Kennametal (NYSE:KMT) PT Lowered to $24.00

Kennametal (NYSE:KMT) had its price target cut by equities researchers at Barclays from $25.00 to $24.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the industrial products company’s stock. Barclays‘s price target indicates a potential upside of 1.03% from the company’s previous close.

KMT has been the topic of several other reports. StockNews.com lowered Kennametal from a “buy” rating to a “hold” rating in a research report on Monday, July 1st. Loop Capital lowered their price target on Kennametal from $24.00 to $22.00 and set a “hold” rating on the stock in a research report on Friday, June 21st. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company. According to MarketBeat, Kennametal has a consensus rating of “Hold” and an average price target of $23.67.

Kennametal Stock Up 4.1 %

NYSE KMT opened at $23.76 on Wednesday. The stock’s 50-day moving average price is $24.53 and its 200-day moving average price is $24.55. The company has a quick ratio of 1.09, a current ratio of 2.42 and a debt-to-equity ratio of 0.46. Kennametal has a 52 week low of $22.08 and a 52 week high of $30.60. The company has a market capitalization of $1.87 billion, a P/E ratio of 17.60, a price-to-earnings-growth ratio of 2.16 and a beta of 1.66.

Kennametal (NYSE:KMT) last released its quarterly earnings data on Wednesday, May 8th. The industrial products company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01). The firm had revenue of $515.80 million during the quarter, compared to the consensus estimate of $518.50 million. Kennametal had a return on equity of 9.35% and a net margin of 5.29%. The business’s revenue was down 3.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.39 EPS. On average, equities research analysts predict that Kennametal will post 1.45 earnings per share for the current year.

Insider Activity at Kennametal

In related news, CEO Sanjay Chowbey acquired 5,000 shares of Kennametal stock in a transaction on Monday, June 10th. The stock was purchased at an average cost of $24.28 per share, with a total value of $121,400.00. Following the purchase, the chief executive officer now directly owns 49,270 shares in the company, valued at $1,196,275.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.79% of the company’s stock.

Institutional Investors Weigh In On Kennametal

A number of large investors have recently bought and sold shares of KMT. CWM LLC boosted its holdings in shares of Kennametal by 46.7% during the second quarter. CWM LLC now owns 3,049 shares of the industrial products company’s stock worth $72,000 after purchasing an additional 970 shares during the last quarter. First Hawaiian Bank purchased a new position in Kennametal in the second quarter valued at about $482,000. Price T Rowe Associates Inc. MD raised its position in Kennametal by 6.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 42,385 shares of the industrial products company’s stock valued at $1,058,000 after purchasing an additional 2,519 shares during the period. Keeley Teton Advisors LLC raised its position in Kennametal by 43.5% in the first quarter. Keeley Teton Advisors LLC now owns 19,664 shares of the industrial products company’s stock valued at $490,000 after purchasing an additional 5,964 shares during the period. Finally, EntryPoint Capital LLC increased its position in shares of Kennametal by 2,552.0% during the first quarter. EntryPoint Capital LLC now owns 2,705 shares of the industrial products company’s stock worth $67,000 after acquiring an additional 2,603 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.