Kennametal (NYSE:KMT) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Kennametal (NYSE:KMT - Get Free Report) posted its earnings results on Wednesday. The industrial products company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.01), Briefing.com reports. The business had revenue of $515.80 million for the quarter, compared to analyst estimates of $518.50 million. Kennametal had a net margin of 5.86% and a return on equity of 9.94%. The business's revenue was down 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.39 EPS. Kennametal updated its FY24 guidance to $1.40-1.55 EPS and its FY 2024 guidance to 1.400-1.550 EPS.

Kennametal Stock Performance

Shares of NYSE:KMT traded up $0.68 during trading on Thursday, reaching $26.03. 1,175,914 shares of the company's stock traded hands, compared to its average volume of 638,906. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.44 and a quick ratio of 1.06. Kennametal has a 12 month low of $22.08 and a 12 month high of $30.60. The company has a 50 day moving average of $24.38 and a 200-day moving average of $24.35. The stock has a market capitalization of $2.06 billion, a P/E ratio of 17.33, a price-to-earnings-growth ratio of 3.29 and a beta of 1.76.

Kennametal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 28th. Investors of record on Tuesday, May 14th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date is Monday, May 13th. Kennametal's dividend payout ratio is presently 53.33%.

Kennametal announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 7th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the industrial products company to buy up to 10.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on KMT shares. JPMorgan Chase & Co. dropped their price target on shares of Kennametal from $26.00 to $24.00 and set an "underweight" rating on the stock in a research note on Thursday, February 8th. StockNews.com raised shares of Kennametal from a "hold" rating to a "buy" rating in a research note on Tuesday, April 30th. Finally, Barclays lifted their price target on shares of Kennametal from $24.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Thursday. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Kennametal has an average rating of "Hold" and a consensus target price of $24.75.

Insider Activity at Kennametal

In other Kennametal news, VP John Wayne Witt sold 1,000 shares of the business's stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $25.55, for a total transaction of $25,550.00. Following the completion of the transaction, the vice president now directly owns 1,343 shares of the company's stock, valued at approximately $34,313.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.79% of the company's stock.

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.