Kennametal (NYSE:KMT) Given New $25.00 Price Target at Barclays

Kennametal (NYSE:KMT) had its price objective boosted by investment analysts at Barclays from $24.00 to $25.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the industrial products company’s stock. Barclays‘s price objective would suggest a potential downside of 3.81% from the company’s current price.

A number of other equities analysts also recently weighed in on KMT. StockNews.com raised shares of Kennametal from a “hold” rating to a “buy” rating in a research note on Tuesday, April 30th. JPMorgan Chase & Co. dropped their price target 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 equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $24.75.

Kennametal Stock Up 2.5 %

Shares of KMT traded up $0.64 during mid-day trading on Thursday, reaching $25.99. The company’s stock had a trading volume of 404,221 shares, compared to its average volume of 630,107. The business has a fifty day moving average of $24.38 and a 200 day moving average of $24.35. The company has a market cap of $2.06 billion, a price-to-earnings ratio of 17.29, a price-to-earnings-growth ratio of 3.29 and a beta of 1.76. Kennametal has a 1 year low of $22.08 and a 1 year high of $30.60. The company has a quick ratio of 1.06, a current ratio of 2.44 and a debt-to-equity ratio of 0.45.

Kennametal (NYSE:KMT) last posted its quarterly earnings results on Wednesday, May 8th. The industrial products company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01). Kennametal had a return on equity of 9.94% and a net margin of 5.86%. The company had revenue of $515.80 million during the quarter, compared to analyst estimates of $518.50 million. During the same period last year, the company posted $0.39 earnings per share. The company’s revenue was down 3.8% compared to the same quarter last year. As a group, analysts forecast that Kennametal will post 1.49 earnings per share for the current fiscal year.

Kennametal announced that its board has authorized a stock buyback plan on Wednesday, February 7th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the industrial products company to reacquire up to 10.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Insider Activity at Kennametal

In other Kennametal news, VP John Wayne Witt sold 1,000 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $25.55, for a total transaction of $25,550.00. Following the completion of the transaction, the vice president now owns 1,343 shares in the company, valued at $34,313.65. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.79% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Everence Capital Management Inc. acquired a new position in shares of Kennametal in the 1st quarter worth approximately $256,000. ProShare Advisors LLC boosted its holdings in shares of Kennametal by 6.2% in the 1st quarter. ProShare Advisors LLC now owns 16,069 shares of the industrial products company’s stock worth $401,000 after acquiring an additional 945 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Kennametal in the 1st quarter worth approximately $32,000. Illinois Municipal Retirement Fund boosted its holdings in shares of Kennametal by 1.5% in the 1st quarter. Illinois Municipal Retirement Fund now owns 45,515 shares of the industrial products company’s stock worth $1,135,000 after acquiring an additional 684 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Kennametal by 139.9% in the 1st quarter. SG Americas Securities LLC now owns 10,119 shares of the industrial products company’s stock worth $252,000 after acquiring an additional 5,901 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.