Kennametal (NYSE:KMT) Shares Gap Down – Here’s What Happened

Shares of Kennametal Inc. (NYSE:KMT) gapped down prior to trading on Friday . The stock had previously closed at $26.15, but opened at $25.43. Kennametal shares last traded at $25.59, with a volume of 133,423 shares trading hands.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Loop Capital increased their price target on Kennametal from $22.00 to $24.00 and gave the stock a “hold” rating in a research report on Thursday, August 22nd. Bank of America downgraded Kennametal from a “neutral” rating to an “underperform” rating and set a $26.00 price objective for the company. in a research report on Friday. StockNews.com upgraded Kennametal from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Barclays boosted their price target on Kennametal from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Friday, August 9th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Kennametal currently has an average rating of “Hold” and an average target price of $24.33.

Kennametal Stock Down 1.7 %

The firm has a market cap of $2.02 billion, a price-to-earnings ratio of 19.04, a price-to-earnings-growth ratio of 2.65 and a beta of 1.65. The company has a quick ratio of 1.17, a current ratio of 2.41 and a debt-to-equity ratio of 0.46. The stock’s 50 day moving average is $25.34 and its 200 day moving average is $24.78.

Kennametal (NYSE:KMT) last posted its quarterly earnings data on Wednesday, August 7th. The industrial products company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05. Kennametal had a return on equity of 9.17% and a net margin of 5.34%. The company had revenue of $543.31 million for the quarter, compared to the consensus estimate of $532.72 million. During the same quarter in the previous year, the business earned $0.51 EPS. The company’s quarterly revenue was down 1.3% compared to the same quarter last year. Analysts forecast that Kennametal Inc. will post 1.51 EPS for the current year.

Kennametal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were paid a $0.20 dividend. The ex-dividend date was Tuesday, August 13th. This represents a $0.80 annualized dividend and a dividend yield of 3.11%. Kennametal’s dividend payout ratio is currently 59.26%.

Institutional Trading of Kennametal

A number of large investors have recently added to or reduced their stakes in KMT. Quarry LP boosted its position 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 valued at $25,000 after purchasing an additional 704 shares during the period. Canada Pension Plan Investment Board purchased a new stake in Kennametal in the 2nd quarter worth about $28,000. Headlands Technologies LLC acquired a new stake in Kennametal during the 1st quarter worth about $32,000. Quest Partners LLC purchased a new position in Kennametal during the 2nd quarter valued at about $44,000. Finally, EntryPoint Capital LLC grew its stake in Kennametal by 2,552.0% during 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 in the last quarter.

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.