JPMorgan Chase & Co. Has Lowered Expectations 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 target cut by JPMorgan Chase & Co. from $23.00 to $20.00 in a report released on Thursday,Benzinga reports. The firm presently has an "underweight" rating on the industrial products company's stock. JPMorgan Chase & Co.'s price target would suggest a potential downside of 1.28% from the stock's previous close.

Other equities analysts have also issued research reports about the stock. Loop Capital restated a "hold" rating and set a $24.00 target price (up previously 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 report on Friday, May 16th. Morgan Stanley boosted their price target on shares of Kennametal from $20.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Monday, May 12th. Finally, Barclays lifted their price target on Kennametal from $22.00 to $24.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, Kennametal presently has a consensus rating of "Hold" and a consensus target price of $24.50.

Kennametal Stock Up 0.0%

Shares of KMT stock traded up $0.01 on Thursday, reaching $20.26. 70,043 shares of the stock were exchanged, compared to its average volume of 1,075,873. The business's 50 day moving average price is $23.34 and its 200 day moving average price is $21.95. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 16.95, a PEG ratio of 3.09 and a beta of 1.44. Kennametal has a twelve month low of $17.30 and a twelve month high of $32.18. The company has a current ratio of 2.46, a quick ratio of 1.19 and a debt-to-equity ratio of 0.45.

Kennametal (NYSE:KMT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates of $0.40 by ($0.06). Kennametal had a net margin of 4.73% and a return on equity of 8.09%. The business had revenue of $516.45 million for the quarter, compared to analyst estimates of $527.52 million. During the same period in the prior year, the business earned $0.49 earnings per share. The company's revenue for the quarter was down 4.9% on a year-over-year basis. As a group, sell-side analysts expect that Kennametal will post 1.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kennametal

Large investors have recently made changes to their positions in the company. Ameritas Advisory Services LLC bought a new position in Kennametal during the 2nd quarter valued at approximately $27,000. Curat Global LLC purchased a new stake in Kennametal during the first quarter worth $35,000. Parallel Advisors LLC increased its position in shares of Kennametal by 107.6% in the 1st quarter. Parallel Advisors LLC now owns 1,958 shares of the industrial products company's stock valued at $42,000 after acquiring an additional 1,015 shares during the period. US Bancorp DE grew its position in shares of Kennametal by 93.4% during the 1st quarter. US Bancorp DE now owns 2,145 shares of the industrial products company's stock valued at $46,000 after acquiring an additional 1,036 shares during the period. Finally, GAMMA Investing LLC lifted its stake in Kennametal by 293.6% in the 2nd quarter. GAMMA Investing LLC now owns 2,153 shares of the industrial products company's stock worth $49,000 after purchasing an additional 1,606 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.