Kennametal (NYSE:KMT) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Kennametal (NYSE:KMT) had its price objective trimmed by JPMorgan Chase & Co. from $30.00 to $27.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has an underweight rating on the industrial products company’s stock.

Other equities analysts also recently issued reports about the company. Morgan Stanley downgraded Kennametal from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $31.00 to $27.00 in a research report on Monday, August 10th. UBS Group cut their price target on Kennametal from $39.00 to $35.00 and set a “neutral” rating for the company in a report on Monday, August 10th. Zacks Research cut Kennametal from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 14th. DA Davidson decreased their price objective on Kennametal from $34.00 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 11th. Finally, Weiss Ratings downgraded Kennametal from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 23rd. Five analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $33.07.

Kennametal Trading Down 0.7%

Shares of Kennametal stock opened at $23.06 on Thursday. The company’s fifty day simple moving average is $30.10 and its 200-day simple moving average is $34.42. The stock has a market capitalization of $1.78 billion, a PE ratio of 3.04, a P/E/G ratio of 0.21 and a beta of 1.30. Kennametal has a 1-year low of $22.65 and a 1-year high of $43.81. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.45 and a quick ratio of 0.98.

Kennametal (NYSE:KMT) last issued its quarterly earnings data on Wednesday, November 4th. The industrial products company reported $3.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.65 by $0.83. The firm had revenue of $768.19 million during the quarter, compared to the consensus estimate of $770.36 million. Kennametal had a net margin of 22.49% and a return on equity of 38.40%. The company’s revenue for the quarter was up 54.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.34 EPS. As a group, equities analysts anticipate that Kennametal will post 5.18 earnings per share for the current year.

Kennametal Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Stockholders of record on Monday, November 9th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Monday, November 9th. Kennametal’s dividend payout ratio (DPR) is presently 10.55%.

Insider Buying and Selling at Kennametal

In other Kennametal news, VP Judith L. Bacchus sold 9,676 shares of the stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $30.29, for a total value of $293,086.04. Following the completion of the sale, the vice president owned 15,721 shares in the company, valued at approximately $476,189.09. This represents a 38.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sanjay Chowbey purchased 7,000 shares of the business’s stock in a transaction on Thursday, November 5th. The stock was acquired at an average price of $23.62 per share, with a total value of $165,340.00. Following the purchase, the chief executive officer directly owned 280,957 shares in the company, valued at $6,636,204.34. This represents a 2.56% increase in their position. The SEC filing for this purchase provides additional information. 1.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On Kennametal

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in shares of Kennametal during the second quarter worth about $440,446,000. Arrowstreet Capital Limited Partnership lifted its holdings in Kennametal by 15.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,298,349 shares of the industrial products company’s stock worth $83,039,000 after purchasing an additional 307,209 shares in the last quarter. William Blair Investment Management LLC purchased a new position in Kennametal in the 2nd quarter worth approximately $69,614,000. Medina Value Partners LLC purchased a new position in Kennametal in the 2nd quarter worth approximately $43,007,296. Finally, NFJ Investment Group LLC bought a new position in Kennametal in the 2nd quarter worth approximately $36,202,000.

Kennametal Company Profile

Kennametal Inc (NYSE: KMT) is a global industrial technology company that develops and manufactures tooling, engineered components and wear-resistant solutions. Its products are designed to help customers improve productivity, durability and performance in demanding manufacturing and industrial applications.

The company’s offerings include metal-cutting tools and systems, tooling components, advanced materials, and products made with hard metals and other wear-resistant technologies. Kennametal also provides engineered solutions for applications such as machining, earthworks, energy production, transportation, aerospace, defense and general engineering.

Founded in 1938 by Philip M.