Kennametal (NYSE:KMT) Stock Price Down 7.9%

Kennametal Inc. (NYSE:KMT – Get Rating)’s stock price dropped 7.9% during mid-day trading on Friday . The company traded as low as $24.49 and last traded at $24.52. Approximately 1,035,667 shares changed hands during trading, an increase of 54% from the average daily volume of 670,641 shares. The stock had previously closed at $26.63.

Analyst Ratings Changes

KMT has been the topic of a number of recent analyst reports. The Goldman Sachs Group increased their target price on Kennametal from $23.00 to $26.00 and gave the company a “sell” rating in a research report on Thursday, December 15th. Barclays raised their price objective on Kennametal from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Wednesday, February 8th. Loop Capital raised their price objective on Kennametal from $22.00 to $28.00 and gave the company a “hold” rating in a report on Thursday, February 9th. Morgan Stanley raised their price objective on Kennametal from $23.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, December 14th. Finally, JPMorgan Chase & Co. raised their price objective on Kennametal from $24.00 to $26.00 and gave the company an “underweight” rating in a report on Wednesday, February 8th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $26.71.

Kennametal Stock Performance

The company has a current ratio of 2.12, a quick ratio of 0.90 and a debt-to-equity ratio of 0.46. The firm has a fifty day moving average price of $28.06 and a 200 day moving average price of $25.54. The firm has a market cap of $2.00 billion, a PE ratio of 16.20, a price-to-earnings-growth ratio of 3.77 and a beta of 1.89.

Kennametal (NYSE:KMT – Get Rating) last posted its quarterly earnings results on Monday, February 6th. The industrial products company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.22 by $0.05. Kennametal had a return on equity of 10.26% and a net margin of 6.25%. The business had revenue of $497.00 million for the quarter, compared to analyst estimates of $491.88 million. During the same quarter in the previous year, the firm earned $0.35 EPS. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. As a group, equities research analysts expect that Kennametal Inc. will post 1.43 earnings per share for the current fiscal year.

Kennametal Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 28th. Stockholders of record on Tuesday, February 14th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, February 13th. This represents a $0.80 annualized dividend and a dividend yield of 3.23%. Kennametal’s dividend payout ratio is presently 52.29%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Kennametal by 1.6% during the 3rd quarter. BlackRock Inc. now owns 10,705,034 shares of the industrial products company’s stock worth $220,308,000 after purchasing an additional 172,081 shares during the last quarter. Ariel Investments LLC increased its position in shares of Kennametal by 8.9% during the 1st quarter. Ariel Investments LLC now owns 9,707,735 shares of the industrial products company’s stock worth $277,739,000 after purchasing an additional 790,456 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Kennametal by 8.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,206,742 shares of the industrial products company’s stock worth $101,215,000 after purchasing an additional 338,486 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Kennametal by 10.1% during the 4th quarter. Victory Capital Management Inc. now owns 3,247,088 shares of the industrial products company’s stock worth $78,125,000 after purchasing an additional 297,345 shares during the last quarter. Finally, FMR LLC increased its position in shares of Kennametal by 72.5% during the 2nd quarter. FMR LLC now owns 3,224,536 shares of the industrial products company’s stock worth $74,906,000 after purchasing an additional 1,355,079 shares during the last quarter.

About Kennametal

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Kennametal, Inc engages in the development and application of tungsten carbides, ceramics, and solutions used in metal cutting and extreme wear applications. It operates through the following segments: Metal Cutting and Infrastructure. The Metal Cutting segment develops and manufactures tooling and metal cutting products and services and offers an assortment of standard and custom metal cutting solutions to diverse end markets, including aerospace, general engineering, energy and transportation.