StockNews.com Lowers Kennametal (NYSE:KMT) to Hold

StockNews.com lowered shares of Kennametal (NYSE:KMT) from a buy rating to a hold rating in a research note issued to investors on Monday morning.

Other analysts also recently issued research reports about the company. Barclays lifted their price target on Kennametal from $24.00 to $25.00 and gave the company an equal weight rating in a research note on Thursday, May 9th. Loop Capital dropped their price target on Kennametal from $24.00 to $22.00 and set a hold rating on the stock in a research note on Friday, June 21st. Two analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat.com, Kennametal presently has an average rating of Hold and an average price target of $23.83.

Kennametal Stock Performance

KMT stock opened at $22.97 on Monday. The business’s 50-day moving average price is $24.62 and its two-hundred day moving average price is $24.65. The company has a current ratio of 2.42, a quick ratio of 1.09 and a debt-to-equity ratio of 0.46. The firm has a market cap of $1.81 billion, a PE ratio of 17.01, a P/E/G ratio of 2.15 and a beta of 1.66. Kennametal has a 1-year low of $22.08 and a 1-year high of $30.60.

Kennametal (NYSE:KMT) last released its quarterly earnings results on Wednesday, May 8th. The industrial products company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.01). Kennametal had a net margin of 5.29% and a return on equity of 9.35%. The firm had revenue of $515.80 million during the quarter, compared to analyst estimates of $518.50 million. During the same period in the prior year, the business earned $0.39 EPS. The business’s revenue for the quarter was down 3.8% compared to the same quarter last year. As a group, research analysts forecast that Kennametal will post 1.45 earnings per share for the current year.

Kennametal Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 28th. Investors of record on Tuesday, May 14th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date of this dividend was Monday, May 13th. Kennametal’s dividend payout ratio is currently 59.26%.

Insider Activity at Kennametal

In related news, CEO Sanjay Chowbey bought 5,000 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were acquired at an average price of $24.28 per share, with a total value of $121,400.00. Following the completion of the transaction, the chief executive officer now owns 49,270 shares in the company, valued at $1,196,275.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.79% of the stock is owned by company insiders.

Hedge Funds Weigh In On Kennametal

A number of hedge funds and other institutional investors have recently bought and sold shares of KMT. Brandes Investment Partners LP grew its holdings in Kennametal by 1,186.7% during the fourth quarter. Brandes Investment Partners LP now owns 890,034 shares of the industrial products company’s stock worth $22,954,000 after purchasing an additional 820,864 shares during the period. Norges Bank bought a new position in Kennametal during the fourth quarter worth about $15,400,000. Wellington Management Group LLP grew its holdings in Kennametal by 7.8% during the fourth quarter. Wellington Management Group LLP now owns 4,240,814 shares of the industrial products company’s stock worth $109,371,000 after purchasing an additional 305,542 shares during the period. Azarias Capital Management L.P. bought a new position in Kennametal during the first quarter worth about $4,795,000. Finally, Burgundy Asset Management Ltd. grew its holdings in Kennametal by 3.7% during the fourth quarter. Burgundy Asset Management Ltd. now owns 4,852,273 shares of the industrial products company’s stock worth $125,140,000 after purchasing an additional 173,023 shares during the period.

Kennametal Company Profile

Kennametal Inc engages in development and application of tungsten carbides, ceramics, and super-hard materials and solutions for use in metal cutting and extreme wear applications to enable customers work against corrosion and high temperatures conditions worldwide. The company operates through two segments, Metal Cutting and Infrastructure.