Today’s Market Runner: What’s Kennametal Inc. Upside After Touching 52-Week High?

Today's Market Runner: What's Kennametal Inc. Upside After Touching 52 Week High?

The stock of Kennametal Inc. (NYSE:KMT) hit a new 52-week high and has $48.76 target or 58.00% above today’s $30.86 share price. The 8 months bullish chart indicates low risk for the $2.44B company. The 1-year high was reported on Nov, 9 by Barchart.com. If the $48.76 price target is reached, the company will be worth $1.42 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 786,371 shares traded hands. Kennametal Inc. (NYSE:KMT) has risen 32.85% since April 7, 2016 and is uptrending. It has outperformed by 28.06% the S&P500.

Kennametal Inc. (NYSE:KMT) Ratings Coverage

Out of 8 analysts covering Kennametal Inc. (NYSE:KMT), 2 rate it a “Buy”, 2 “Sell”, while 4 “Hold”. This means 25% are positive. Kennametal Inc. has been the topic of 17 analyst reports since August 3, 2015 according to StockzIntelligence Inc. The stock of Kennametal Inc. (NYSE:KMT) has “Neutral” rating given on Tuesday, August 11 by Bank of America. The firm has “Underperform” rating given on Wednesday, November 4 by Bank of America. The company was downgraded on Wednesday, October 28 by UBS. The stock of Kennametal Inc. (NYSE:KMT) earned “Neutral” rating by Seaport Global on Thursday, August 18. The firm earned “Neutral” rating on Thursday, February 4 by Longbow. The stock has “Neutral” rating given by Bank of America on Friday, October 2. As per Friday, March 18, the company rating was downgraded by Longbow. The stock has “Hold” rating given by Stifel Nicolaus on Wednesday, May 4. The stock of Kennametal Inc. (NYSE:KMT) earned “Buy” rating by Goldman Sachs on Monday, October 31. The firm earned “Outperform” rating on Thursday, December 17 by Barrington Research.

According to Zacks Investment Research, “Kennametal Inc. is a leading global supplier of tooling, engineered components and advanced materials consumed in production processes. The company improves customers’ competitiveness by providing superior economic returns through the delivery of application knowledge and advanced technology to master the toughest of materials application demands. Companies producing everything from airframes to coal, from medical implants to oil wells and from turbochargers to motorcycle parts recognize Kennametal for extraordinary contributions to their value chains.”

Insitutional Activity: The institutional sentiment decreased to 1.21 in Q2 2016. Its down 0.20, from 1.41 in 2016Q1. The ratio is negative, as 29 funds sold all Kennametal Inc. shares owned while 66 reduced positions. 28 funds bought stakes while 87 increased positions. They now own 77.21 million shares or 3.37% more from 74.69 million shares in 2016Q1.
The Florida-based Finemark Natl Bank And has invested 0% in Kennametal Inc. (NYSE:KMT). Hsbc Public Ltd Llc holds 0% or 15,311 shares in its portfolio. Federated Invsts Inc Pa holds 104,643 shares or 0.01% of its portfolio. Goldman Sachs Gru owns 358,375 shares or 0% of their US portfolio. Blackrock Advsr Llc, a Delaware-based fund reported 274,219 shares. Millennium Mngmt Limited Com accumulated 536,968 shares or 0.03% of the stock. Blackrock has invested 0% of its portfolio in Kennametal Inc. (NYSE:KMT). Point72 Asia (Hong Kong) Limited last reported 70 shares in the company. Fil holds 0.07% or 992,116 shares in its portfolio. Barclays Plc has invested 0.01% of its portfolio in Kennametal Inc. (NYSE:KMT). Dean Investment Limited Com has 0.52% invested in the company for 121,183 shares. Ls Inv Advsrs Lc last reported 0.01% of its portfolio in the stock. Diam Ltd last reported 85,528 shares in the company. Guggenheim Cap Limited Liability, a Illinois-based fund reported 12,048 shares. Mutual Of America Mgmt Lc accumulated 0.03% or 57,990 shares.

Insider Transactions: Since June 10, 2016, the stock had 1 insider purchase, and 0 selling transactions for $12,460 net activity. Harvey William J. had bought 517 shares worth $12,460 on Friday, June 10.

More recent Kennametal Inc. (NYSE:KMT) news were published by: Prnewswire.com which released: “Kennametal Management to Host Analyst Day on November 3, 2016” on October 26, 2016. Also Prnewswire.com published the news titled: “Kennametal Announces Fiscal 2017 First Quarter Results” on October 26, 2016. Forbes.com‘s news article titled: “Ex-Dividend Reminder: Parker Hannifin, Kennametal and Boeing” with publication date: November 04, 2016 was also an interesting one.

KMT Company Profile

Kennametal Inc. (Kennametal), incorporated on June 25, 1943, is a supplier of tooling, engineered components and materials consumed in production processes. The Firm operates through two divisions: Industrial and Infrastructure. The Firm provides wear-resistant products, application engineering and services backed by material science serving clients across diverse sectors of industrial production, transportation, earthworks, energy, construction, process industries and aerospace. Kennametal solutions are built across technology platforms, including precision-engineered metalworking tools and components, surface technologies and earth cutting tools that are mission-critical to customer activities battling conditions associated with wear fatigue, corrosion and high temperatures.

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