Bank of America Lowers Kennametal (NYSE:KMT) to Underperform

Bank of America downgraded shares of Kennametal (NYSE:KMT) from a neutral rating to an underperform rating in a report issued on Friday morning, Marketbeat.com reports. Bank of America currently has $26.00 price objective on the industrial products company’s stock.

Several other research analysts also recently issued reports on the company. Barclays lifted their price objective on Kennametal from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Friday, August 9th. Loop Capital increased their price objective on Kennametal from $22.00 to $24.00 and gave the company a “hold” rating in a research note on Thursday, August 22nd. Finally, StockNews.com upgraded Kennametal from a “hold” rating to a “buy” rating in a research report on Friday. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $24.33.

Kennametal Stock Down 1.7 %

KMT stock opened at $25.71 on Friday. Kennametal has a 52 week low of $22.08 and a 52 week high of $27.04. The company has a current ratio of 2.41, a quick ratio of 1.17 and a debt-to-equity ratio of 0.46. The company has a market cap of $2.02 billion, a P/E ratio of 19.04, a P/E/G ratio of 2.65 and a beta of 1.65. The company’s 50-day moving average price is $25.32 and its 200 day moving average price is $24.77.

Kennametal (NYSE:KMT) last announced its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.44 by $0.05. The business had revenue of $543.31 million for the quarter, compared to analyst estimates of $532.72 million. Kennametal had a return on equity of 9.17% and a net margin of 5.34%. The company’s quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.51 EPS. On average, research analysts expect that Kennametal will post 1.51 earnings per share for the current fiscal year.

Kennametal Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.80 annualized dividend and a yield of 3.11%. Kennametal’s dividend payout ratio (DPR) is presently 59.26%.

Institutional Trading of Kennametal

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Burgundy Asset Management Ltd. boosted its position in shares of Kennametal by 1.4% in the second quarter. Burgundy Asset Management Ltd. now owns 4,977,697 shares of the industrial products company’s stock worth $117,175,000 after acquiring an additional 67,327 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Kennametal by 2.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,683,485 shares of the industrial products company’s stock valued at $110,248,000 after purchasing an additional 100,905 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Kennametal by 7.8% in the 4th quarter. Wellington Management Group LLP now owns 4,240,814 shares of the industrial products company’s stock valued at $109,371,000 after purchasing an additional 305,542 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Kennametal by 1.6% during the 2nd quarter. Victory Capital Management Inc. now owns 3,298,229 shares of the industrial products company’s stock valued at $77,640,000 after buying an additional 50,622 shares during the period. Finally, Brandes Investment Partners LP increased its holdings in shares of Kennametal by 35.1% during the 2nd quarter. Brandes Investment Partners LP now owns 2,332,993 shares of the industrial products company’s stock worth $54,798,000 after buying an additional 606,477 shares during the last quarter.

Kennametal Company Profile

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.