Kennametal (NYSE:KMT – Free Report) had its price target trimmed by Barclays from $26.00 to $25.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an equal weight rating on the industrial products company’s stock.
Several other analysts also recently issued reports on KMT. Morgan Stanley assumed coverage on Kennametal in a research report on Monday, January 8th. They issued an equal weight rating and a $24.00 price objective on the stock. The Goldman Sachs Group reduced their price objective on Kennametal from $26.00 to $23.00 and set a sell rating on the stock in a research report on Thursday, November 2nd. JPMorgan Chase & Co. reduced their target price on Kennametal from $30.00 to $26.00 and set an underweight rating on the stock in a research report on Monday, October 16th. Bank of America reduced their target price on Kennametal from $28.00 to $25.00 in a research report on Wednesday, October 11th. Finally, StockNews.com downgraded Kennametal from a buy rating to a hold rating in a research report on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Kennametal currently has an average rating of Hold and an average target price of $24.75.
Kennametal Stock Up 3.3 %
Kennametal (NYSE:KMT – Get Free Report) last issued its quarterly earnings data on Wednesday, February 7th. The industrial products company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.05. Kennametal had a return on equity of 9.94% and a net margin of 5.86%. The business had revenue of $495.30 million for the quarter, compared to the consensus estimate of $498.99 million. During the same period in the prior year, the business earned $0.27 earnings per share. The business’s revenue was down .4% on a year-over-year basis. Analysts predict that Kennametal will post 1.53 EPS for the current fiscal year.
Kennametal announced that its board has initiated a share repurchase plan on Wednesday, February 7th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the industrial products company to buy up to 10.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
Kennametal Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 27th. Stockholders of record on Tuesday, February 13th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, February 12th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.25%. Kennametal’s dividend payout ratio (DPR) is currently 53.33%.
Institutional Investors Weigh In On Kennametal
A number of large investors have recently modified their holdings of KMT. Jackson Creek Investment Advisors LLC acquired a new stake in Kennametal during the 2nd quarter valued at approximately $940,000. Jump Financial LLC grew its stake in Kennametal by 946.7% during the 3rd quarter. Jump Financial LLC now owns 81,300 shares of the industrial products company’s stock valued at $2,023,000 after purchasing an additional 73,533 shares in the last quarter. Inspire Investing LLC grew its stake in Kennametal by 11.6% during the 2nd quarter. Inspire Investing LLC now owns 11,040 shares of the industrial products company’s stock valued at $313,000 after purchasing an additional 1,146 shares in the last quarter. Comerica Bank acquired a new stake in Kennametal during the 2nd quarter valued at approximately $68,450,000. Finally, ARK Investment Management LLC acquired a new stake in Kennametal during the 3rd quarter valued at approximately $161,000.
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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