Seaport Global Downgrades Kennametal to Neutral

Brokerage firm Seaport Global Downgrades its rating on Kennametal(NYSE:KMT). The shares have been rated Neutral. Previously, the analysts had a Accumulate rating on the shares. The rating by Seaport Global was issued on Aug 18, 2016.

Kennametal (KMT) shares turned negative on Mondays trading session with the shares closing down -0.09 points or -0.32% at a volume of 14,67,760. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $28.795. The peak price level was also seen at $28.795 while the days lowest was $28.15. Finally the shares closed at $28.23. The 52-week high of the shares is $30.58 while the 52-week low is $15.11. According to the latest information available, the market cap of the company is $2,250 M.

Kennametal(KMT) last announced its earnings results on Aug 2, 2016 for Fiscal Year 2016 and Q4.Company reported revenue of $521.22M. Analysts had an estimated revenue of $518.80M. Earnings per share were $0.44. Analysts had estimated an EPS of $0.44.

Several Insider Transactions has been reported to the SEC. On Jun 14, 2016, William J. Harvey (director) purchased 517 shares at $24.10 per share price.Also, 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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