Morgan Stanley Raises Kennametal (NYSE:KMT) Price Target to $21.00

Kennametal (NYSE:KMT) had its price objective hoisted by equities researchers at Morgan Stanley from $20.00 to $21.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the industrial products company’s stock. Morgan Stanley’s target price would suggest a potential downside of 2.89% from the stock’s previous close.

Several other analysts also recently commented on the stock. Barclays decreased their target price on shares of Kennametal from $24.00 to $22.00 and set an “equal weight” rating for the company in a research report on Thursday, April 10th. StockNews.com upgraded shares of Kennametal from a “hold” rating to a “buy” rating in a research note on Monday, April 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $25.40.

Kennametal Price Performance

Shares of KMT stock traded up $0.83 during midday trading on Monday, reaching $21.63. 217,206 shares of the company were exchanged, compared to its average volume of 867,675. The company’s 50 day moving average price is $20.25 and its two-hundred day moving average price is $23.48. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.13 and a current ratio of 2.53. The company has a market cap of $1.67 billion, a P/E ratio of 17.70, a PEG ratio of 3.69 and a beta of 1.39. Kennametal has a 12 month low of $17.30 and a 12 month high of $32.18.

Kennametal (NYSE:KMT) last posted its quarterly earnings results on Wednesday, May 7th. The industrial products company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.21. Kennametal had a net margin of 4.76% and a return on equity of 8.12%. The business had revenue of $486.40 million for the quarter, compared to the consensus estimate of $489.30 million. During the same period in the prior year, the business posted $0.30 earnings per share. Kennametal’s revenue for the quarter was down 5.7% compared to the same quarter last year. On average, sell-side analysts expect that Kennametal will post 1.17 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Sanjay Chowbey bought 10,000 shares of the stock in a transaction dated Tuesday, February 11th. The stock was bought at an average cost of $21.75 per share, with a total value of $217,500.00. Following the purchase, the chief executive officer now owns 77,595 shares of the company’s stock, valued at approximately $1,687,691.25. This represents a 14.79% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.41% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB bought a new stake in Kennametal in the third quarter valued at about $30,000. Blue Trust Inc. grew its holdings in shares of Kennametal by 120.9% in the 4th quarter. Blue Trust Inc. now owns 1,308 shares of the industrial products company’s stock valued at $34,000 after buying an additional 716 shares during the period. GAMMA Investing LLC raised its stake in Kennametal by 45.9% during the 4th quarter. GAMMA Investing LLC now owns 1,458 shares of the industrial products company’s stock worth $35,000 after buying an additional 459 shares during the period. Curat Global LLC bought a new position in Kennametal during the first quarter worth about $35,000. Finally, Parallel Advisors LLC increased its holdings in shares of Kennametal by 107.6% in the first quarter. Parallel Advisors LLC now owns 1,958 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 1,015 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.