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Downgrade Alert for Kennametal (KMT)

By Nick Russo

Kennametal (NYSE:KMT) was downgraded from Buy to Hold at Stifel today. The stock closed yesterday at $24.11 on volume of 1.4 million shares, above average daily volume of 1.1 million.

Kennametal share prices have moved between a 52-week high of $39.91 and a 52-week low of $15.11 and closed yesterday at 60% above that low price at $24.12 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has slid 0.5%.

Kennametal has overhead space with shares priced $24.12, or 22.2% below the average consensus analyst price target of $31.00. The stock should hit resistance at its 200-day moving average (MA) of $24.41, as well as support at its 50-day MA of $22.50.

Kennametal Inc. manufactures, purchases, and distributes tools, tooling systems, and solutions to the metalworking, mining, oil, and energy industries. The Company also manufactures and distributes wear-resistant parts for a wide range of industries. Kennametal operates worldwide.

SmarTrend recommended that subscribers consider buying shares of Kennametal on February 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.76. Since that recommendation, shares of Kennametal have risen 33.0%. We continue to monitor KMT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades kennametal

Ticker(s): KMT