Kennametal Inc. (KMT) Posts Quarterly Earnings Results, Beats Expectations By $0.17 EPS
Kennametal Inc. (NYSE:KMT) released its quarterly earnings data on Wednesday. The industrial products company reported $0.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.17, Bloomberg Earnings reports. The firm had revenue of $542.45 million for the quarter, compared to analyst estimates of $516.80 million. Kennametal had a net margin of 5.18% and a return on equity of 15.71%. The company’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.11 EPS.
Shares of Kennametal (NYSE KMT) traded up $3.44 during trading on Friday, reaching $46.78. 1,444,950 shares of the company’s stock were exchanged, compared to its average volume of 811,434. The stock has a market capitalization of $3.84 billion, a P/E ratio of 24.32 and a beta of 1.96.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 29th. Shareholders of record on Tuesday, November 14th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Monday, November 13th. Kennametal’s dividend payout ratio (DPR) is presently 59.26%.
In other Kennametal news, VP Charles Michael Jr. Byrnes acquired 1,900 shares of Kennametal stock in a transaction dated Friday, August 18th. The stock was bought at an average cost of $33.00 per share, with a total value of $62,700.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Christopher Rossi acquired 29,880 shares of Kennametal stock in a transaction dated Friday, August 18th. The shares were acquired at an average cost of $33.46 per share, with a total value of $999,784.80. Following the completion of the acquisition, the insider now directly owns 29,850 shares in the company, valued at approximately $998,781. The disclosure for this purchase can be found here. 2.00% of the stock is owned by corporate insiders.
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Several research firms have weighed in on KMT. Jefferies Group LLC upped their price objective on shares of Kennametal from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Friday. BidaskClub lowered shares of Kennametal from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. Zacks Investment Research lowered shares of Kennametal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. Stifel Nicolaus reiterated a “hold” rating on shares of Kennametal in a research note on Friday, August 4th. Finally, Credit Suisse Group upped their price objective on shares of Kennametal from $40.00 to $45.00 and gave the company a “neutral” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $45.23.
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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