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

Kennametal (NYSE:KMT) had its target price upped by investment analysts at Morgan Stanley from $24.50 to $28.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the industrial products company’s stock. Morgan Stanley’s target price indicates a potential upside of 10.15% from the stock’s previous close.

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

Kennametal Stock Performance

Shares of KMT opened at $25.42 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.16 and a current ratio of 2.52. The stock has a 50-day moving average of $27.22 and a two-hundred day moving average of $25.60. The stock has a market cap of $1.98 billion, a P/E ratio of 19.86, a P/E/G ratio of 2.29 and a beta of 1.65. Kennametal has a one year low of $22.50 and a one year high of $32.18.

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

Insider Activity at Kennametal

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

Institutional Trading of Kennametal

Several institutional investors have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB purchased a new position in Kennametal in the 3rd quarter valued at about $30,000. Sanctuary Advisors LLC raised its holdings in shares of Kennametal by 19.3% during the third quarter. Sanctuary Advisors LLC now owns 22,402 shares of the industrial products company’s stock valued at $581,000 after acquiring an additional 3,627 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of Kennametal in the third quarter valued at approximately $342,000. Geode Capital Management LLC boosted its stake in shares of Kennametal by 1.0% in the third quarter. Geode Capital Management LLC now owns 1,815,939 shares of the industrial products company’s stock worth $47,096,000 after acquiring an additional 17,265 shares during the last quarter. Finally, Barclays PLC increased its position in shares of Kennametal by 95.6% during the third quarter. Barclays PLC now owns 163,670 shares of the industrial products company’s stock worth $4,244,000 after purchasing an additional 79,992 shares in 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.