JPMorgan Chase & Co. Issues Pessimistic Forecast for Kennametal (NYSE:KMT) Stock Price

Key Points

• JPMorgan Chase & Co. has cut its price target for Kennametal from $23.00 to $20.00, maintaining an "underweight" rating on the stock.
• Recent analysis from multiple firms shows mixed ratings, with Loop Capital issuing a "hold" rating at a $24.00 target and Barclays giving an "equal weight" rating with a revised target of $24.00.
• Kennametal's stock is currently trading around $19.96, having missed earnings expectations with a reported $0.34 EPS compared to the consensus of $0.40.

Kennametal (NYSE:KMT - Get Free Report) had its price objective cut by stock analysts at JPMorgan Chase & Co. from $23.00 to $20.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "underweight" rating on the industrial products company's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 0.18% from the company's current price.

Several other research analysts also recently weighed in on the stock. Loop Capital reissued a "hold" rating and issued a $24.00 target price (up from $21.00) on shares of Kennametal in a research report on Wednesday, June 25th. Wall Street Zen upgraded shares of Kennametal from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Barclays increased their target price on Kennametal from $22.00 to $24.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. Finally, Morgan Stanley lifted their price target on Kennametal from $20.00 to $21.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $24.50.

Kennametal Price Performance

Kennametal stock traded down $0.59 during mid-day trading on Thursday, hitting $19.96. The company's stock had a trading volume of 3,077,892 shares, compared to its average volume of 1,069,496. The stock has a market capitalization of $1.52 billion, a P/E ratio of 14.36, a P/E/G ratio of 3.39 and a beta of 1.44. Kennametal has a twelve month low of $17.30 and a twelve month high of $32.18. The stock's fifty day moving average price is $23.41 and its two-hundred day moving average price is $22.04. The company has a quick ratio of 1.10, a current ratio of 2.44 and a debt-to-equity ratio of 0.47.

Kennametal (NYSE:KMT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.40 by ($0.06). Kennametal had a return on equity of 9.12% and a net margin of 5.45%. The company had revenue of $516.45 million during the quarter, compared to analyst estimates of $527.52 million. During the same quarter in the previous year, the firm earned $0.49 earnings per share. The business's revenue was down 4.9% compared to the same quarter last year. Research analysts forecast that Kennametal will post 1.17 earnings per share for the current year.

Hedge Funds Weigh In On Kennametal

Large investors have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Kennametal during the 2nd quarter worth about $278,000. Savant Capital LLC acquired a new stake in Kennametal during the second quarter worth about $335,000. First Horizon Advisors Inc. increased its stake in Kennametal by 179.2% during the second quarter. First Horizon Advisors Inc. now owns 2,675 shares of the industrial products company's stock valued at $61,000 after acquiring an additional 1,717 shares during the period. Bank of New York Mellon Corp raised its holdings in Kennametal by 1.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,089,641 shares of the industrial products company's stock valued at $25,018,000 after acquiring an additional 14,451 shares in the last quarter. Finally, Wakefield Asset Management LLLP bought a new stake in shares of Kennametal in the 2nd quarter worth approximately $1,163,000.

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.

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