Kennametal (NYSE:KMT) Stock Rating Lowered by Bank of America

Kennametal (NYSE:KMT) was downgraded by Bank of America from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Friday, MarketBeat reports. They presently have a $26.00 price target on the industrial products company’s stock. Bank of America‘s price target suggests a potential upside of 1.13% from the stock’s current price.

KMT has been the subject of several other research reports. Barclays lifted their target price on shares of Kennametal from $24.00 to $25.00 and gave the stock an “equal weight” rating in a report on Friday, August 9th. StockNews.com upgraded Kennametal from a “hold” rating to a “buy” rating in a research note on Friday. Finally, Loop Capital increased their target price on Kennametal from $22.00 to $24.00 and gave the stock a “hold” rating in a report on Thursday, August 22nd. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $24.33.

Kennametal Stock Down 1.7 %

KMT opened at $25.71 on Friday. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of 19.04, a PEG ratio of 2.65 and a beta of 1.65. The firm’s 50-day simple moving average is $25.34 and its 200-day simple moving average is $24.78. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.17 and a current ratio of 2.41. Kennametal has a twelve month low of $22.08 and a twelve month high of $27.04.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. UniSuper Management Pty Ltd bought a new stake in Kennametal in the first quarter valued at approximately $534,000. Wellington Management Group LLP raised its holdings in shares of Kennametal by 7.8% during the fourth quarter. Wellington Management Group LLP now owns 4,240,814 shares of the industrial products company’s stock valued at $109,371,000 after acquiring an additional 305,542 shares in the last quarter. Azarias Capital Management L.P. bought a new position in shares of Kennametal during the first quarter valued at approximately $4,795,000. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of Kennametal by 1.0% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,051,503 shares of the industrial products company’s stock valued at $48,292,000 after acquiring an additional 20,634 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in shares of Kennametal by 85.3% during the first quarter. BNP Paribas Financial Markets now owns 87,340 shares of the industrial products company’s stock valued at $2,178,000 after acquiring an additional 40,193 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.