Kennametal (NYSE:KMT) Coverage Initiated by Analysts at Morgan Stanley

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Morgan Stanley started coverage on shares of Kennametal (NYSE:KMT) in a report issued on Friday, BenzingaRatingsTable reports. The brokerage issued an equal weight rating and a $33.00 target price on the industrial products company’s stock.

Other equities analysts have also recently issued research reports about the company. BMO Capital Markets increased their target price on Kennametal from $18.00 to $29.00 in a report on Wednesday, June 10th. KeyCorp increased their price objective on Kennametal from $30.00 to $38.00 and gave the company an overweight rating in a research note on Thursday, June 11th. Zacks Investment Research raised shares of Kennametal from a sell rating to a hold rating and set a $24.00 target price on the stock in a research note on Wednesday, May 27th. Barclays reaffirmed a buy rating and set a $27.00 target price on shares of Kennametal in a report on Sunday, March 22nd. Finally, Wells Fargo & Co raised their price target on shares of Kennametal from $30.00 to $35.00 and gave the stock an overweight rating in a research note on Wednesday, June 3rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $31.78.

NYSE:KMT opened at $27.21 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.17 and a current ratio of 2.52. The stock has a market capitalization of $2.26 billion, a PE ratio of 34.88, a P/E/G ratio of 5.99 and a beta of 2.38. Kennametal has a fifty-two week low of $14.45 and a fifty-two week high of $38.73. The company has a fifty day moving average of $27.15 and a two-hundred day moving average of $28.18.

Kennametal (NYSE:KMT) last announced its earnings results on Monday, May 4th. The industrial products company reported $0.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.14. Kennametal had a net margin of 3.10% and a return on equity of 10.16%. The business had revenue of $483.10 million for the quarter, compared to analyst estimates of $503.23 million. During the same quarter last year, the business earned $0.77 earnings per share. The company’s revenue for the quarter was down 19.1% compared to the same quarter last year. Research analysts forecast that Kennametal will post 0.91 earnings per share for the current year.

In related news, VP Michelle R. Keating sold 9,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $24.24, for a total value of $218,160.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Judith L. Bacchus sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $27.92, for a total value of $279,200.00. Following the completion of the transaction, the vice president now owns 38,157 shares of the company’s stock, valued at $1,065,343.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,750 shares of company stock worth $730,280. Insiders own 1.48% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Profund Advisors LLC increased its position in shares of Kennametal by 4.9% during the 4th quarter. Profund Advisors LLC now owns 8,377 shares of the industrial products company’s stock worth $309,000 after purchasing an additional 395 shares during the last quarter. Moody Aldrich Partners LLC boosted its stake in Kennametal by 0.4% during the first quarter. Moody Aldrich Partners LLC now owns 119,631 shares of the industrial products company’s stock worth $2,228,000 after buying an additional 445 shares during the period. Kovitz Investment Group Partners LLC increased its position in shares of Kennametal by 2.2% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 23,100 shares of the industrial products company’s stock valued at $852,000 after acquiring an additional 500 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of Kennametal by 4.6% during the first quarter. State of Alaska Department of Revenue now owns 14,249 shares of the industrial products company’s stock valued at $265,000 after acquiring an additional 628 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Kennametal by 0.5% in the 1st quarter. Wells Fargo & Company MN now owns 130,464 shares of the industrial products company’s stock valued at $2,429,000 after acquiring an additional 712 shares during the period. 96.00% of the stock is currently owned by institutional investors and hedge funds.

Kennametal Company Profile

Kennametal Inc develops and applies tungsten carbides, ceramics, super-hard materials, and solutions for use in metal cutting and mission-critical wear applications to combat extreme conditions related with wear fatigue, corrosion, and high temperatures worldwide. The company operates through three segments: Industrial, Widia, and Infrastructure.

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Analyst Recommendations for Kennametal (NYSE:KMT)

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