Kennametal (NYSE:KMT) Sets New 52-Week Low – Here’s What Happened

Kennametal Inc. (NYSE:KMT)’s share price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $19.96 and last traded at $20.00, with a volume of 251745 shares changing hands. The stock had previously closed at $21.94.

Analyst Upgrades and Downgrades

KMT has been the topic of a number of recent analyst reports. Jefferies Financial Group downgraded shares of Kennametal from a “buy” rating to a “hold” rating and cut their price target for the stock from $40.00 to $32.00 in a research note on Friday, December 6th. Morgan Stanley reduced their target price on Kennametal from $28.00 to $24.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 12th. Barclays cut their price objective on Kennametal from $25.00 to $24.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 26th. Finally, StockNews.com downgraded shares of Kennametal from a “buy” rating to a “hold” rating in a research report on Monday, March 31st. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $26.40.

Kennametal Stock Performance

The company has a current ratio of 2.53, a quick ratio of 1.13 and a debt-to-equity ratio of 0.47. The stock has a 50-day simple moving average of $22.11 and a 200-day simple moving average of $24.70. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 15.66, a price-to-earnings-growth ratio of 3.69 and a beta of 1.55.

Kennametal (NYSE:KMT) last issued its earnings results on Wednesday, February 5th. The industrial products company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.02). Kennametal had a net margin of 4.76% and a return on equity of 8.12%. On average, analysts anticipate that Kennametal Inc. will post 1.17 earnings per share for the current year.

Kennametal Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 25th. Stockholders of record on Tuesday, February 11th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, February 11th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.19%. Kennametal’s payout ratio is currently 65.57%.

Insider Buying and Selling

In related news, CEO Sanjay Chowbey purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The shares were acquired at an average price of $21.75 per share, with a total value of $217,500.00. Following the acquisition, the chief executive officer now owns 77,595 shares in the company, valued at approximately $1,687,691.25. This trade represents a 14.79 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.41% of the stock is owned by company insiders.

Institutional Investors Weigh In On Kennametal

Several large investors have recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in Kennametal by 45.9% during the fourth quarter. GAMMA Investing LLC now owns 1,458 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 459 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of Kennametal by 1.8% in the fourth quarter. Sei Investments Co. now owns 34,614 shares of the industrial products company’s stock worth $831,000 after buying an additional 609 shares during the period. Inspire Investing LLC increased its position in shares of Kennametal by 3.8% in the fourth quarter. Inspire Investing LLC now owns 18,512 shares of the industrial products company’s stock worth $445,000 after acquiring an additional 672 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Kennametal by 120.9% during the fourth quarter. Blue Trust Inc. now owns 1,308 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 716 shares during the period. Finally, Bank of Montreal Can grew its position in Kennametal by 10.5% during the 4th quarter. Bank of Montreal Can now owns 9,437 shares of the industrial products company’s stock worth $227,000 after purchasing an additional 898 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.