Kennametal (NYSE:KMT) Cut to “Underperform” at Bank of America

Bank of America cut shares of Kennametal (NYSE:KMT) from a neutral rating to an underperform rating in a research report released on Friday, Marketbeat reports. They currently have $26.00 target price on the industrial products company’s stock.

A number of other equities research analysts have also recently weighed in on KMT. Loop Capital upped their price objective on Kennametal from $22.00 to $24.00 and gave the stock a “hold” rating in a research note on Thursday, August 22nd. StockNews.com raised shares of Kennametal from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Barclays lifted their price objective on shares of Kennametal from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Friday, August 9th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Kennametal currently has an average rating of “Hold” and an average price target of $24.33.

Kennametal Stock Down 1.1 %

Shares of Kennametal stock opened at $25.44 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.41 and a quick ratio of 1.17. The stock has a market cap of $2.00 billion, a price-to-earnings ratio of 18.84, a PEG ratio of 2.65 and a beta of 1.65. The firm’s 50-day moving average is $25.37 and its two-hundred day moving average is $24.80. Kennametal has a 1 year low of $22.08 and a 1 year high of $27.04.

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

Kennametal Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.80 annualized dividend and a dividend yield of 3.14%. Kennametal’s dividend payout ratio (DPR) is currently 59.26%.

Institutional Trading of Kennametal

A number of institutional investors have recently bought and sold shares of KMT. Wellington Management Group LLP raised its holdings in shares of Kennametal by 7.8% in 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 buying an additional 305,542 shares during the last quarter. Quadrature Capital Ltd raised its stake in Kennametal by 141.8% in the 4th quarter. Quadrature Capital Ltd now owns 37,534 shares of the industrial products company’s stock worth $968,000 after acquiring an additional 22,010 shares during the last quarter. Azarias Capital Management L.P. acquired a new stake in Kennametal during the 1st quarter worth about $4,795,000. BNP Paribas Financial Markets grew its stake in Kennametal by 85.3% during the 1st quarter. BNP Paribas Financial Markets now owns 87,340 shares of the industrial products company’s stock valued at $2,178,000 after purchasing an additional 40,193 shares during the last quarter. Finally, Central Pacific Bank Trust Division acquired a new position in shares of Kennametal in the first quarter valued at about $324,000.

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.