Kennametal (NYSE:KMT) Cut to Hold at StockNews.com

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

Several other research firms have also recently issued reports on KMT. Loop Capital raised their target price on Kennametal from $22.00 to $24.00 and gave the stock a hold rating in a research note on Thursday, August 22nd. Barclays raised their target price on Kennametal from $24.00 to $25.00 and gave the stock an equal weight rating in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $24.17.

Kennametal Price Performance

KMT stock opened at $25.14 on Friday. The business has a fifty day moving average of $24.83 and a two-hundred day moving average of $24.62. The company has a quick ratio of 1.17, a current ratio of 2.41 and a debt-to-equity ratio of 0.46. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 18.62, a price-to-earnings-growth ratio of 2.62 and a beta of 1.65. Kennametal has a 52-week low of $22.08 and a 52-week high of $27.04.

Kennametal (NYSE:KMT) last posted its earnings results on Wednesday, August 7th. The industrial products company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.05. The company had revenue of $543.31 million during the quarter, compared to analysts’ expectations of $532.72 million. Kennametal had a return on equity of 9.17% and a net margin of 5.34%. The firm’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.51 earnings per share. As a group, research analysts anticipate that Kennametal will post 1.51 earnings per share for the current year.

Kennametal Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were paid a $0.20 dividend. The ex-dividend date was Tuesday, August 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.18%. Kennametal’s payout ratio is presently 59.26%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of KMT. Quarry LP boosted its holdings in Kennametal by 198.9% in the second quarter. Quarry LP now owns 1,058 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 704 shares during the period. Canada Pension Plan Investment Board purchased a new position in Kennametal in the second quarter valued at $28,000. Headlands Technologies LLC purchased a new position in Kennametal in the first quarter valued at $32,000. Quest Partners LLC purchased a new position in Kennametal in the second quarter valued at $44,000. Finally, EntryPoint Capital LLC boosted its holdings in Kennametal by 2,552.0% in the first quarter. EntryPoint Capital LLC now owns 2,705 shares of the industrial products company’s stock valued at $67,000 after purchasing an additional 2,603 shares during the period.

About Kennametal

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.