Several other research firms have also commented on KMT. The Goldman Sachs Group dropped their price objective on shares of Kennametal from $26.00 to $23.00 and set a sell rating on the stock in a research note on Thursday, November 2nd. Morgan Stanley began coverage on shares of Kennametal in a report on Monday, January 8th. They set an equal weight rating and a $24.00 target price for the company. JPMorgan Chase & Co. reduced their price objective on shares of Kennametal from $26.00 to $24.00 and set an underweight rating for the company in a research note on Thursday, February 8th. Finally, Barclays dropped their target price on shares of Kennametal from $26.00 to $25.00 and set an equal weight rating for the company in a research report on Thursday, February 8th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Kennametal presently has an average rating of Hold and a consensus target price of $24.75.
Kennametal Price Performance
Kennametal (NYSE:KMT – Get Free Report) last announced its quarterly earnings results on Wednesday, February 7th. The industrial products company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.25 by $0.05. Kennametal had a net margin of 5.86% and a return on equity of 9.94%. The firm had revenue of $495.30 million during the quarter, compared to the consensus estimate of $498.99 million. During the same period last year, the firm earned $0.27 EPS. The business’s quarterly revenue was down .4% compared to the same quarter last year. Equities research analysts expect that Kennametal will post 1.53 EPS for the current fiscal year.
Kennametal Dividend Announcement
The business also recently declared 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 annualized dividend and a yield of 3.21%. The ex-dividend date is Monday, February 12th. Kennametal’s dividend payout ratio is presently 53.33%.
Kennametal declared that its board has approved a stock buyback program on Wednesday, February 7th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire up to 10.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
Institutional Investors Weigh In On Kennametal
Several large investors have recently modified their holdings of KMT. Signaturefd LLC raised its holdings in shares of Kennametal by 119.6% in the 4th quarter. Signaturefd LLC now owns 1,107 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 603 shares in the last quarter. Lazard Asset Management LLC bought a new position in shares of Kennametal during the 2nd quarter worth approximately $32,000. C M Bidwell & Associates Ltd. bought a new position in shares of Kennametal during the 2nd quarter worth approximately $35,000. Advisor Group Holdings Inc. raised its stake in shares of Kennametal by 88.1% during the 4th quarter. Advisor Group Holdings Inc. now owns 1,621 shares of the industrial products company’s stock worth $40,000 after acquiring an additional 759 shares in the last quarter. Finally, First United Bank & Trust purchased a new stake in Kennametal during the 4th quarter worth approximately $45,000.
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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