Kennametal (NYSE:KMT) Releases FY24 Earnings Guidance

Kennametal (NYSE:KMT) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $1.40-1.55 for the period, compared to the consensus estimate of $1.48. The company issued revenue guidance of $2.03-2.05 billion, compared to the consensus revenue estimate of $2.05 billion. Kennametal also updated its FY 2024 guidance to 1.400-1.550 EPS.

Wall Street Analysts Forecast Growth

KMT has been the topic of several analyst reports. Barclays reduced their target price on Kennametal from $25.00 to $24.00 and set an equal weight rating on the stock in a report on Tuesday, April 2nd. JPMorgan Chase & Co. lowered their target price on Kennametal from $26.00 to $24.00 and set an underweight rating for the company in a report on Thursday, February 8th. Finally, StockNews.com upgraded Kennametal from a hold rating to a buy rating in a report on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $24.58.

Kennametal Stock Up 0.2 %

KMT stock traded up $0.05 during trading on Wednesday, reaching $24.61. 430,331 shares of the stock were exchanged, compared to its average volume of 625,125. The firm’s 50 day moving average is $24.37 and its 200 day moving average is $24.34. The firm has a market cap of $1.95 billion, a P/E ratio of 16.33, a price-to-earnings-growth ratio of 3.29 and a beta of 1.76. The company has a current ratio of 2.44, a quick ratio of 1.06 and a debt-to-equity ratio of 0.45. Kennametal has a twelve month low of $22.08 and a twelve month high of $30.60.

Kennametal (NYSE:KMT) last released its quarterly earnings data on Wednesday, February 7th. The industrial products company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.25 by $0.05. The firm had revenue of $495.30 million during the quarter, compared to the consensus estimate of $498.99 million. Kennametal had a return on equity of 9.94% and a net margin of 5.86%. The company’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.27 earnings per share. As a group, research analysts forecast that Kennametal will post 1.49 EPS for the current year.

Kennametal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 28th. Stockholders of record on Tuesday, May 14th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, May 13th. This represents a $0.80 annualized dividend and a dividend yield of 3.25%. Kennametal’s dividend payout ratio is 53.33%.

Kennametal announced that its Board of Directors has initiated a stock buyback program on Wednesday, February 7th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the industrial products company to reacquire up to 10.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, VP John Wayne Witt sold 1,000 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $25.55, for a total transaction of $25,550.00. Following the completion of the sale, the vice president now owns 1,343 shares in the company, valued at $34,313.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.79% of the stock is currently owned by corporate insiders.

Kennametal Company Profile

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.