Kennametal Inc. (NYSE:KMT) Given Average Rating of “Reduce” by Brokerages

Kennametal Inc. (NYSE:KMT) has received an average recommendation of “Reduce” from the six brokerages that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating and four have given a hold rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $26.83.

A number of brokerages have weighed in on KMT. Jefferies Financial Group cut Kennametal from a “buy” rating to a “hold” rating and reduced their price target for the stock from $40.00 to $32.00 in a research report on Friday, December 6th. StockNews.com raised Kennametal from a “hold” rating to a “buy” rating in a research note on Wednesday. Loop Capital upped their target price on Kennametal from $24.00 to $26.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. Morgan Stanley lifted their price target on shares of Kennametal from $24.50 to $28.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Finally, Bank of America cut shares of Kennametal from a “neutral” rating to an “underperform” rating and set a $26.00 price objective for the company. in a research note on Friday, October 18th.

Insider Buying and Selling

In other Kennametal news, VP Franklin Cardenas sold 20,470 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $28.24, for a total value of $578,072.80. Following the completion of the sale, the vice president now owns 39,581 shares in the company, valued at approximately $1,117,767.44. This trade represents a 34.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Wayne Witt sold 1,765 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $29.35, for a total value of $51,802.75. Following the sale, the vice president now owns 1,642 shares in the company, valued at approximately $48,192.70. This represents a 51.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.41% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Kennametal

Hedge funds have recently made changes to their positions in the business. Quarry LP boosted its position in shares of Kennametal by 198.9% during the 2nd quarter. Quarry LP now owns 1,058 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 704 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Kennametal in the 2nd quarter valued at approximately $28,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Kennametal in the 3rd quarter worth approximately $30,000. Quest Partners LLC bought a new position in shares of Kennametal during the 2nd quarter worth approximately $44,000. Finally, Signaturefd LLC boosted its stake in Kennametal by 98.7% in the 3rd quarter. Signaturefd LLC now owns 2,029 shares of the industrial products company’s stock valued at $53,000 after buying an additional 1,008 shares in the last quarter.

Kennametal Trading Down 1.2 %

NYSE:KMT opened at $23.72 on Friday. The company has a market capitalization of $1.84 billion, a P/E ratio of 18.53, a P/E/G ratio of 2.26 and a beta of 1.65. The stock’s 50 day moving average price is $26.97 and its 200 day moving average price is $25.57. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.16 and a current ratio of 2.52. Kennametal has a 52 week low of $22.50 and a 52 week high of $32.18.

Kennametal (NYSE:KMT) last announced its quarterly earnings results on Wednesday, November 6th. The industrial products company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.26 by $0.03. Kennametal had a net margin of 4.98% and a return on equity of 8.35%. The company had revenue of $481.90 million for the quarter, compared to analyst estimates of $485.26 million. During the same quarter in the prior year, the business posted $0.41 EPS. Kennametal’s quarterly revenue was down 2.2% on a year-over-year basis. On average, research analysts forecast that Kennametal will post 1.44 EPS for the current fiscal year.

Kennametal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th were given a $0.20 dividend. The ex-dividend date was Tuesday, November 12th. This represents a $0.80 annualized dividend and a dividend yield of 3.37%. Kennametal’s dividend payout ratio is 62.50%.

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.