Barclays Cuts Kennametal (NYSE:KMT) Price Target to $24.00

Kennametal (NYSE:KMT) had its price objective lowered by research analysts at Barclays from $25.00 to $24.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the industrial products company’s stock. Barclays‘s target price indicates a potential upside of 7.64% from the company’s previous close.

A number of other brokerages have also issued reports on KMT. StockNews.com raised Kennametal from a “hold” rating to a “buy” rating in a research note on Monday, January 27th. Jefferies Financial Group lowered shares of Kennametal from a “buy” rating to a “hold” rating and dropped their target price for the stock from $40.00 to $32.00 in a report on Friday, December 6th. Finally, Morgan Stanley lowered their price target on shares of Kennametal from $28.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $26.40.

Kennametal Trading Down 0.8 %

Shares of KMT stock opened at $22.30 on Wednesday. Kennametal has a 1-year low of $20.50 and a 1-year high of $32.18. The company has a market cap of $1.72 billion, a price-to-earnings ratio of 18.21, a PEG ratio of 3.69 and a beta of 1.69. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.53 and a quick ratio of 1.13. The stock has a 50 day simple moving average of $22.61 and a 200-day simple moving average of $24.90.

Kennametal (NYSE:KMT) last posted its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.02). Kennametal had a net margin of 4.76% and a return on equity of 8.12%. On average, equities research analysts expect that Kennametal will post 1.17 EPS for the current fiscal year.

Insider Buying and Selling at Kennametal

In other news, CEO Sanjay Chowbey purchased 10,000 shares of Kennametal stock in a transaction dated Tuesday, February 11th. The shares were purchased at an average price of $21.75 per share, with a total value of $217,500.00. Following the transaction, the chief executive officer now owns 77,595 shares in the company, valued at $1,687,691.25. This represents a 14.79 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.41% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Kennametal

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. purchased a new position in shares of Kennametal during the 4th quarter worth $59,207,000. Wellington Management Group LLP boosted its stake in Kennametal by 33.5% during the third quarter. Wellington Management Group LLP now owns 6,251,632 shares of the industrial products company’s stock worth $162,105,000 after buying an additional 1,567,867 shares during the period. Weiss Asset Management LP acquired a new stake in shares of Kennametal during the third quarter valued at about $10,295,000. American Century Companies Inc. raised its stake in shares of Kennametal by 13.8% in the 4th quarter. American Century Companies Inc. now owns 2,543,973 shares of the industrial products company’s stock valued at $61,106,000 after acquiring an additional 308,000 shares during the period. Finally, Norges Bank acquired a new position in shares of Kennametal in the 4th quarter worth approximately $5,543,000.

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.