Upgrade Alert for Kennametal (KMT)
Kennametal (NYSE:KMT) was upgraded from Neutral to Buy at BofA/Merrill today. The stock closed yesterday at $27.97 on volume of 3.5 million shares, above average daily volume of 897,000.
In the past 52 weeks, Kennametal share prices have been bracketed by a low of $23.77 and a high of $40.95 and closed yesterday at $27.82, 17% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.
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.
Kennametal has overhead space with shares priced $27.82, or 28.7% below the average consensus analyst price target of $39.00. The stock should find resistance at its 200-day moving average (MA) of $32.47, as well as support at its 50-day MA of $27.38.
SmarTrend is tracking the current trend status for Kennametal and will alert subscribers who have KMT in their portfolio or watchlist when shares have changed trend direction.
Keywords: analyst upgrades/downgrades kennametal