Kennametal (NYSE:KMT) Share Price Passes Below 50 Day Moving Average of $24.46

Kennametal Inc. (NYSE:KMT)’s share price crossed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $24.46 and traded as low as $23.58. Kennametal shares last traded at $23.86, with a volume of 804,964 shares.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Barclays decreased their price target on shares of Kennametal from $25.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 2nd. Morgan Stanley began coverage on Kennametal in a research report on Monday, January 8th. They issued an “equal weight” rating and a $24.00 price target for the company. StockNews.com downgraded Kennametal from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Finally, JPMorgan Chase & Co. dropped their target price on Kennametal from $26.00 to $24.00 and set an “underweight” rating for the company in a report on Thursday, February 8th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $24.58.

Kennametal Stock Up 0.3 %

The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of 15.89, a PEG ratio of 3.20 and a beta of 1.78. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.44 and a quick ratio of 1.06. The business has a fifty day moving average of $24.42 and a 200 day moving average of $24.35.

Kennametal (NYSE:KMT) last posted its earnings results on Wednesday, February 7th. The industrial products company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.05. The company had revenue of $495.30 million for the quarter, compared to the consensus estimate of $498.99 million. Kennametal had a return on equity of 9.94% and a net margin of 5.86%. The company’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.27 earnings per share. As a group, equities analysts predict that Kennametal Inc. will post 1.49 earnings per share for the current year.

Kennametal Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 13th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend was Monday, February 12th. Kennametal’s dividend payout ratio is presently 53.33%.

Kennametal declared that its board has authorized a share buyback program on Wednesday, February 7th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the industrial products company to buy up to 10.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Activity at Kennametal

In related news, VP John Wayne Witt sold 1,000 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $25.55, for a total value of $25,550.00. Following the sale, the vice president now owns 1,343 shares in the company, valued at approximately $34,313.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.79% of the stock is owned by insiders.

Institutional Investors Weigh In On Kennametal

Large investors have recently added to or reduced their stakes in the business. Signaturefd LLC increased its holdings in Kennametal by 119.6% during the 4th quarter. Signaturefd LLC now owns 1,107 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 603 shares during the period. Lazard Asset Management LLC acquired a new position in shares of Kennametal during the second quarter worth about $32,000. Advisor Group Holdings Inc. increased its stake in shares of Kennametal by 88.1% during the fourth quarter. Advisor Group Holdings Inc. now owns 1,621 shares of the industrial products company’s stock worth $40,000 after buying an additional 759 shares during the period. First United Bank & Trust acquired a new stake in Kennametal in the fourth quarter valued at approximately $45,000. Finally, CWM LLC lifted its stake in Kennametal by 191.1% in the fourth quarter. CWM LLC now owns 1,767 shares of the industrial products company’s stock worth $46,000 after acquiring an additional 1,160 shares during the last quarter.

About Kennametal

Kennametal Inc engages in development and application of tungsten carbides, ceramics, and super-hard materials and solutions for use in metal cutting and extreme wear applications to enable customers work against corrosion and high temperatures conditions worldwide. The company operates through two segments, Metal Cutting and Infrastructure.