Kennametal Inc. (KMT) Price Target Increased to $55.00 by Analysts at Jefferies Group LLC
Kennametal Inc. (NYSE:KMT) had its price target hoisted by equities research analysts at Jefferies Group LLC from $50.00 to $55.00 in a note issued to investors on Friday. The brokerage presently has a “buy” rating on the industrial products company’s stock. Jefferies Group LLC’s price target would suggest a potential upside of 17.57% from the company’s previous close.
KMT has been the subject of several other research reports. Zacks Investment Research upgraded shares of Kennametal from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research note on Wednesday, October 4th. BMO Capital Markets reiterated a “hold” rating and set a $45.00 target price on shares of Kennametal in a research note on Friday, October 20th. J P Morgan Chase & Co upgraded shares of Kennametal from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $40.00 to $43.00 in a research note on Thursday, August 17th. Stifel Nicolaus reiterated a “hold” rating on shares of Kennametal in a research note on Friday, August 4th. Finally, Wells Fargo & Company upgraded shares of Kennametal from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $26.10 to $43.50 in a research note on Friday, August 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. Kennametal currently has a consensus rating of “Hold” and an average target price of $45.23.
Kennametal (NYSE:KMT) traded up $3.44 during midday trading on Friday, reaching $46.78. 1,443,672 shares of the company’s stock traded hands, compared to its average volume of 811,434. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 24.32 and a beta of 1.96.
Kennametal (NYSE:KMT) last released its quarterly earnings data on Wednesday, November 1st. The industrial products company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.17. Kennametal had a net margin of 5.18% and a return on equity of 15.71%. The company had revenue of $542.45 million during the quarter, compared to the consensus estimate of $516.80 million. During the same quarter in the prior year, the firm posted $0.11 earnings per share. Kennametal’s revenue for the quarter was up 13.6% on a year-over-year basis. analysts predict that Kennametal will post 2.26 EPS for the current year.
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In related news, VP Charles Michael Jr. Byrnes bought 1,900 shares of the company’s stock in a transaction on 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher Rossi bought 29,880 shares of the company’s stock in a transaction on Friday, August 18th. The stock was bought 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 owns 29,850 shares of the company’s stock, valued at approximately $998,781. The disclosure for this purchase can be found here. Corporate insiders own 2.00% of the company’s stock.
A number of institutional investors have recently modified their holdings of KMT. Fortaleza Asset Management Inc. purchased a new position in Kennametal in the third quarter valued at about $115,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Kennametal by 8.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,556 shares of the industrial products company’s stock valued at $133,000 after buying an additional 272 shares in the last quarter. World Asset Management Inc purchased a new position in Kennametal in the third quarter valued at about $207,000. Koch Industries Inc. purchased a new position in Kennametal in the second quarter valued at about $211,000. Finally, Oakbrook Investments LLC increased its holdings in Kennametal by 2.6% in the second quarter. Oakbrook Investments LLC now owns 5,950 shares of the industrial products company’s stock valued at $223,000 after buying an additional 150 shares in the last quarter. 96.88% of the stock is owned by institutional investors.
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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