Kennametal (NYSE:KMT) Downgraded by StockNews.com

StockNews.com downgraded shares of Kennametal (NYSE:KMT) from a buy rating to a hold rating in a research note released on Thursday morning.

Several other brokerages also recently weighed in on KMT. Loop Capital lifted their target price on Kennametal from $22.00 to $24.00 and gave the company a hold rating in a research note on Thursday, August 22nd. Barclays lifted their target price on Kennametal from $24.00 to $25.00 and gave the company an equal weight rating in a research note on Friday, August 9th. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $24.00.

Kennametal Trading Up 2.6 %

Shares of NYSE KMT opened at $25.40 on Thursday. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 18.81, a price-to-earnings-growth ratio of 2.65 and a beta of 1.65. Kennametal has a 12-month low of $22.08 and a 12-month high of $27.04. The company has a current ratio of 2.41, a quick ratio of 1.17 and a debt-to-equity ratio of 0.46. The stock’s 50 day simple moving average is $25.20 and its 200 day simple moving average is $24.75.

Kennametal (NYSE:KMT) last announced its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.05. The business had revenue of $543.31 million for the quarter, compared to the consensus estimate of $532.72 million. Kennametal had a return on equity of 9.17% and a net margin of 5.34%. The business’s revenue was down 1.3% on a year-over-year basis. During the same quarter last year, the business posted $0.51 EPS. Equities research analysts expect that Kennametal will post 1.51 EPS for the current year.

Kennametal Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.15%. The ex-dividend date was Tuesday, August 13th. Kennametal’s dividend payout ratio (DPR) is presently 59.26%.

Hedge Funds Weigh In On Kennametal

Hedge funds have recently modified their holdings of the stock. Quarry LP grew its holdings in shares of Kennametal by 198.9% in the 2nd quarter. Quarry LP now owns 1,058 shares of the industrial products company’s stock worth $25,000 after acquiring an additional 704 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Kennametal in the 2nd quarter worth $28,000. Headlands Technologies LLC acquired a new position in shares of Kennametal in the 1st quarter worth $32,000. Quest Partners LLC acquired a new position in shares of Kennametal in the 2nd quarter worth $44,000. Finally, EntryPoint Capital LLC grew its holdings in shares of Kennametal by 2,552.0% in the 1st quarter. EntryPoint Capital LLC now owns 2,705 shares of the industrial products company’s stock worth $67,000 after acquiring an additional 2,603 shares during the last quarter.

About Kennametal

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.