KMT has been the topic of several other reports. Morgan Stanley started coverage on shares of Kennametal in a research note on Monday, January 8th. They issued an equal weight rating and a $24.00 price target on the stock. Barclays reduced their target price on shares of Kennametal from $26.00 to $25.00 and set an equal weight rating for the company in a report on Thursday, February 8th. JPMorgan Chase & Co. reduced their target price on shares of Kennametal from $26.00 to $24.00 and set an underweight rating for the company in a report on Thursday, February 8th. Finally, The Goldman Sachs Group reduced their target price on shares of Kennametal from $26.00 to $23.00 and set a sell rating for the company in a report on Thursday, November 2nd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $24.75.
Kennametal Price Performance
Kennametal (NYSE:KMT – Get Free Report) last announced its quarterly earnings data on Wednesday, February 7th. The industrial products company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.05. The firm had revenue of $495.30 million for the quarter, compared to analysts’ expectations of $498.99 million. Kennametal had a net margin of 5.86% and a return on equity of 9.94%. The business’s revenue for the quarter was down .4% on a year-over-year basis. During the same period last year, the firm earned $0.27 earnings per share. Sell-side analysts anticipate that Kennametal will post 1.53 earnings per share for the current fiscal year.
Kennametal declared that its Board of Directors has approved a stock repurchase program on Wednesday, February 7th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the industrial products company to repurchase up to 10.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
Kennametal Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 27th. Investors of record on Tuesday, February 13th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Monday, February 12th. Kennametal’s dividend payout ratio is currently 53.33%.
Institutional Trading of Kennametal
A number of hedge funds have recently modified their holdings of KMT. Jackson Creek Investment Advisors LLC purchased a new position in Kennametal in the 2nd quarter worth about $940,000. Jump Financial LLC increased its position in shares of 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 during the last quarter. Inspire Investing LLC increased its position in shares of 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 during the last quarter. Comerica Bank purchased a new stake in shares of Kennametal during the 2nd quarter valued at about $68,450,000. Finally, ARK Investment Management LLC bought a new position in shares of 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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