Kennametal (NYSE:KMT) Downgraded by StockNews.com to Hold

StockNews.com lowered shares of Kennametal (NYSE:KMT) from a buy rating to a hold rating in a report released on Monday morning.

Several other equities analysts have also recently commented on the stock. Loop Capital reduced their price target on shares of Kennametal from $24.00 to $22.00 and set a hold rating on the stock in a research report on Friday, June 21st. Barclays increased their price objective on shares of Kennametal from $24.00 to $25.00 and gave the stock an equal weight rating in a research note on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $23.83.

Kennametal Stock Down 2.4 %

Shares of NYSE KMT opened at $22.98 on Monday. Kennametal has a 12-month low of $22.08 and a 12-month high of $30.60. The company has a market cap of $1.81 billion, a P/E ratio of 17.02, a P/E/G ratio of 2.40 and a beta of 1.67. 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 stock has a fifty day moving average price of $24.70 and a 200 day moving average price of $24.69.

Kennametal (NYSE:KMT) last posted its quarterly earnings data on Wednesday, May 8th. The industrial products company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01). The firm had revenue of $515.80 million during the quarter, compared to analysts’ expectations of $518.50 million. Kennametal had a net margin of 5.29% and a return on equity of 9.35%. The business’s quarterly revenue was down 3.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.39 earnings per share. Research analysts anticipate that Kennametal will post 1.45 EPS for the current fiscal year.

Kennametal Announces Dividend

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

Insider Buying and Selling

In other news, CEO Sanjay Chowbey acquired 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was purchased at an average price of $24.28 per share, with a total value of $121,400.00. Following the purchase, the chief executive officer now owns 49,270 shares of the company’s stock, valued at approximately $1,196,275.60. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.79% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Kennametal

A number of institutional investors have recently modified their holdings of the stock. Signaturefd LLC raised its holdings in shares of Kennametal by 119.6% during the 4th quarter. Signaturefd LLC now owns 1,107 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 603 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Kennametal during the 1st quarter valued at $32,000. First United Bank & Trust bought a new position in shares of Kennametal during the 4th quarter valued at $45,000. CWM LLC raised its holdings in shares of Kennametal by 191.1% during the 4th quarter. CWM LLC now owns 1,767 shares of the industrial products company’s stock valued at $46,000 after purchasing an additional 1,160 shares in the last quarter. Finally, GAMMA Investing LLC bought a new position in shares of Kennametal during the 4th quarter valued at $48,000.

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.