Goldman Sachs Group Lowers Kennametal (NYSE:KMT) to Sell

Goldman Sachs Group lowered shares of Kennametal (NYSE:KMT) from a buy rating to a sell rating in a report issued on Tuesday morning, BenzingaRatingsTable reports. Goldman Sachs Group currently has $30.00 target price on the industrial products company’s stock, down from their previous target price of $43.00.

Other analysts also recently issued research reports about the company. Barclays lifted their target price on Stanley Black & Decker from $135.00 to $145.00 and gave the company an overweight rating in a research report on Wednesday, April 3rd. Bank of America set a $10.00 target price on HEXO and gave the company a buy rating in a research report on Thursday, June 13th. Zacks Investment Research downgraded Haynes International from a hold rating to a sell rating in a research report on Wednesday, May 8th. ValuEngine raised Vistra Energy from a hold rating to a buy rating in a research report on Wednesday, July 3rd. Finally, KeyCorp reaffirmed a buy rating and issued a $65.00 target price on shares of Talend in a research report on Wednesday, May 8th. Four equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $42.50.

Shares of NYSE:KMT traded up $0.50 during midday trading on Tuesday, reaching $34.43. The company had a trading volume of 5,291 shares, compared to its average volume of 1,129,363. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 2.70. The company’s 50 day moving average is $33.78. The firm has a market capitalization of $2.79 billion, a PE ratio of 13.01, a PEG ratio of 1.25 and a beta of 2.26. Kennametal has a 1-year low of $30.32 and a 1-year high of $45.10.

Kennametal (NYSE:KMT) last released its earnings results on Monday, May 6th. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). The company had revenue of $597.20 million during the quarter, compared to analyst estimates of $626.27 million. Kennametal had a net margin of 10.28% and a return on equity of 19.66%. Kennametal’s revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.70 EPS. On average, analysts expect that Kennametal will post 3.05 earnings per share for the current year.

In related news, Director Lawrence W. Stranghoener sold 7,000 shares of Kennametal stock in a transaction dated 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 owns 26,108 shares in the company, valued at $834,933.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.00% of the company’s stock.

A number of institutional investors have recently bought and sold shares of KMT. Lazard Asset Management LLC boosted its holdings in shares of Kennametal by 20.2% during the first quarter. Lazard Asset Management LLC now owns 5,622,390 shares of the industrial products company’s stock worth $206,622,000 after acquiring an additional 945,630 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Kennametal by 7.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,520,588 shares of the industrial products company’s stock worth $83,884,000 after acquiring an additional 177,905 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Kennametal by 1.4% during the first quarter. Victory Capital Management Inc. now owns 2,169,345 shares of the industrial products company’s stock worth $79,723,000 after acquiring an additional 29,960 shares during the period. Norges Bank bought a new stake in shares of Kennametal during the fourth quarter worth approximately $31,958,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Kennametal by 12.4% during the fourth quarter. Geode Capital Management LLC now owns 897,794 shares of the industrial products company’s stock worth $29,878,000 after acquiring an additional 99,386 shares during the period. Institutional investors and hedge funds own 98.90% 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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