Kennametal (NYSE:KMT) Price Target Raised to $28.00

Kennametal (NYSE:KMT) had its price target boosted by Morgan Stanley from $24.50 to $28.00 in a research note released on Tuesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the industrial products company’s stock.

Several other analysts have also recently commented on the stock. Jefferies Financial Group cut shares of Kennametal from a “buy” rating to a “hold” rating and lowered their target price for the stock from $40.00 to $32.00 in a research note on Friday, December 6th. Loop Capital upped their target price on Kennametal from $24.00 to $26.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. StockNews.com downgraded Kennametal from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Finally, Bank of America cut Kennametal from a “neutral” rating to an “underperform” rating and set a $26.00 price target for the company. in a report on Friday, October 18th. Two analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat, Kennametal currently has a consensus rating of “Hold” and a consensus price target of $26.83.

Kennametal Stock Down 1.7 %

KMT opened at $24.98 on Tuesday. The firm has a market cap of $1.94 billion, a P/E ratio of 19.52, a PEG ratio of 2.29 and a beta of 1.65. The business’s fifty day simple moving average is $27.23 and its 200 day simple moving average is $25.60. Kennametal has a 52 week low of $22.50 and a 52 week high of $32.18. The company has a quick ratio of 1.16, a current ratio of 2.52 and a debt-to-equity ratio of 0.45.

Kennametal (NYSE:KMT) last released its quarterly earnings results on Wednesday, November 6th. The industrial products company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.03. The company had revenue of $481.90 million for the quarter, compared to analysts’ expectations of $485.26 million. Kennametal had a net margin of 4.98% and a return on equity of 8.35%. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period last year, the company earned $0.41 EPS. As a group, equities research analysts anticipate that Kennametal will post 1.44 EPS for the current fiscal year.

Kennametal Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 26th. Shareholders of record on Tuesday, November 12th were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, November 12th. This represents a $0.80 annualized dividend and a yield of 3.20%. Kennametal’s dividend payout ratio is presently 62.50%.

Insider Transactions at Kennametal

In other news, VP John Wayne Witt sold 1,765 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $29.35, for a total value of $51,802.75. Following the completion of the sale, the vice president now owns 1,642 shares of the company’s stock, valued at $48,192.70. This represents a 51.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Franklin Cardenas sold 20,470 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $28.24, for a total transaction of $578,072.80. Following the completion of the transaction, the vice president now directly owns 39,581 shares in the company, valued at approximately $1,117,767.44. This represents a 34.09 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.41% of the company’s stock.

Institutional Trading of Kennametal

Institutional investors have recently added to or reduced their stakes in the business. Quarry LP lifted its stake 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 in the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Kennametal during the 2nd quarter valued at about $28,000. Wilmington Savings Fund Society FSB acquired a new position in Kennametal during the 3rd quarter worth approximately $30,000. Quest Partners LLC acquired a new position in Kennametal during the 2nd quarter worth approximately $44,000. Finally, Signaturefd LLC boosted its holdings in Kennametal by 98.7% in the 3rd quarter. Signaturefd LLC now owns 2,029 shares of the industrial products company’s stock worth $53,000 after acquiring an additional 1,008 shares during the period.

About Kennametal

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.