Goldman Sachs Group Downgrades Kennametal (NYSE:KMT) to Sell
Goldman Sachs Group lowered shares of Kennametal (NYSE:KMT) from a buy rating to a sell rating in a research report released on Tuesday morning, BenzingaRatingsTable reports. They currently have $30.00 price objective on the industrial products company’s stock, down from their prior price objective of $43.00.
A number of other equities analysts also recently commented on KMT. Barclays boosted their price objective on Stanley Black & Decker from $135.00 to $145.00 and gave the stock an overweight rating in a research report on Wednesday, April 3rd. KeyCorp reissued a buy rating and set a $65.00 price objective on shares of Talend in a research report on Wednesday, May 8th. ValuEngine raised Vistra Energy from a hold rating to a buy rating in a research report on Wednesday, July 3rd. Bank of America set a $10.00 price objective on HEXO and gave the stock a buy rating in a research report on Thursday, June 13th. Finally, Zacks Investment Research downgraded Haynes International from a hold rating to a sell rating in a research report on Wednesday, May 8th. Four analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The company has an average rating of Hold and an average target price of $42.50.
Shares of Kennametal stock opened at $34.19 on Tuesday. Kennametal has a one year low of $30.32 and a one year high of $45.10. The firm has a market capitalization of $2.82 billion, a P/E ratio of 12.90, a PEG ratio of 1.25 and a beta of 2.26. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 2.70. The stock’s 50-day moving average is $33.84.
In related news, Director Lawrence W. Stranghoener sold 7,000 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $31.98, for a total transaction of $223,860.00. Following the completion of the sale, the director now owns 26,108 shares in the company, valued at $834,933.84. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.00% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of KMT. Norges Bank purchased a new stake in Kennametal during the fourth quarter worth approximately $31,958,000. Lazard Asset Management LLC lifted its stake in Kennametal by 20.2% during the first quarter. Lazard Asset Management LLC now owns 5,622,390 shares of the industrial products company’s stock worth $206,622,000 after purchasing an additional 945,630 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Kennametal by 7.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,520,588 shares of the industrial products company’s stock worth $83,884,000 after purchasing an additional 177,905 shares during the last quarter. Geode Capital Management LLC lifted its stake in Kennametal by 12.4% in the fourth quarter. Geode Capital Management LLC now owns 897,794 shares of the industrial products company’s stock valued at $29,878,000 after buying an additional 99,386 shares during the last quarter. Finally, Royce & Associates LP lifted its stake in Kennametal by 35.8% in the first quarter. Royce & Associates LP now owns 217,400 shares of the industrial products company’s stock valued at $7,989,000 after buying an additional 57,300 shares during the last quarter. Hedge funds and other institutional investors own 98.90% of the company’s stock.
Kennametal Company Profile
Kennametal Inc develops and applies tungsten carbides, ceramics, super-hard materials, and solutions for use in metal cutting and mission-critical wear applications to combat extreme conditions related with wear fatigue, corrosion, and high temperatures worldwide. The company operates through three segments: Industrial, Widia, and Infrastructure.
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