Kennametal (NYSE:KMT) Cut to Hold at StockNews.com

Kennametal (NYSE:KMT) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Thursday.

A number of other brokerages have also recently commented on KMT. Bank of America cut shares of Kennametal from a “neutral” rating to an “underperform” rating and set a $26.00 price target for the company. in a research note on Friday, October 18th. Barclays raised their price target on shares of Kennametal from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Friday, August 9th. Finally, Loop Capital raised their price target on shares of Kennametal from $22.00 to $24.00 and gave the stock a “hold” rating in a research report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $24.60.

Kennametal Trading Down 6.0 %

NYSE:KMT traded down $1.89 during trading hours on Thursday, hitting $29.35. The stock had a trading volume of 2,146,113 shares, compared to its average volume of 710,771. Kennametal has a one year low of $22.38 and a one year high of $32.18. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.17 and a current ratio of 2.41. The company has a market cap of $2.29 billion, a price-to-earnings ratio of 21.42, a P/E/G ratio of 2.88 and a beta of 1.64. The business’s 50 day moving average is $25.61 and its 200-day moving average is $24.99.

Kennametal (NYSE:KMT) last issued its earnings results on Wednesday, November 6th. The industrial products company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.25 by $0.04. Kennametal had a net margin of 5.34% and a return on equity of 9.17%. The firm had revenue of $481.90 million during the quarter, compared to the consensus estimate of $485.26 million. During the same quarter in the prior year, the firm earned $0.41 earnings per share. The business’s quarterly revenue was down 2.2% on a year-over-year basis. Sell-side analysts anticipate that Kennametal will post 1.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of KMT. Quarry LP lifted its position in shares of Kennametal by 198.9% during the 2nd quarter. Quarry LP now owns 1,058 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 704 shares during the period. Canada Pension Plan Investment Board acquired a new position in shares of Kennametal during the 2nd quarter valued at $28,000. Headlands Technologies LLC acquired a new position in shares of Kennametal during the 1st quarter valued at $32,000. Quest Partners LLC acquired a new position in shares of Kennametal during the 2nd quarter valued at $44,000. Finally, Signaturefd LLC lifted its position in shares of Kennametal by 98.7% during the 3rd quarter. Signaturefd LLC now owns 2,029 shares of the industrial products company’s stock valued at $53,000 after acquiring an additional 1,008 shares during the period.

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.