Kennametal (NYSE:KMT) Rating Increased to Buy at StockNews.com

Kennametal (NYSE:KMT) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Saturday.

A number of other brokerages have also weighed in on KMT. Barclays boosted their target price 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 raised their price target on Kennametal from $22.00 to $24.00 and gave the stock a “hold” rating in a research note on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $24.17.

Kennametal Stock Performance

Shares of Kennametal stock opened at $25.72 on Friday. Kennametal has a 12 month low of $22.08 and a 12 month high of $27.04. The firm has a market capitalization of $2.02 billion, a P/E ratio of 19.05, a P/E/G ratio of 2.62 and a beta of 1.65. The business has a fifty day simple moving average of $25.08 and a two-hundred day simple moving average of $24.64. The company has a current ratio of 2.41, a quick ratio of 1.17 and a debt-to-equity ratio of 0.46.

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

Institutional Investors Weigh In On Kennametal

Several hedge funds and other institutional investors have recently added to or reduced their stakes in KMT. Norges Bank bought a new position in Kennametal in the 4th quarter worth $15,400,000. Hsbc Holdings PLC grew its position in shares of Kennametal by 188.0% during the fourth quarter. Hsbc Holdings PLC now owns 84,070 shares of the industrial products company’s stock worth $2,167,000 after purchasing an additional 54,882 shares in the last quarter. Olympiad Research LP raised its stake in Kennametal by 62.1% during the 4th quarter. Olympiad Research LP now owns 17,132 shares of the industrial products company’s stock valued at $442,000 after purchasing an additional 6,566 shares during the period. TFO Wealth Partners LLC raised its stake in Kennametal by 141,050.0% during the 4th quarter. TFO Wealth Partners LLC now owns 5,646 shares of the industrial products company’s stock valued at $146,000 after purchasing an additional 5,642 shares during the period. Finally, Campbell & CO Investment Adviser LLC lifted its holdings in Kennametal by 808.3% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 75,207 shares of the industrial products company’s stock worth $1,940,000 after purchasing an additional 66,927 shares in 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.