Kennametal Inc. (KMT) Price Target Raised to $45.00 at Credit Suisse Group
Kennametal Inc. (NYSE:KMT) had its target price upped by Credit Suisse Group from $40.00 to $45.00 in a report released on Friday morning. Credit Suisse Group currently has a neutral rating on the industrial products company’s stock.
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 price objective for the company in a research note on Wednesday, October 4th. Jefferies Group LLC reiterated a buy rating and issued a $50.00 price objective on shares of Kennametal in a research note on Friday, October 20th. BMO Capital Markets reiterated a hold rating and issued a $45.00 price objective 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 price objective for the company from $40.00 to $43.00 in a research note on Thursday, August 17th. Finally, Stifel Nicolaus reiterated a hold rating on shares of Kennametal in a research note on Friday, August 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $45.23.
Kennametal (NYSE KMT) traded down $0.64 during trading hours 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 debt-to-equity ratio of 0.63, a quick ratio of 1.36 and a current ratio of 2.71. The stock has a market cap of $3,786.89, a price-to-earnings ratio of 23.99, a price-to-earnings-growth ratio of 2.48 and a beta of 1.96. Kennametal has a 52-week low of $27.95 and a 52-week high of $48.89.
Kennametal (NYSE:KMT) last posted its quarterly earnings data on Wednesday, November 1st. The industrial products company reported $0.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.17. The firm had revenue of $542.45 million during the quarter, compared to analyst estimates of $516.80 million. Kennametal had a net margin of 7.31% and a return on equity of 15.12%. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter last year, the business posted $0.11 EPS. analysts expect that Kennametal will post 2.4 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 29th. Stockholders of record on Tuesday, November 14th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date is Monday, November 13th. Kennametal’s dividend payout ratio is currently 59.26%.
In other Kennametal news, VP Charles Michael Jr. Byrnes acquired 1,900 shares of the business’s stock in a transaction that occurred 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 purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Christopher Rossi acquired 29,880 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The stock was 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 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 currently owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA boosted its holdings in Kennametal by 52.5% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 66,519 shares of the industrial products company’s stock worth $2,683,000 after buying an additional 22,905 shares during the period. World Asset Management Inc bought a new position in Kennametal in the 3rd quarter worth approximately $207,000. Principal Financial Group Inc. boosted its holdings in Kennametal by 1.0% in the 3rd quarter. Principal Financial Group Inc. now owns 351,741 shares of the industrial products company’s stock worth $14,190,000 after buying an additional 3,485 shares during the period. American Century Companies Inc. boosted its holdings in Kennametal by 39.4% in the 3rd quarter. American Century Companies Inc. now owns 2,382,709 shares of the industrial products company’s stock worth $96,118,000 after buying an additional 673,230 shares during the period. Finally, State of Wisconsin Investment Board bought a new position in Kennametal in the 3rd quarter worth approximately $4,579,000. 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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