Kennametal’s (KMT) Buy Rating Reiterated at Jefferies Group
Kennametal Inc. (NYSE:KMT)‘s stock had its “buy” rating reiterated by analysts at Jefferies Group in a note issued to investors on Tuesday. They currently have a $35.00 target price on the stock.
Other equities research analysts have also recently issued reports about the company. Credit Suisse Group AG reissued a “hold” rating on shares of Kennametal in a research note on Saturday, July 9th. Zacks Investment Research raised Kennametal from a “sell” rating to a “hold” rating in a research note on Thursday, August 4th. Seaport Global Securities cut Kennametal from an “accumulate” rating to a “neutral” rating and set a $28.00 target price for the company. in a research note on Thursday, August 18th. Barrington Research lifted their target price on Kennametal from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday, August 3rd. Finally, Bank of America Corp. cut Kennametal from a “neutral” rating to an “underperform” rating in a research note on Thursday, July 7th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of C$25.00.
Shares of Kennametal (NYSE:KMT) opened at 28.40 on Tuesday. Kennametal has a one year low of $15.11 and a one year high of $29.87. The stock’s 50 day moving average price is $28.20 and its 200 day moving average price is $25.32. The stock’s market capitalization is $2.26 billion.
Kennametal (NYSE:KMT) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.44 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.01. Kennametal had a positive return on equity of 7.51% and a negative net margin of 10.77%. The firm earned $521.20 million during the quarter, compared to analysts’ expectations of $519.51 million. During the same period last year, the firm posted $0.46 EPS. The business’s revenue was down 18.3% on a year-over-year basis. On average, analysts forecast that Kennametal will post $1.26 EPS for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Kennametal by 13.4% in the second quarter. Vanguard Group Inc. now owns 6,420,796 shares of the company’s stock valued at $141,963,000 after buying an additional 758,339 shares in the last quarter. BlackRock Fund Advisors raised its position in Kennametal by 49.2% in the second quarter. BlackRock Fund Advisors now owns 3,947,916 shares of the company’s stock valued at $87,288,000 after buying an additional 1,301,505 shares in the last quarter. State Street Corp raised its stake in shares of Kennametal by 22.6% in the second quarter. State Street Corp now owns 2,536,276 shares of the company’s stock worth $56,077,000 after buying an additional 466,723 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in shares of Kennametal by 6.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,382,074 shares of the company’s stock worth $52,668,000 after buying an additional 138,375 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Kennametal by 26.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,014,953 shares of the company’s stock worth $44,548,000 after buying an additional 427,586 shares during the period. Hedge funds and other institutional investors own 97.68% of the company’s stock.
Kennametal Company Profile
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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