Kennametal (NYSE:KMT) Price Target Raised to $24.00 at Loop Capital

Kennametal (NYSE:KMT) had its price objective hoisted by Loop Capital from $23.00 to $24.00 in a report issued on Thursday morning, Benzinga reports. Loop Capital currently has a hold rating on the industrial products company’s stock.

A number of other equities analysts also recently commented on KMT. StockNews.com raised shares of Kennametal from a hold rating to a buy rating in a research note on Friday, May 10th. Barclays upped their price target on shares of Kennametal from $24.00 to $25.00 and gave the company an equal weight rating in a report on Thursday, May 9th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Kennametal from $26.00 to $24.00 and set an underweight rating on the stock in a research note on Thursday, February 8th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Kennametal presently has an average rating of Hold and a consensus target price of $24.17.

Kennametal Trading Down 0.4 %

Shares of KMT stock opened at $25.27 on Thursday. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of 18.72, a price-to-earnings-growth ratio of 2.55 and a beta of 1.76. Kennametal has a 12-month low of $22.08 and a 12-month high of $30.60. The company has a current ratio of 2.42, a quick ratio of 1.09 and a debt-to-equity ratio of 0.46. The stock’s 50-day moving average price is $24.63 and its 200-day moving average price is $24.61.

Kennametal (NYSE:KMT) last announced its earnings results on Wednesday, May 8th. The industrial products company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.01). Kennametal had a net margin of 5.29% and a return on equity of 9.35%. The business had revenue of $515.80 million for the quarter, compared to analysts’ expectations of $518.50 million. During the same quarter last year, the firm earned $0.39 EPS. The firm’s quarterly revenue was down 3.8% on a year-over-year basis. Equities research analysts predict that Kennametal will post 1.47 EPS for the current fiscal year.

Kennametal declared that its board has authorized a share buyback program on Wednesday, February 7th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the industrial products company to buy up to 10.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Kennametal Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 28th. Stockholders of record on Tuesday, May 14th will be paid a $0.20 dividend. The ex-dividend date is Monday, May 13th. This represents a $0.80 annualized dividend and a dividend yield of 3.17%. Kennametal’s dividend payout ratio (DPR) is 59.26%.

Insider Buying and Selling at Kennametal

In other news, VP John Wayne Witt sold 1,000 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $25.55, for a total value of $25,550.00. Following the sale, the vice president now directly owns 1,343 shares in the company, valued at approximately $34,313.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.61% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Kennametal

Institutional investors and hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD grew its position in Kennametal by 6.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 42,385 shares of the industrial products company’s stock worth $1,058,000 after buying an additional 2,519 shares during the period. Keeley Teton Advisors LLC raised its stake in Kennametal by 43.5% during the first quarter. Keeley Teton Advisors LLC now owns 19,664 shares of the industrial products company’s stock worth $490,000 after purchasing an additional 5,964 shares during the period. EntryPoint Capital LLC raised its stake 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 valued at $67,000 after acquiring an additional 2,603 shares during the period. Natixis raised its stake in shares of Kennametal by 171.0% in the 1st quarter. Natixis now owns 21,647 shares of the industrial products company’s stock valued at $540,000 after acquiring an additional 13,660 shares during the period. Finally, CANADA LIFE ASSURANCE Co grew its holdings in Kennametal by 5.0% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 67,843 shares of the industrial products company’s stock valued at $1,692,000 after purchasing an additional 3,261 shares in 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.