Kennametal (NYSE:KMT) PT Lowered to $24.00 at Barclays

Kennametal (NYSE:KMT - Get Free Report) had its price target reduced by analysts at Barclays from $25.00 to $24.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has an "equal weight" rating on the industrial products company's stock. Barclays's price objective would suggest a potential downside of 0.39% from the company's current price.

KMT has been the subject of several other reports. JPMorgan Chase & Co. lowered their target price on Kennametal from $26.00 to $24.00 and set an "underweight" rating for the company in a report on Thursday, February 8th. StockNews.com downgraded Kennametal from a "buy" rating to a "hold" rating in a research report on Tuesday, March 19th. Finally, Morgan Stanley began coverage on Kennametal in a research report on Monday, January 8th. They issued an "equal weight" rating and a $24.00 target price for the company. Two analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $24.58.

Kennametal Stock Down 1.2 %

Kennametal stock traded down $0.29 during midday trading on Tuesday, hitting $24.10. The stock had a trading volume of 648,553 shares, compared to its average volume of 638,845. The company has a current ratio of 2.44, a quick ratio of 1.06 and a debt-to-equity ratio of 0.45. The stock has a market cap of $1.91 billion, a P/E ratio of 16.06, a P/E/G ratio of 3.35 and a beta of 1.78. Kennametal has a 12 month low of $22.08 and a 12 month high of $30.60. The business has a fifty day moving average price of $24.62 and a 200 day moving average price of $24.42.

Kennametal (NYSE:KMT - Get Free Report) last posted its 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. The company had revenue of $495.30 million during the quarter, compared to analyst estimates of $498.99 million. Kennametal had a return on equity of 9.94% and a net margin of 5.86%. The business's revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.27 earnings per share. Research analysts predict that Kennametal will post 1.49 EPS for the current year.

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

Insider Buying and Selling at Kennametal

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

Hedge Funds Weigh In On Kennametal

A number of hedge funds have recently modified their holdings of the stock. US Bancorp DE boosted its holdings in Kennametal by 10.3% in the second quarter. US Bancorp DE now owns 3,950 shares of the industrial products company's stock worth $112,000 after purchasing an additional 369 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Kennametal by 1.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 33,888 shares of the industrial products company's stock worth $787,000 after purchasing an additional 420 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in Kennametal by 3.5% during the third quarter. Mackenzie Financial Corp now owns 15,223 shares of the industrial products company's stock valued at $371,000 after acquiring an additional 513 shares during the period. Federated Hermes Inc. boosted its holdings in Kennametal by 2.9% during the third quarter. Federated Hermes Inc. now owns 18,750 shares of the industrial products company's stock valued at $466,000 after acquiring an additional 521 shares during the period. Finally, Yousif Capital Management LLC boosted its holdings in Kennametal by 1.3% during the first quarter. Yousif Capital Management LLC now owns 44,482 shares of the industrial products company's stock valued at $1,273,000 after acquiring an additional 550 shares during the period.

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.