Kennametal (KMT) is Downgraded by Seaport Global Securities to Neutral, Price Target at $28

Kennametal (KMT) was Downgraded by Seaport Global Securities to ” Neutral” and the brokerage firm has set the Price Target at $28. Earlier the firm had a rating of “Accumulate ” on the company shares. Seaport Global Securities advised their investors in a research report released on Aug 18, 2016.

Many Wall Street Analysts have commented on Kennametal. Company shares were Reiterated by Barrington Research on Aug 3, 2016 to “Outperform”, Firm has raised the Price Target to $ 31 from a previous price target of $28 .Kennametal was Downgraded by BofA/Merrill to ” Underperform” on Jul 7, 2016.

On the company’s financial health, Kennametal reported $0.44 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Aug 1, 2016. Analyst had a consensus of $0.43. The company had revenue of $521.20 million for the quarter, compared to analysts expectations of $518.96 million. The company’s revenue was down -18.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.46 EPS.

Kennametal closed down -0.22 points or -0.76% at $28.58 with 7,85,166 shares getting traded on Wednesday. Post opening the session at $28.72, the shares hit an intraday low of $28.42 and an intraday high of $28.74 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

In a different news, on Jun 14, 2016, William J. Harvey (director) purchased 517 shares at $24.10 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.


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