Kennametal (NYSE:KMT) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of Kennametal (NYSE:KMT) from a hold rating to a buy rating in a research report released on Friday.

KMT has been the topic of several other reports. Barclays upped their price target on Kennametal from $24.00 to $25.00 and gave the company an “equal weight” rating in a research report on Friday, August 9th. Loop Capital raised their price target on shares of Kennametal from $22.00 to $24.00 and gave the company a “hold” rating in a report on Thursday, August 22nd. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Kennametal has an average rating of “Hold” and a consensus price target of $24.33.

Kennametal Stock Performance

NYSE KMT opened at $25.71 on Friday. The firm has a market cap of $2.02 billion, a P/E ratio of 19.04, a price-to-earnings-growth ratio of 2.65 and a beta of 1.65. The company has a quick ratio of 1.17, a current ratio of 2.41 and a debt-to-equity ratio of 0.46. The company’s 50 day moving average is $25.32 and its 200-day moving average is $24.77. Kennametal has a 12-month low of $22.08 and a 12-month high of $27.04.

Kennametal (NYSE:KMT) last issued its earnings results on Wednesday, August 7th. The industrial products company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. Kennametal had a net margin of 5.34% and a return on equity of 9.17%. The business had revenue of $543.31 million for the quarter, compared to analysts’ expectations of $532.72 million. During the same quarter in the previous year, the firm posted $0.51 EPS. The business’s revenue for the quarter was down 1.3% compared to the same quarter last year. Sell-side analysts predict that Kennametal will post 1.51 earnings per share for the current year.

Kennametal Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were paid a $0.20 dividend. The ex-dividend date was Tuesday, August 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.11%. Kennametal’s dividend payout ratio (DPR) is 59.26%.

Institutional Trading of Kennametal

Hedge funds have recently added to or reduced their stakes in the business. Quarry LP boosted 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 valued at $25,000 after purchasing an additional 704 shares during the period. Canada Pension Plan Investment Board purchased a new stake in shares of Kennametal during the second quarter worth about $28,000. Headlands Technologies LLC bought a new stake in shares of Kennametal in the 1st quarter worth approximately $32,000. Quest Partners LLC purchased a new position in shares of Kennametal during the second quarter valued at approximately $44,000. Finally, EntryPoint Capital LLC raised its holdings in shares of Kennametal by 2,552.0% during the first quarter. EntryPoint Capital LLC now owns 2,705 shares of the industrial products company’s stock valued at $67,000 after acquiring an additional 2,603 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.