Kennametal (NYSE:KMT) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Kennametal (NYSE:KMT) from a hold rating to a buy rating in a report published on Tuesday.

Several other analysts also recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on Kennametal from $26.00 to $24.00 and set an underweight rating for the company in a report on Thursday, February 8th. Barclays lowered their target price on Kennametal from $25.00 to $24.00 and set an equal weight rating for the company in a research note on Tuesday, April 2nd. Finally, Morgan Stanley initiated coverage on Kennametal in a research report on Monday, January 8th. They set an equal weight rating and a $24.00 price target on the stock. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $24.58.

Kennametal Stock Performance

Kennametal stock opened at $24.54 on Tuesday. The company has a market cap of $1.95 billion, a price-to-earnings ratio of 16.36, a price-to-earnings-growth ratio of 3.18 and a beta of 1.76. Kennametal has a 12 month low of $22.08 and a 12 month high of $30.60. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.44 and a quick ratio of 1.06. The stock’s 50-day moving average is $24.37 and its 200-day moving average is $24.32.

Kennametal (NYSE:KMT) last posted its quarterly earnings results on Wednesday, February 7th. The industrial products company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.25 by $0.05. Kennametal had a net margin of 5.86% and a return on equity of 9.94%. The firm had revenue of $495.30 million for the quarter, compared to analyst estimates of $498.99 million. During the same quarter last year, the firm posted $0.27 earnings per share. Kennametal’s revenue for the quarter was down .4% compared to the same quarter last year. Equities analysts anticipate that Kennametal will post 1.49 earnings per share for the current year.

Kennametal declared that its board has approved a stock buyback program on Wednesday, February 7th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the industrial products company to reacquire up to 10.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Activity at Kennametal

In other Kennametal news, VP John Wayne Witt sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $25.55, for a total transaction of $25,550.00. Following the completion of the sale, the vice president now owns 1,343 shares in the company, valued at approximately $34,313.65. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.61% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in KMT. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Kennametal by 20.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,795 shares of the industrial products company’s stock valued at $393,000 after purchasing an additional 2,705 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in Kennametal by 3.5% during the 3rd quarter. Mackenzie Financial Corp now owns 15,223 shares of the industrial products company’s stock worth $371,000 after buying an additional 513 shares during the last quarter. Inspire Investing LLC grew its position in shares of Kennametal by 11.5% in the 3rd quarter. Inspire Investing LLC now owns 12,305 shares of the industrial products company’s stock worth $306,000 after acquiring an additional 1,265 shares in the last quarter. Gradient Investments LLC bought a new stake in shares of Kennametal in the 3rd quarter valued at approximately $96,000. Finally, AlphaMark Advisors LLC acquired a new stake in shares of Kennametal during the 3rd quarter valued at approximately $225,000.

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.