Upgrade Alert for Kennametal (KMT)
Kennametal (NYSE:KMT) was upgraded from Sell to Neutral at Goldman Sachs today. The stock closed yesterday at $38.41 on volume of 3.0 million shares, above average daily volume of 678,000.
Based on a current price of $38.41, Kennametal is currently 9.4% above its average consensus analyst price target of $34.80. The stock should find initial support at its 200-day moving average (MA) of $37.83 and further support at its 50-day MA of $34.44.
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.
Over the past year, Kennametal has traded in a range of $27.63 to $48.60 and closed yesterday at $38.41, 39% above that low. The 200-day and 50-day moving averages have moved 0.37% lower and 0.04% higher over the past week, respectively.
SmarTrend is monitoring the recent change of momentum in Kennametal. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Kennametal in search of a potential trend change.
Keywords: analyst upgrades/downgrades kennametal