% on a year-over-year basis. As a group, analysts predict that Kennametal will post 1.77 EPS for the current year.

In other news, Director Cindy L. Davis sold 4,644 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were 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 owns 11,529 shares of the company’s stock, valued at approximately $393,715.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.48% of the stock is currently owned by insiders.

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

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Kennametal (NYSE:KMT)

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