Kennametal (NYSE:KMT) Stock Rating Upgraded by UBS Group

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

A number of other brokerages have also commented on KMT. Barclays boosted their price objective on Kennametal from $22.00 to $24.00 and gave the stock an “equal weight” rating in a report on Monday, May 12th. Wall Street Zen raised Kennametal from a “hold” rating to a “buy” rating in a report on Friday, May 16th. JPMorgan Chase & Co. reduced their target price on Kennametal from $23.00 to $20.00 and set an “underweight” rating for the company in a report on Thursday, August 7th. Loop Capital reaffirmed a “hold” rating and issued a $24.00 target price (up from $21.00) on shares of Kennametal in a report on Wednesday, June 25th. Finally, Morgan Stanley upped their target price on Kennametal from $20.00 to $21.00 and gave the company an “equal weight” rating in a report on Monday, May 12th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $24.00.

Kennametal Stock Performance

Shares of KMT 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. The stock has a 50 day moving average price of $23.27 and a two-hundred day moving average price of $21.86. The firm has a market capitalization of $1.60 billion, a P/E ratio of 17.56, a P/E/G ratio of 3.50 and a beta of 1.44. Kennametal has a 52 week low of $17.30 and a 52 week high of $32.18.

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

Hedge Funds Weigh In On Kennametal

Institutional investors have recently bought and sold shares of the company. Mackenzie Financial Corp lifted its stake in Kennametal by 557.1% in the first quarter. Mackenzie Financial Corp now owns 77,877 shares of the industrial products company’s stock valued at $1,659,000 after purchasing an additional 66,025 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Kennametal by 17.8% during the first quarter. Janney Montgomery Scott LLC now owns 13,242 shares of the industrial products company’s stock worth $282,000 after acquiring an additional 2,000 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Kennametal by 699.1% during the first quarter. GAMMA Investing LLC now owns 11,651 shares of the industrial products company’s stock worth $248,000 after acquiring an additional 10,193 shares in the last quarter. Invesco Ltd. lifted its position in shares of Kennametal by 4.1% during the fourth quarter. Invesco Ltd. now owns 426,083 shares of the industrial products company’s stock worth $10,235,000 after acquiring an additional 16,926 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of Kennametal by 219.5% during the first quarter. Envestnet Asset Management Inc. now owns 57,481 shares of the industrial products company’s stock worth $1,224,000 after acquiring an additional 39,492 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.