Kennametal Inc. (KMT) Sees Large Volume Increase on Analyst Upgrade
Kennametal Inc. (NYSE:KMT) saw unusually-strong trading volume on Wednesday after Jefferies Group raised their price target on the stock from $30.00 to $35.00. Jefferies Group currently has a buy rating on the stock. Approximately 769,820 shares traded hands during trading, a decline of 6% from the previous session’s volume of 818,435 shares.The stock last traded at $28.77 and had previously closed at $28.50.
Other equities research analysts have also issued reports about the stock. Credit Suisse Group AG reissued a “hold” rating on shares of Kennametal in a report on Saturday, July 9th. Zacks Investment Research raised shares of Kennametal from a “sell” rating to a “hold” rating in a report on Thursday, August 4th. Seaport Global Securities lowered shares of Kennametal from an “accumulate” rating to a “neutral” rating and set a $28.00 price target on the stock. in a report on Thursday, August 18th. Barrington Research upped their price target on shares of Kennametal from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Wednesday, August 3rd. Finally, Bank of America Corp. lowered shares of Kennametal from a “neutral” rating to an “underperform” rating in a report on Thursday, July 7th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of C$25.00.
Several hedge funds and other institutional investors have recently modified their holdings of the company. AMP Capital Investors Ltd purchased a new position in shares of Kennametal during the first quarter worth $6,194,000. Nuveen Asset Management LLC increased its position in Kennametal by 728.2% in the first quarter. Nuveen Asset Management LLC now owns 262,835 shares of the company’s stock valued at $5,911,000 after buying an additional 231,100 shares during the period. HBK Investments L P bought a new position in Kennametal during the first quarter valued at $2,411,000. Bogle Investment Management L P DE increased its position in Kennametal by 150.9% in the first quarter. Bogle Investment Management L P DE now owns 718,489 shares of the company’s stock valued at $16,158,000 after buying an additional 432,112 shares during the period. Finally, Fairpointe Capital LLC increased its position in Kennametal by 202.1% in the first quarter. Fairpointe Capital LLC now owns 56,350 shares of the company’s stock valued at $1,267,000 after buying an additional 37,700 shares during the period. Institutional investors and hedge funds own 97.66% of the company’s stock.
The firm has a 50-day moving average of $28.20 and a 200-day moving average of $25.17. The company’s market capitalization is $2.29 billion.
Kennametal (NYSE:KMT) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.01. Kennametal had a negative net margin of 10.77% and a positive return on equity of 7.51%. The firm had revenue of $521.20 million for the quarter, compared to analyst estimates of $519.51 million. During the same period last year, the business earned $0.46 EPS. Kennametal’s revenue for the quarter was down 18.3% compared to the same quarter last year. Analysts forecast that Kennametal Inc. will post $1.26 earnings per share for the current year.
Kennametal Inc (Kennametal) is a supplier of tooling, engineered components and advanced materials consumed in production processes. The Company manages and reports its business in two segments: Industrial and Infrastructure. The Company provides wear-resistant products, application engineering and services backed by material science, serving customers across diverse sectors of industrial production, transportation, earthworks, energy, infrastructure and aerospace.
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