Kennametal (KMT) reported quarterly earnings results on Monday, May-2-2016. The company said it had a profit of $0.37 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.14. Analysts had a consensus of $0.23. The company posted revenue of $497.83 million in the period, compared to analysts expectations of $487.28 million. The company’s revenue was down -22.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.46 EPS.
Many Wall Street Analysts have commented on Kennametal. Kennametal was Downgraded by Longbow to ” Underperform” on Mar 18, 2016. Kennametal was Upgraded by Longbow to ” Neutral” on Feb 4, 2016.
Kennametal opened for trading at $24.05 and hit $24.37 on the upside on Wednesday, eventually ending the session at $24.18, with a gain of 0.83% or 0.2 points. The heightened volatility saw the trading volume jump to 7,12,344 shares. Company has a market cap of $1,926 M.
In a different news, on Mar 16, 2016, William J. Harvey (director) purchased 4,020 shares at $21.57 per share price. According to the SEC, on Feb 11, 2016, Ronald M Defeo (CEO) purchased 14,280 shares at $17.46 per share price. On Feb 11, 2016, Philip A Dur (director) purchased 4,825 shares at $17.61 per share price, according to the Form-4 filing with the securities and exchange commission.
Kennametal Inc. (Kennametal) is a supplier of tooling engineered components and advanced materials consumed in production processes. The Company manages and reports its business in two segments: Industrial and Infrastructure. The Company provides wear-resistant products application engineering and services backed by material science serving customers across diverse sectors of industrial production transportation earthworks energy infrastructure and aerospace. The Company markets its products under the brands Kennametal and WIDIA. The Company’s product offering includes a selection of standard and customized technologies for metalworking such as metal cutting tools tooling systems and services as well as materials such as cemented tungsten carbide products super alloys coatings and investment castings to address customer demands. It offers these products through a range of channels to meet customer-specified needs.