Kennametal (NYSE:KMT) Shares Gap Down Following Analyst Downgrade

Kennametal Inc. (NYSE:KMT) gapped down prior to trading on Tuesday after BMO Capital Markets lowered their price target on the stock from $30.50 to $25.00. The stock had previously closed at $30.44, but opened at $29.80. BMO Capital Markets currently has a market perform rating on the stock. Kennametal shares last traded at $31.27, with a volume of 143,960 shares changing hands.

Other analysts have also issued research reports about the company. Zacks Investment Research lowered Kennametal from a “hold” rating to a “sell” rating and set a $30.00 target price on the stock. in a research report on Thursday, October 10th. ValuEngine raised Kennametal from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Wells Fargo & Co cut their target price on Kennametal from $34.00 to $32.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 15th. Longbow Research lowered Kennametal from a “buy” rating to a “neutral” rating in a research report on Tuesday. Finally, TheStreet lowered Kennametal from a “b-” rating to a “c+” rating in a research report on Tuesday, August 27th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. Kennametal presently has a consensus rating of “Hold” and an average price target of $32.75.

In other Kennametal news, Director Cindy L. Davis sold 4,644 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $34.15, for a total value of $158,592.60. Following the completion of the transaction, the director now owns 11,529 shares in the company, valued at $393,715.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.48% of the company’s stock.

Large investors have recently bought and sold shares of the business. Manchester Financial Inc. acquired a new position in shares of Kennametal in the second quarter worth $30,000. Advisory Services Network LLC acquired a new position in shares of Kennametal in the second quarter worth $31,000. Tower Research Capital LLC TRC acquired a new position in shares of Kennametal in the second quarter worth $52,000. Quantamental Technologies LLC acquired a new position in shares of Kennametal in the second quarter worth $72,000. Finally, Point72 Asset Management L.P. acquired a new position in shares of Kennametal in the second quarter worth $100,000. Institutional investors and hedge funds own 97.99% of the company’s stock.

The company’s 50 day simple moving average is $30.35 and its 200 day simple moving average is $33.47. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 10.23, a P/E/G ratio of 1.29 and a beta of 2.26. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.58 and a quick ratio of 1.34.

Kennametal (NYSE:KMT) last posted its quarterly earnings results on Monday, August 5th. The industrial products company reported $0.84 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.86 by ($0.02). The business had revenue of $603.95 million during the quarter, compared to analyst estimates of $643.95 million. Kennametal had a return on equity of 18.97% and a net margin of 10.19%. The business’s revenue was down 6.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.87 EPS. As a group, analysts forecast that Kennametal Inc. will post 2.87 earnings per share for the current year.

About Kennametal (NYSE:KMT)

Kennametal Inc develops and applies tungsten carbides, ceramics, super-hard materials, and solutions for use in metal cutting and mission-critical wear applications to combat extreme conditions related with wear fatigue, corrosion, and high temperatures worldwide. The company operates through three segments: Industrial, Widia, and Infrastructure.

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