Kennametal (NYSE:KMT) Stock Rating Lowered by Wall Street Zen

Kennametal (NYSE:KMT) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other analysts have also weighed in on the stock. Morgan Stanley lowered shares of Kennametal from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $31.00 to $27.00 in a research note on Monday, August 10th. DA Davidson cut their target price on shares of Kennametal from $34.00 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 11th. Zacks Research downgraded shares of Kennametal from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 14th. Weiss Ratings lowered shares of Kennametal from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 23rd. Finally, UBS Group lowered their price target on shares of Kennametal from $39.00 to $35.00 and set a “neutral” rating for the company in a research report on Monday, August 10th. Five investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $33.07.

Kennametal Trading Up 0.3%

Shares of NYSE KMT opened at $23.06 on Friday. Kennametal has a twelve month low of $22.65 and a twelve month high of $43.81. The firm has a market cap of $1.78 billion, a PE ratio of 3.04, a price-to-earnings-growth ratio of 0.21 and a beta of 1.30. The business has a fifty day simple moving average of $30.10 and a two-hundred day simple moving average of $34.42. The company has a quick ratio of 1.24, a current ratio of 3.45 and a debt-to-equity ratio of 0.59.

Kennametal (NYSE:KMT) last posted its quarterly earnings results on Wednesday, November 4th. The industrial products company reported $3.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.65 by $0.83. The business had revenue of $768.19 million for the quarter, compared to the consensus estimate of $770.36 million. Kennametal had a return on equity of 38.40% and a net margin of 22.49%. The business’s revenue was up 54.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.34 EPS. Analysts expect that Kennametal will post 5.18 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Sanjay Chowbey acquired 7,000 shares of the business’s stock in a transaction dated Thursday, November 5th. The shares were purchased at an average price of $23.62 per share, with a total value of $165,340.00. Following the transaction, the chief executive officer directly owned 280,957 shares in the company, valued at approximately $6,636,204.34. This represents a 2.56% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Judith Bacchus sold 9,676 shares of Kennametal stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $30.29, for a total transaction of $293,086.04. Following the completion of the transaction, the vice president directly owned 15,721 shares in the company, valued at approximately $476,189.09. The trade was a 38.10% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.65% of the company’s stock.

Institutional Investors Weigh In On Kennametal

Several institutional investors have recently bought and sold shares of KMT. Maryland State Retirement & Pension System raised its stake in shares of Kennametal by 53.6% during the 3rd quarter. Maryland State Retirement & Pension System now owns 17,099 shares of the industrial products company’s stock valued at $526,000 after buying an additional 5,970 shares during the last quarter. Fulcrum Asset Management LLP lifted its holdings in shares of Kennametal by 3,904.0% in the 3rd quarter. Fulcrum Asset Management LLP now owns 6,006 shares of the industrial products company’s stock valued at $186,000 after buying an additional 5,856 shares during the period. M Holdings Securities Inc. purchased a new stake in shares of Kennametal in the third quarter worth about $214,000. Parallel Advisors LLC boosted its stake in shares of Kennametal by 235.8% in the third quarter. Parallel Advisors LLC now owns 5,581 shares of the industrial products company’s stock worth $172,000 after buying an additional 3,919 shares during the last quarter. Finally, Alps Advisors Inc. purchased a new stake in shares of Kennametal in the third quarter worth about $4,656,000.

Kennametal Company Profile

Kennametal Inc (NYSE: KMT) is a global industrial technology company that develops and manufactures tooling, engineered components and wear-resistant solutions. Its products are designed to help customers improve productivity, durability and performance in demanding manufacturing and industrial applications.

The company’s offerings include metal-cutting tools and systems, tooling components, advanced materials, and products made with hard metals and other wear-resistant technologies. Kennametal also provides engineered solutions for applications such as machining, earthworks, energy production, transportation, aerospace, defense and general engineering.

Founded in 1938 by Philip M.