UPDATE: Barrington Research Reiterates Outperform Rating, Lowers PT on Kennametal Following First Fiscal Quarter Results

In a report published Tuesday, Barrington Research analyst Rudolf A. Hokanson reiterated an Outperform rating on

, but lowered the price target from $57.00 to $54.00. In the report, Barrington Research noted, “We continue to recommend Kennametal Inc. with an OUTPERFORM investment rating and a new price target of $54 by June of 2015, down from $57. Our estimates have been adjusted to account for new EPS guidance of $2.80-3.00 for fiscal 2015. We now estimate EPS of $2.89. We had been estimating EPS of $3.06. In the first quarter, reported EPS were $0.49 and adjusted EPS were $0.56 compared to $0.48 reported in the period a year ago and adjusted EPS of $0.49. We were estimating $0.58. Sales were $695 million, up 12% reflecting a 10% increase from the TMB acquisition, a 1% organic increase, and 1% from foreign currency. This was the fourth consecutive quarter of organic growth in the industrial segment.” Kennametal closed on Tuesday at $38.36.