Kennametal (NYSE:KMT) Downgraded by Bank of America to “Underperform”

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

Several other equities research analysts have also commented on KMT. Loop Capital lifted their price target on shares of Kennametal from $22.00 to $24.00 and gave the stock a “hold” rating in a research note on Thursday, August 22nd. StockNews.com upgraded Kennametal from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Barclays boosted their price objective on Kennametal from $24.00 to $25.00 and gave the company an “equal weight” rating in a research note on Friday, August 9th. Three equities research 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. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $24.33.

Kennametal Trading Down 1.7 %

NYSE:KMT opened at $25.71 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.17 and a current ratio of 2.41. Kennametal has a 1 year low of $22.08 and a 1 year high of $27.04. The stock has a market cap of $2.02 billion, a P/E ratio of 19.04, a P/E/G ratio of 2.65 and a beta of 1.65. The stock has a 50-day simple moving average of $25.32 and a 200-day simple moving average of $24.77.

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

Kennametal Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend was Tuesday, August 13th. Kennametal’s dividend payout ratio is presently 59.26%.

Hedge Funds Weigh In On Kennametal

Several institutional investors have recently bought and sold shares of the company. Inspire Advisors LLC acquired a new stake in shares of Kennametal in the 3rd quarter worth $204,000. Inspire Investing LLC lifted its position in Kennametal by 6.4% in the third quarter. Inspire Investing LLC now owns 17,840 shares of the industrial products company’s stock valued at $463,000 after purchasing an additional 1,070 shares during the period. CWM LLC boosted its holdings in Kennametal by 40.3% in the 3rd quarter. CWM LLC now owns 4,279 shares of the industrial products company’s stock valued at $111,000 after purchasing an additional 1,230 shares in the last quarter. SG Americas Securities LLC increased its position in Kennametal by 74.6% during the 3rd quarter. SG Americas Securities LLC now owns 12,173 shares of the industrial products company’s stock worth $316,000 after purchasing an additional 5,202 shares during the period. Finally, Sanctuary Advisors LLC purchased a new position in shares of Kennametal during the 2nd quarter worth approximately $451,000.

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.