Kennametal (NYSE:KMT) Given New $24.00 Price Target at Morgan Stanley

Kennametal (NYSE:KMT) had its price target lowered by Morgan Stanley from $28.00 to $24.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the industrial products company’s stock.

Several other brokerages have also recently issued reports on KMT. StockNews.com raised shares of Kennametal from a “hold” rating to a “buy” rating in a research note on Monday, January 27th. Barclays reduced their target price on shares of Kennametal from $31.00 to $30.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. Jefferies Financial Group cut shares of Kennametal from a “buy” rating to a “hold” rating and reduced their target price for the company from $40.00 to $32.00 in a report on Friday, December 6th. Loop Capital increased their price target on shares of Kennametal from $24.00 to $26.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. Finally, Bank of America lowered shares of Kennametal from a “neutral” rating to an “underperform” rating and set a $26.00 price objective on the stock. in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Kennametal presently has an average rating of “Hold” and a consensus price target of $27.60.

Kennametal Stock Up 3.4 %

NYSE:KMT opened at $22.27 on Wednesday. Kennametal has a fifty-two week low of $20.50 and a fifty-two week high of $32.18. The stock has a market capitalization of $1.73 billion, a P/E ratio of 18.25, a P/E/G ratio of 2.57 and a beta of 1.66. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.16 and a current ratio of 2.53. The company’s 50-day simple moving average is $24.44 and its 200-day simple moving average is $25.54.

Kennametal (NYSE:KMT) last posted its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.02). Kennametal had a return on equity of 8.12% and a net margin of 4.76%. On average, equities analysts anticipate that Kennametal will post 1.18 earnings per share for the current fiscal year.

Kennametal Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 25th. Investors of record on Tuesday, February 11th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.59%. The ex-dividend date is Tuesday, February 11th. Kennametal’s dividend payout ratio (DPR) is presently 65.57%.

Insider Buying and Selling at Kennametal

In other news, VP John Wayne Witt sold 1,765 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $29.35, for a total value of $51,802.75. Following the completion of the transaction, the vice president now owns 1,642 shares of the company’s stock, valued at approximately $48,192.70. This represents a 51.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Sanjay Chowbey bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were purchased at an average cost of $21.75 per share, with a total value of $217,500.00. Following the purchase, the chief executive officer now directly owns 77,595 shares of the company’s stock, valued at approximately $1,687,691.25. This represents a 14.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.41% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Kennametal

Hedge funds have recently bought and sold shares of the business. Wells Fargo & Company MN increased its holdings in shares of Kennametal by 14.5% during the 4th quarter. Wells Fargo & Company MN now owns 58,316 shares of the industrial products company’s stock valued at $1,401,000 after acquiring an additional 7,377 shares during the last quarter. Bryce Point Capital LLC bought a new position in shares of Kennametal during the 4th quarter worth approximately $484,000. Headlands Technologies LLC raised its position in Kennametal by 214.2% in the 4th quarter. Headlands Technologies LLC now owns 2,118 shares of the industrial products company’s stock valued at $51,000 after purchasing an additional 1,444 shares during the last quarter. Alliancebernstein L.P. raised its position in Kennametal by 8.5% in the 4th quarter. Alliancebernstein L.P. now owns 94,154 shares of the industrial products company’s stock valued at $2,262,000 after purchasing an additional 7,400 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC raised its position in Kennametal by 21.4% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 11,229 shares of the industrial products company’s stock valued at $270,000 after purchasing an additional 1,977 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.