Kennametal (NYSE:KMT) Upgraded at StockNews.com

Kennametal (NYSE:KMT - Get Free Report) was upgraded by equities research analysts at StockNews.com from a "hold" rating to a "buy" rating in a report issued on Wednesday.

KMT has been the subject of several other reports. Jefferies Financial Group downgraded Kennametal from a "buy" rating to a "hold" rating and reduced their price objective for the company from $40.00 to $32.00 in a research note on Friday, December 6th. Bank of America downgraded shares of Kennametal from a "neutral" rating to an "underperform" rating and set a $26.00 price objective for the company. in a research report on Friday, October 18th. Morgan Stanley upped their price objective on Kennametal from $24.50 to $28.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 17th. Finally, Loop Capital boosted their price target on Kennametal from $24.00 to $26.00 and gave the stock a "hold" rating in a research note on Tuesday, November 19th. Two equities 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 company's stock. According to data from MarketBeat.com, Kennametal currently has an average rating of "Hold" and a consensus target price of $26.83.

Kennametal Stock Up 1.2 %

Kennametal stock traded up $0.28 during mid-day trading on Wednesday, reaching $24.02. 521,984 shares of the company's stock were exchanged, compared to its average volume of 728,866. The company has a market cap of $1.87 billion, a P/E ratio of 18.77, a P/E/G ratio of 2.26 and a beta of 1.65. The company has a quick ratio of 1.16, a current ratio of 2.52 and a debt-to-equity ratio of 0.45. Kennametal has a twelve month low of $22.50 and a twelve month high of $32.18. The company has a fifty day moving average of $27.00 and a 200-day moving average of $25.58.

Kennametal (NYSE:KMT - Get Free Report) last issued its earnings results on Wednesday, November 6th. The industrial products company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.03. The business had revenue of $481.90 million during the quarter, compared to analysts' expectations of $485.26 million. Kennametal had a net margin of 4.98% and a return on equity of 8.35%. The company's revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.41 EPS. Sell-side analysts expect that Kennametal will post 1.44 EPS for the current year.

Insider Buying and Selling

In related news, VP Franklin Cardenas sold 20,470 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $28.24, for a total value of $578,072.80. Following the completion of the sale, the vice president now directly owns 39,581 shares of the company's stock, valued at approximately $1,117,767.44. This represents a 34.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP John Wayne Witt sold 1,765 shares of Kennametal stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $29.35, for a total value of $51,802.75. Following the transaction, the vice president now directly owns 1,642 shares in the company, valued at approximately $48,192.70. This trade represents a 51.81 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.41% of the company's stock.

Institutional Investors Weigh In On Kennametal

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KMT. Quarry LP increased its holdings in Kennametal by 198.9% in the second quarter. Quarry LP now owns 1,058 shares of the industrial products company's stock worth $25,000 after buying an additional 704 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Kennametal during the 2nd quarter worth $28,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Kennametal during the 3rd quarter worth $30,000. Quest Partners LLC acquired a new stake in shares of Kennametal in the 2nd quarter valued at $44,000. Finally, Signaturefd LLC lifted its stake in shares of Kennametal by 98.7% in the 3rd quarter. Signaturefd LLC now owns 2,029 shares of the industrial products company's stock valued at $53,000 after purchasing an additional 1,008 shares during 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.

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