Trade Report: The Kennametal Inc. (KMT) Sees Large Volume Increase Following Analyst Upgrade

The Kennametal Inc. (KMT) Sees Large Volume Increase Following Analyst Upgrade

Kennametal Inc. (NYSE:KMT) saw an uptick in trading volume on Wednesday after Jefferies Group raised their price target on the stock from $30.00 to $35.00. Jefferies Group currently has a buy rating on the stock. 769,820 shares traded hands during trading, a decline of 6% from the previous session’s volume of 818,435 shares.The stock last traded at $28.77 and had previously closed at $28.50.

Several other equities analysts also recently weighed in on KMT. Credit Suisse Group AG reiterated a “hold” rating on shares of Kennametal in a research report on Saturday, July 9th. Barrington Research lifted their target price on Kennametal from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Wednesday, August 3rd. Seaport Global Securities downgraded Kennametal from an “accumulate” rating to a “neutral” rating and set a $28.00 target price on the stock. in a research report on Thursday, August 18th. Zacks Investment Research downgraded Kennametal from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 5th. Finally, Bank of America Corp. downgraded Kennametal from a “neutral” rating to an “underperform” rating in a research report on Thursday, July 7th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of C$25.00.

Large investors have recently bought and sold shares of the company. AMP Capital Investors Ltd purchased a new stake in Kennametal during the first quarter worth approximately $6,194,000. Nuveen Asset Management LLC boosted its stake in shares of Kennametal by 728.2% in the first quarter. Nuveen Asset Management LLC now owns 262,835 shares of the company’s stock valued at $5,911,000 after buying an additional 231,100 shares during the last quarter. HBK Investments L P bought a new stake in shares of Kennametal during the first quarter valued at $2,411,000. Bogle Investment Management L P DE boosted its stake in shares of Kennametal by 150.9% in the first quarter. Bogle Investment Management L P DE now owns 718,489 shares of the company’s stock valued at $16,158,000 after buying an additional 432,112 shares during the last quarter. Finally, Fairpointe Capital LLC boosted its stake in shares of Kennametal by 202.1% in the first quarter. Fairpointe Capital LLC now owns 56,350 shares of the company’s stock valued at $1,267,000 after buying an additional 37,700 shares during the last quarter. Institutional investors own 97.66% of the company’s stock.

The company’s market cap is $2.25 billion. The firm has a 50 day moving average of $28.19 and a 200 day moving average of $25.19.

Kennametal (NYSE:KMT) last posted its earnings results on Tuesday, August 2nd. The company reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.01. Kennametal had a positive return on equity of 7.51% and a negative net margin of 10.77%. The firm had revenue of $521.20 million for the quarter, compared to analysts’ expectations of $519.51 million. During the same period last year, the firm earned $0.46 EPS. The company’s quarterly revenue was down 18.3% on a year-over-year basis. Equities analysts predict that Kennametal Inc. will post $1.26 EPS for the current fiscal year.

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