Kennametal (NYSE:KMT) Raised to Neutral at UBS Group

Kennametal (NYSE:KMT) was upgraded by research analysts at UBS Group from a “sell” rating to a “neutral” rating in a research report issued on Friday, Marketbeat reports. The brokerage currently has a $21.00 price target on the industrial products company’s stock, up from their prior price target of $19.00. UBS Group’s price target would indicate a potential downside of 0.33% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. reduced their target price on Kennametal from $23.00 to $20.00 and set an “underweight” rating on the stock in a research note on Thursday, August 7th. Loop Capital reissued a “hold” rating and issued a $24.00 target price (up previously from $21.00) on shares of Kennametal in a research note on Wednesday, June 25th. Morgan Stanley increased their target price on Kennametal from $20.00 to $21.00 and gave the company an “equal weight” rating in a research note on Monday, May 12th. Wall Street Zen raised Kennametal from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. Finally, Barclays increased their target price on Kennametal from $22.00 to $24.00 and gave the company an “equal weight” rating in a research note on Monday, May 12th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $24.00.

Kennametal Trading Down 0.6%

Shares of KMT stock opened at $21.07 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.19 and a current ratio of 2.46. Kennametal has a 52-week low of $17.30 and a 52-week high of $32.18. The company has a market capitalization of $1.60 billion, a PE ratio of 17.56, a price-to-earnings-growth ratio of 3.50 and a beta of 1.44. The business’s fifty day moving average is $23.27 and its 200 day moving average is $21.86.

Kennametal (NYSE:KMT) last issued its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.06). Kennametal had a return on equity of 8.09% and a net margin of 4.73%. The business had revenue of $516.45 million during the quarter, compared to analysts’ expectations of $527.52 million. During the same quarter last year, the business posted $0.49 EPS. The company’s quarterly revenue was down 4.9% on a year-over-year basis. On average, equities research analysts anticipate that Kennametal will post 1.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Public Sector Pension Investment Board grew its stake in shares of Kennametal by 6.0% during the second quarter. Public Sector Pension Investment Board now owns 259,931 shares of the industrial products company’s stock valued at $5,968,000 after buying an additional 14,607 shares during the last quarter. Headlands Technologies LLC grew its stake in shares of Kennametal by 80.7% in the second quarter. Headlands Technologies LLC now owns 1,527 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 682 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of Kennametal by 3.3% in the second quarter. CANADA LIFE ASSURANCE Co now owns 68,096 shares of the industrial products company’s stock worth $1,563,000 after purchasing an additional 2,146 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Kennametal by 318.1% in the second quarter. Tower Research Capital LLC TRC now owns 7,033 shares of the industrial products company’s stock worth $161,000 after purchasing an additional 5,351 shares during the last quarter. Finally, State of Tennessee Department of Treasury grew its stake in shares of Kennametal by 46.2% in the second quarter. State of Tennessee Department of Treasury now owns 48,995 shares of the industrial products company’s stock worth $1,125,000 after purchasing an additional 15,479 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.