103,372 Shares in Kennametal Inc. $KMT Bought by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems ET Al purchased 103,372 shares of Kennametal Inc. during the 2nd quarter, marking a new position valued at approximately $2.37 million.
• Kennametal reported earnings of $0.34 per share for the last quarter, missing analysts' expectations by $0.06 and experiencing a 4.9% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.20, representing an annualized yield of 3.5%, with a payout ratio currently at 66.67%.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Kennametal Inc. (NYSE:KMT - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 103,372 shares of the industrial products company's stock, valued at approximately $2,373,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.14% of Kennametal as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in KMT. Ameritas Advisory Services LLC purchased a new stake in shares of Kennametal in the second quarter worth $27,000. US Bancorp DE grew its stake in shares of Kennametal by 93.4% in the first quarter. US Bancorp DE now owns 2,145 shares of the industrial products company's stock worth $46,000 after acquiring an additional 1,036 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Kennametal by 293.6% in the second quarter. GAMMA Investing LLC now owns 2,153 shares of the industrial products company's stock worth $49,000 after acquiring an additional 1,606 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in shares of Kennametal in the first quarter worth $52,000. Finally, Bayforest Capital Ltd purchased a new stake in shares of Kennametal in the first quarter worth $64,000.

Kennametal Trading Up 1.5%

Shares of NYSE:KMT opened at $23.04 on Wednesday. The company has a market cap of $1.75 billion, a P/E ratio of 19.20, a PEG ratio of 3.80 and a beta of 1.46. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.46 and a quick ratio of 1.19. Kennametal Inc. has a 1 year low of $17.30 and a 1 year high of $32.18. The stock's fifty day moving average price is $21.34 and its 200-day moving average price is $21.64.

Kennametal (NYSE:KMT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.40 by ($0.06). The business had revenue of $516.45 million for the quarter, compared to the consensus estimate of $527.52 million. Kennametal had a net margin of 4.73% and a return on equity of 8.09%. The company's revenue for the quarter was down 4.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.49 earnings per share. Sell-side analysts expect that Kennametal Inc. will post 1.17 earnings per share for the current year.

Kennametal Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, August 12th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, August 12th. This represents a $0.80 dividend on an annualized basis and a yield of 3.5%. Kennametal's dividend payout ratio is currently 66.67%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on KMT shares. JPMorgan Chase & Co. increased their target price on Kennametal from $20.00 to $22.00 and gave the stock an "underweight" rating in a research note on Tuesday, October 14th. Zacks Research raised Kennametal from a "strong sell" rating to a "hold" rating in a research note on Monday, October 13th. Weiss Ratings reissued a "hold (c)" rating on shares of Kennametal in a research note on Wednesday, October 8th. Loop Capital reissued a "hold" rating and issued a $24.00 target price (up from $21.00) on shares of Kennametal in a research note on Wednesday, June 25th. Finally, UBS Group raised Kennametal from a "sell" rating to a "neutral" rating and upped their price target for the company from $19.00 to $21.00 in a report on Friday, August 15th. Seven analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average price target of $24.00.

Kennametal Company Profile

Kennametal Inc engages in development and application of tungsten carbides, ceramics, and super-hard materials and solutions for use in metal cutting and extreme wear applications to enable customers work against corrosion and high temperatures conditions worldwide. The company operates through two segments, Metal Cutting and Infrastructure.

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