JPMorgan Chase & Co. Issues Pessimistic Forecast for Kennametal (NYSE:KMT) Stock Price

Kennametal (NYSE:KMT) had its price target decreased by equities research analysts at JPMorgan Chase & Co. from $30.00 to $27.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “underweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 17.10% from the stock’s previous close.

Several other analysts have also issued reports on the stock. UBS Group cut their price target on shares of Kennametal from $39.00 to $35.00 and set a “neutral” rating for the company in a research report on Monday, August 10th. Weiss Ratings downgraded Kennametal from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 23rd. Morgan Stanley lowered Kennametal from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $31.00 to $27.00 in a research note on Monday, August 10th. Zacks Research cut Kennametal from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 14th. Finally, DA Davidson decreased their price target on Kennametal from $34.00 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 11th. Five investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $33.07.

Kennametal Price Performance

Shares of KMT stock traded down $0.16 during trading on Thursday, hitting $23.06. The company had a trading volume of 3,995,096 shares, compared to its average volume of 1,220,359. The company has a quick ratio of 0.98, a current ratio of 2.62 and a debt-to-equity ratio of 0.42. The stock’s 50-day moving average is $30.10 and its two-hundred day moving average is $34.42. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 3.04, a price-to-earnings-growth ratio of 0.30 and a beta of 1.30. Kennametal has a 52 week low of $22.65 and a 52 week high of $43.81.

Kennametal (NYSE:KMT) last released its quarterly earnings results on Wednesday, November 4th. The industrial products company reported $3.48 EPS for the quarter, topping analysts’ consensus estimates of $2.65 by $0.83. Kennametal had a net margin of 14.53% and a return on equity of 24.83%. The business had revenue of $768.19 million during the quarter, compared to analysts’ expectations of $770.36 million. During the same quarter in the previous year, the company earned $0.34 EPS. The business’s quarterly revenue was up 54.3% compared to the same quarter last year. As a group, analysts predict that Kennametal will post 5.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Judith L. Bacchus sold 9,676 shares of the firm’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $30.29, for a total value of $293,086.04. Following the completion of the sale, the vice president directly owned 15,721 shares of the company’s stock, valued at approximately $476,189.09. This trade represents a 38.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sanjay Chowbey bought 7,000 shares of the business’s stock in a transaction dated Thursday, November 5th. The shares were bought at an average cost of $23.62 per share, for a total transaction of $165,340.00. Following the purchase, the chief executive officer directly owned 280,957 shares in the company, valued at approximately $6,636,204.34. This represents a 2.56% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 1.65% of the company’s stock.

Hedge Funds Weigh In On Kennametal

A number of institutional investors have recently bought and sold shares of the stock. Amundi raised its position in shares of Kennametal by 244.7% in the 2nd quarter. Amundi now owns 162,786 shares of the industrial products company’s stock worth $5,706,000 after acquiring an additional 115,557 shares in the last quarter. WINTON GROUP Ltd boosted its position in shares of Kennametal by 170.1% during the second quarter. WINTON GROUP Ltd now owns 58,366 shares of the industrial products company’s stock valued at $2,046,000 after purchasing an additional 36,757 shares in the last quarter. William Blair Investment Management LLC purchased a new stake in Kennametal in the second quarter worth $69,614,000. Deutsche Bank AG purchased a new stake in Kennametal in the second quarter worth $9,166,000. Finally, Legal & General Group Plc bought a new position in Kennametal in the second quarter worth $6,243,000.

Kennametal Company Profile

Kennametal Inc (NYSE: KMT) is a global industrial technology company that develops and manufactures tooling, engineered components and wear-resistant solutions. Its products are designed to help customers improve productivity, durability and performance in demanding manufacturing and industrial applications.

The company’s offerings include metal-cutting tools and systems, tooling components, advanced materials, and products made with hard metals and other wear-resistant technologies. Kennametal also provides engineered solutions for applications such as machining, earthworks, energy production, transportation, aerospace, defense and general engineering.

Founded in 1938 by Philip M.