KeyCorp Analysts Boost Earnings Estimates for Kennametal Inc. (KMT)
Kennametal Inc. (NYSE:KMT) – Analysts at KeyCorp raised their FY2017 EPS estimates for Kennametal in a research note issued on Tuesday. KeyCorp analyst S. Barger now expects that the brokerage will post earnings per share of $1.39 for the year, up from their prior estimate of $1.37. KeyCorp has a “Overweight” rating and a $40.00 price objective on the stock. KeyCorp also issued estimates for Kennametal’s FY2018 earnings at $1.87 EPS.
A number of other equities research analysts have also issued reports on KMT. Zacks Investment Research lowered Kennametal from a “hold” rating to a “sell” rating in a research report on Tuesday, October 4th. Jefferies Group raised their target price on Kennametal from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, October 11th. Goldman Sachs Group, Inc. (The) raised Kennametal from a “neutral” rating to a “buy” rating and raised their target price for the stock from $26.00 to $36.00 in a research report on Monday, October 31st. BMO Capital Markets reissued a “market perform” rating and set a $30.00 target price (up previously from $27.00) on shares of Kennametal in a research report on Thursday, November 10th. Finally, J P Morgan Chase & Co lowered Kennametal from a “neutral” rating to an “underweight” rating and set a $27.00 target price on the stock. in a research report on Friday, December 9th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $28.58.
Kennametal (NYSE:KMT) traded up 2.86% during midday trading on Wednesday, reaching $35.55. The company’s stock had a trading volume of 449,893 shares. The stock’s market cap is $2.84 billion. Kennametal has a 12-month low of $15.11 and a 12-month high of $36.12. The stock’s 50 day moving average is $33.18 and its 200 day moving average is $28.93.
Kennametal (NYSE:KMT) last released its quarterly earnings data on Wednesday, October 26th. The company reported $0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by $0.03. Kennametal had a positive return on equity of 7.94% and a negative net margin of 11.95%. The company earned $477 million during the quarter, compared to analysts’ expectations of $483.61 million. During the same quarter in the prior year, the company posted $0.14 EPS. The company’s revenue for the quarter was down 14.1% on a year-over-year basis.
In other Kennametal news, insider Judith L. Bacchus sold 4,000 shares of Kennametal stock in a transaction that occurred on Friday, November 11th. The stock was sold at an average price of $33.92, for a total value of $135,680.00. Following the transaction, the insider now directly owns 7,383 shares in the company, valued at approximately $250,431.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.00% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Fund Advisors increased its position in shares of Kennametal by 49.2% in the second quarter. BlackRock Fund Advisors now owns 3,947,916 shares of the company’s stock valued at $87,288,000 after buying an additional 1,301,505 shares during the period. Adage Capital Partners GP L.L.C. acquired a new stake in Kennametal during the third quarter worth $29,756,000. TIAA CREF Investment Management LLC increased its stake in Kennametal by 338.5% in the third quarter. TIAA CREF Investment Management LLC now owns 1,258,707 shares of the company’s stock worth $36,528,000 after buying an additional 971,653 shares during the period. Vanguard Group Inc. increased its stake in Kennametal by 13.4% in the second quarter. Vanguard Group Inc. now owns 6,420,796 shares of the company’s stock worth $141,963,000 after buying an additional 758,339 shares during the period. Finally, Franklin Resources Inc. acquired a new stake in Kennametal during the second quarter worth $16,574,000. Institutional investors own 95.03% of the company’s stock.
Kennametal Company Profile
Kennametal Inc is a supplier of tooling, engineered components and materials consumed in production processes. The Company operates through two segments: Industrial and Infrastructure. The Industrial segment generally serves customers that operate in industrial end markets, such as transportation, general engineering, aerospace and defense.
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