Today, 9:45 AM
- Jefferies has upgraded Kennametal (KMT) from Hold to Buy, saying the company possesses "significant self-help opportunities" despite the weakness in end markets and forex headwinds.
- The price target on the stock was raised from $35 to $45.
- "We believe there are very few scenarios where the actions (restructuring its portfolio) will not ultimately be accretive to earnings," the analysts said. "With order rates continuing to decline we believe that another 2-3 ppt. cut to current guidance (FY revenues down 4-5%) is likely. However, given recent industrial conditions (and earnings) this should be largely expected."
- Jefferies also expects the passage of a possible Highway Bill and reinstatement of R&D tax credits to benefit the company going forward.
Fri, Mar. 13, 10:43 AM
- Kennametal (KMT -1.9%) reports consolidated orders declined 11% Y/Y and organic orders slipped 6% for the three months ended Feb. 28, citing weaker order rates for the Infrastructure segment due to the ongoing decline in the oil and gas markets as well as continued weak demand from the mining industry.
- KMT says industrial segment orders were modestly lower in both its tooling business as well as the distribution-focused WIDIA brand.
Thu, Feb. 19, 9:01 AM
Thu, Jan. 29, 9:40 AM
- Net loss of $388M vs. $24.2M in the same period a year ago. Adjusted EPS of $0.52 vs. $0.50 in the prior year.
- Revenue by segment: Industrial flat; Infrastructure -5%.
- The company reduced its EPS guidance for fiscal 2015 to a range of $1.90-$2.10, compared to a previous range of $2.80-$3.00, due to reduced infrastructure sales, a rapid decline in the oil and gas markets and weak demand from the mining industry.
- FQ2 results
Thu, Jan. 29, 8:11 AM
Wed, Jan. 28, 5:30 PM
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Wed, Jan. 14, 8:34 AM
Wed, Jan. 7, 8:35 AM
- Joy Global (NYSE:JOY) -1.2% premarket after KeyBanc downgrades shares to Hold from Buy, seeing limited near-term catalysts to spark a move higher and expecting further declines in mining capex to hurt order growth.
- The firm also cuts Terex (NYSE:TEX) and Kennametal (NYSE:KMT) to Hold from Buy in light of heightened uncertainty in the energy sector and the weakening euro, both of which should pressure earnings and are not yet fully reflected in Wall Street estimates.
Dec. 2, 2014, 2:26 PM
- The pain caused by falling oil prices isn’t just for energy companies, as industrial companies with exposure to the industry also have started to sink under the strain: Dover (DOV +2.2%) shares have slipped 4.3% during the past month, while Kennametal (KMT -0.3%) has shed 8% and MRC Global (MRC -6.1%) has tumbled 12%.
- Seeing "potentially disastrous implications for U.S. energy and production companies and their suppliers," Global Hunter downgraded the three companies today; the firm says MRC has 46% exposure to U.S. upstream capex after previously estimated the company’s North American market share at ~24%, "exposing it broadly to the ups and downs of the broader market.”
- Earlier: Dover moves higher despite Goldman downgrade to Sell
Nov. 17, 2014, 9:27 AM
- Kennametal (NYSE:KMT) has appointed Don Nolan as the company's president, CEO and member of the board of directors, while electing William Newlin, lead director, to serve as chairman of the board, effective today.
- Nolan has most recently served as president of Avery Dennison's $4.5B Materials Group.
- Current Kennametal chairman, president and CEO Carlos Cardoso will retire Dec. 31.
Oct. 31, 2014, 10:53 AM
- Net income of $39.5M, or adjusted EPS of $0.56 vs. $37.8M, or adjusted EPS of $0.49 in the same quarter a year ago.
- Revenue by segment: Industrial +12%; Infrastructure +13%.
- The company has reduced its EPS guidance for fiscal 2015 to a range of $2.80-$3.00, compared with its previous expectation of $2.90-$3.20, due to lower expected sales growth.
- FQ1 results
Oct. 30, 2014, 8:05 AM
Aug. 23, 2014, 7:58 AM
- Joel Greenblatt made investors fortunes at his hedge fund 30 years ago by holding a highly concentrated basket - six to eight names - of deep-value stocks, but his approach today is somewhat different: Buy more than 300 high-quality stocks trading at cheap prices and short more than 300 expensive, lower-quality names. Stocks are weighted in the portfolio depending on where they rank along that spectrum.
- Greenblatt: "[My partner] and I would wake up some days and lose 15% or 20% of our net worth ... now it's more like 15 or 20 basis points."
- The strategy is also available in a trio of mutual funds Greenblatt's Gotham Asset Management offers, and they now account for more than half of Gotham's $7B in AUM.
- A top position last year remaining a large holding after a big run higher is Apple, thanks to "huge returns on capital" and 11% earnings yield. As for Apple's future, Greenblatt will leave that for others to debate: "I don't own just Apple. I own a bucket of companies like Apple, and over time, I know my bucket is going to work."
- Top 5 long holdings now: ENR, SAFM, BG, AXE, CAT.
- Top 5 short holdings now: SUSS, THC, BOBE, KMT, TMO.
Aug. 19, 2014, 9:02 AM
Jul. 31, 2014, 8:09 AM
May. 1, 2014, 8:10 AM
KMT vs. ETF Alternatives
Kennametal Inc is engaged in developing and manufacturing metalworking tools and wear-resistant engineered components and coatings. It supplies its products for transportation, general engineering, aerospace, defence, energy and earthworks sectors.
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