BMO Capital Markets Lowers Kennametal (NYSE:KMT) Price Target to $30.50

Kennametal (NYSE:KMT) had its price target reduced by BMO Capital Markets from $37.00 to $30.50 in a research report report published on Wednesday, BenzingaRatingsTable reports. They currently have a market perform rating on the industrial products company’s stock.

KMT has been the subject of several other reports. ValuEngine downgraded Kennametal from a hold rating to a sell rating in a research report on Wednesday, July 3rd. KeyCorp dropped their target price on Kennametal from $52.00 to $47.00 and set an overweight rating for the company in a research report on Wednesday, May 8th. Bank of America dropped their target price on Kennametal from $30.00 to $27.00 and set an underperform rating for the company in a research report on Tuesday, August 6th. Goldman Sachs Group downgraded Kennametal from a buy rating to a sell rating and dropped their target price for the company from $43.00 to $30.00 in a research report on Tuesday, July 16th. Finally, Zacks Investment Research downgraded Kennametal from a hold rating to a sell rating in a research report on Wednesday, May 8th. Five analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. Kennametal presently has a consensus rating of Hold and a consensus target price of $37.69.

NYSE KMT opened at $27.75 on Wednesday. The company has a market cap of $2.38 billion, a P/E ratio of 9.58, a P/E/G ratio of 1.18 and a beta of 2.24. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.58 and a quick ratio of 1.34. The stock has a 50-day moving average of $32.54 and a two-hundred day moving average of $35.51. Kennametal has a 1-year low of $27.49 and a 1-year high of $45.10.

Kennametal (NYSE:KMT) last released its earnings results on Monday, August 5th. The industrial products company reported $0.84 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.02). The firm had revenue of $603.95 million during the quarter, compared to analyst estimates of $643.95 million. Kennametal had a net margin of 10.19% and a return on equity of 18.97%. The business’s revenue was down 6.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.87 earnings per share. On average, analysts anticipate that Kennametal will post 2.94 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.88%. The ex-dividend date is Monday, August 12th. Kennametal’s payout ratio is presently 26.49%.

In other news, Director Lawrence W. Stranghoener sold 7,000 shares of Kennametal stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $31.98, for a total value of $223,860.00. Following the completion of the transaction, the director now owns 26,108 shares in the company, valued at approximately $834,933.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.00% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in KMT. BlackRock Inc. increased its holdings in shares of Kennametal by 1.5% in the second quarter. BlackRock Inc. now owns 9,669,598 shares of the industrial products company’s stock valued at $357,679,000 after purchasing an additional 147,035 shares during the period. California Public Employees Retirement System increased its holdings in shares of Kennametal by 7.6% in the second quarter. California Public Employees Retirement System now owns 160,918 shares of the industrial products company’s stock valued at $5,952,000 after purchasing an additional 11,348 shares during the period. Nuveen Asset Management LLC increased its holdings in shares of Kennametal by 752.3% in the second quarter. Nuveen Asset Management LLC now owns 680,895 shares of the industrial products company’s stock valued at $25,187,000 after purchasing an additional 601,004 shares during the period. D. E. Shaw & Co. Inc. increased its holdings in shares of Kennametal by 322.3% in the second quarter. D. E. Shaw & Co. Inc. now owns 39,968 shares of the industrial products company’s stock valued at $1,479,000 after purchasing an additional 30,504 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Kennametal in the second quarter valued at approximately $306,000. Institutional investors and hedge funds own 97.19% of the company’s stock.

Kennametal Company Profile

Kennametal Inc develops and applies tungsten carbides, ceramics, super-hard materials, and solutions for use in metal cutting and mission-critical wear applications to combat extreme conditions related with wear fatigue, corrosion, and high temperatures worldwide. The company operates through three segments: Industrial, Widia, and Infrastructure.

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Analyst Recommendations for Kennametal (NYSE:KMT)

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