Kennametal (NYSE:KMT) Upgraded by StockNews.com to “Buy”

StockNews.com upgraded shares of Kennametal (NYSE:KMT) from a hold rating to a buy rating in a report issued on Saturday.

Several other research analysts also recently commented on KMT. Loop Capital raised 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. Barclays increased their target price on Kennametal from $24.00 to $25.00 and gave the company an equal weight rating in a research report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $24.17.

Kennametal Trading Down 0.2 %

Shares of KMT stock opened at $25.66 on Friday. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 19.01, a price-to-earnings-growth ratio of 2.62 and a beta of 1.65. The stock’s 50-day moving average price is $25.11 and its 200-day moving average price is $24.64. The company has a current ratio of 2.41, a quick ratio of 1.17 and a debt-to-equity ratio of 0.46. Kennametal has a 12-month low of $22.08 and a 12-month high of $27.04.

Kennametal (NYSE:KMT) last issued its quarterly earnings data on Wednesday, August 7th. The industrial products company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05. Kennametal had a net margin of 5.34% and a return on equity of 9.17%. The business had revenue of $543.31 million during the quarter, compared to analysts’ expectations of $532.72 million. During the same period last year, the company posted $0.51 EPS. The business’s revenue was down 1.3% on a year-over-year basis. Equities research analysts predict that Kennametal will post 1.51 EPS for the current fiscal year.

Kennametal Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 13th. This represents a $0.80 dividend on an annualized basis and a yield of 3.12%. Kennametal’s payout ratio is 59.26%.

Hedge Funds Weigh In On Kennametal

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP raised its holdings in shares of Kennametal by 198.9% during the second quarter. Quarry LP now owns 1,058 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 704 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Kennametal during the 2nd quarter worth about $28,000. Headlands Technologies LLC purchased a new position in shares of Kennametal in the first quarter valued at approximately $32,000. Quest Partners LLC purchased a new position in Kennametal in the 2nd quarter valued at $44,000. Finally, EntryPoint Capital LLC boosted its position in Kennametal by 2,552.0% during the first quarter. EntryPoint Capital LLC now owns 2,705 shares of the industrial products company’s stock worth $67,000 after acquiring an additional 2,603 shares during the last quarter.

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.