Brokerages Set Kennametal Inc. (NYSE:KMT) Target Price at $24.60

Kennametal Inc. (NYSE:KMT) has been assigned a consensus recommendation of “Reduce” from the five ratings firms that are covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $24.60.

A number of equities analysts recently weighed in on the stock. Barclays boosted their target price on shares of Kennametal from $24.00 to $25.00 and gave the stock an “equal weight” rating in a report on Friday, August 9th. Loop Capital raised their target price on shares of Kennametal from $22.00 to $24.00 and gave the company a “hold” rating in a research note on Thursday, August 22nd. StockNews.com cut Kennametal from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Finally, Bank of America lowered Kennametal from a “neutral” rating to an “underperform” rating and set a $26.00 price objective on the stock. in a research note on Friday, October 18th.

Kennametal Trading Down 0.9 %

Kennametal stock opened at $28.19 on Thursday. The company has a market cap of $2.19 billion, a price-to-earnings ratio of 22.02, a P/E/G ratio of 2.39 and a beta of 1.64. The firm has a 50-day moving average of $26.18 and a 200-day moving average of $25.25. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.52 and a quick ratio of 1.16. Kennametal has a one year low of $22.50 and a one year high of $32.18.

Kennametal (NYSE:KMT) last issued its quarterly earnings results on Wednesday, November 6th. The industrial products company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.26 by $0.03. The firm had revenue of $481.90 million during the quarter, compared to analysts’ expectations of $485.26 million. Kennametal had a return on equity of 8.35% and a net margin of 4.98%. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 earnings per share. On average, equities analysts expect that Kennametal will post 1.45 earnings per share for the current fiscal year.

Kennametal Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Tuesday, November 12th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, November 12th. This represents a $0.80 annualized dividend and a yield of 2.84%. Kennametal’s dividend payout ratio (DPR) is presently 62.50%.

Hedge Funds Weigh In On Kennametal

Several institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP boosted its stake in Kennametal by 198.9% in the 2nd quarter. Quarry LP now owns 1,058 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 704 shares during the period. Canada Pension Plan Investment Board acquired a new stake in shares of Kennametal during the second quarter worth $28,000. Headlands Technologies LLC acquired a new position in shares of Kennametal in the first quarter valued at about $32,000. Quest Partners LLC acquired a new position in shares of Kennametal in the second quarter valued at about $44,000. Finally, Signaturefd LLC raised its stake 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 purchasing an additional 1,008 shares in the last quarter.

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.