Kennametal (NYSE:KMT) Given a $30.00 Price Target at Bank of America

Bank of America set a $30.00 price target on Kennametal (NYSE:KMT) in a research report sent to investors on Thursday morning, Briefing.com Automated Import reports. The brokerage currently has an underperform rating on the industrial products company’s stock.

Other equities analysts have also issued reports about the company. Barclays raised Kennametal from an equal weight rating to an overweight rating and upped their target price for the company from $38.00 to $44.00 in a report on Wednesday, April 3rd. Zacks Investment Research lowered Kennametal from a hold rating to a sell rating in a report on Wednesday, May 8th. KeyCorp lowered their target price on Kennametal from $52.00 to $47.00 and set an overweight rating for the company in a report on Wednesday, May 8th. Finally, ValuEngine lowered Kennametal from a hold rating to a sell rating in a report on Friday, May 10th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. Kennametal presently has an average rating of Hold and an average target price of $45.38.

Shares of NYSE:KMT traded down $1.30 during trading on Thursday, hitting $32.10. 2,293 shares of the company traded hands, compared to its average volume of 707,869. The firm has a market capitalization of $2.73 billion, a PE ratio of 12.11, a price-to-earnings-growth ratio of 1.30 and a beta of 2.20. Kennametal has a one year low of $30.32 and a one year high of $45.10. The company has a current ratio of 2.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.43.

Kennametal (NYSE:KMT) last posted its earnings results on Monday, May 6th. The industrial products company reported $0.77 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.79 by ($0.02). The company had revenue of $597.20 million for the quarter, compared to the consensus estimate of $626.27 million. Kennametal had a net margin of 10.28% and a return on equity of 19.66%. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period last year, the company posted $0.70 earnings per share. As a group, analysts predict that Kennametal will post 3.06 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 14th were given a dividend of $0.20 per share. The ex-dividend date was Monday, May 13th. This represents a $0.80 annualized dividend and a dividend yield of 2.49%. Kennametal’s dividend payout ratio is presently 30.19%.

In other news, Director Lawrence W. Stranghoener sold 7,000 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $31.98, for a total transaction of $223,860.00. Following the completion of the transaction, the director now directly owns 26,108 shares in the company, valued at $834,933.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.00% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its position in Kennametal by 198.3% in the third quarter. JPMorgan Chase & Co. now owns 289,076 shares of the industrial products company’s stock worth $12,592,000 after purchasing an additional 192,158 shares during the period. Bank of Montreal Can lifted its position in Kennametal by 4.0% in the fourth quarter. Bank of Montreal Can now owns 11,485 shares of the industrial products company’s stock worth $382,000 after purchasing an additional 437 shares during the period. Arizona State Retirement System lifted its position in Kennametal by 1.6% in the fourth quarter. Arizona State Retirement System now owns 58,928 shares of the industrial products company’s stock worth $1,961,000 after purchasing an additional 954 shares during the period. Crossmark Global Holdings Inc. lifted its position in Kennametal by 52.3% in the fourth quarter. Crossmark Global Holdings Inc. now owns 10,625 shares of the industrial products company’s stock worth $354,000 after purchasing an additional 3,650 shares during the period. Finally, Rhumbline Advisers lifted its position in Kennametal by 72.8% in the fourth quarter. Rhumbline Advisers now owns 254,888 shares of the industrial products company’s stock worth $8,483,000 after purchasing an additional 107,398 shares during the period. Institutional investors and hedge funds own 99.02% of the company’s stock.

About Kennametal

Kennametal Inc develops and applies tungsten carbides, ceramics, super-hard materials, and solutions for use in metal cutting and mission-critical wear applications to combat extreme conditions related with wear fatigue, corrosion, and high temperatures worldwide. The company operates through three segments: Industrial, Widia, and Infrastructure.

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