Kennametal (NYSE:KMT) Updates FY24 Earnings Guidance

Kennametal (NYSE:KMT) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $1.30 to $1.70 for the period, compared to the consensus earnings per share estimate of $1.44. The company issued revenue guidance of $2.0 billion to $2.1 billion, compared to the consensus revenue estimate of $2.04 billion. Kennametal also updated its Q1 guidance to $0.20 to $0.30 EPS.

Wall Street Analysts Forecast Growth

KMT has been the subject of a number of recent analyst reports. Loop Capital lowered their target price on shares of Kennametal from $24.00 to $22.00 and set a hold rating for the company in a research note on Friday, June 21st. Barclays decreased their price objective on shares of Kennametal from $25.00 to $24.00 and set an equal weight rating for the company in a report on Wednesday, July 10th. Finally, StockNews.com downgraded shares of Kennametal from a buy rating to a hold rating in a research note on Friday, July 12th. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $23.67.

Kennametal Stock Up 2.2 %

Shares of Kennametal stock traded up $0.52 during trading on Wednesday, hitting $24.47. 679,120 shares of the stock traded hands, compared to its average volume of 653,800. The company has a current ratio of 2.42, a quick ratio of 1.09 and a debt-to-equity ratio of 0.46. The stock’s fifty day simple moving average is $24.28 and its 200 day simple moving average is $24.53. The firm has a market cap of $1.92 billion, a P/E ratio of 18.13, a price-to-earnings-growth ratio of 2.37 and a beta of 1.66. Kennametal has a 52-week low of $22.08 and a 52-week high of $27.75.

Kennametal (NYSE:KMT) last issued its earnings results on Wednesday, May 8th. The industrial products company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.01). The business had revenue of $515.80 million for the quarter, compared to the consensus estimate of $518.50 million. Kennametal had a return on equity of 9.35% and a net margin of 5.29%. The firm’s revenue was down 3.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.39 earnings per share. On average, equities analysts predict that Kennametal will post 1.45 earnings per share for the current fiscal year.

Kennametal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th will be given a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, August 13th. This represents a $0.80 annualized dividend and a dividend yield of 3.27%. Kennametal’s payout ratio is presently 59.26%.

Insider Activity at Kennametal

In related news, CEO Sanjay Chowbey bought 5,000 shares of the stock in a transaction on Monday, June 10th. The stock was bought at an average price of $24.28 per share, for a total transaction of $121,400.00. Following the completion of the acquisition, the chief executive officer now directly owns 49,270 shares in the company, valued at $1,196,275.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.61% of the stock is currently owned by corporate insiders.

Kennametal Company Profile

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.