Bridgeway Capital Management LLC Makes New $11.80 Million Investment in Kennametal Inc. $KMT

Key Points

• Bridgeway Capital Management LLC recently invested approximately $11.80 million in Kennametal Inc., acquiring 554,055 shares, which represented 0.73% ownership by the end of the last quarter.
• Kennametal's quarterly earnings report showed an EPS of $0.34, missing analysts' expectations of $0.40, with a year-over-year revenue decline of 4.9%.
• The company announced a quarterly dividend of $0.20 per share, reflecting an annualized dividend yield of 3.7%.

Bridgeway Capital Management LLC bought a new stake in Kennametal Inc. (NYSE:KMT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 554,055 shares of the industrial products company's stock, valued at approximately $11,801,000. Bridgeway Capital Management LLC owned 0.73% of Kennametal at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Curat Global LLC acquired a new position in shares of Kennametal in the 1st quarter valued at approximately $35,000. Parallel Advisors LLC lifted its stake in Kennametal by 107.6% in the first quarter. Parallel Advisors LLC now owns 1,958 shares of the industrial products company's stock valued at $42,000 after buying an additional 1,015 shares in the last quarter. US Bancorp DE boosted its holdings 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 valued at $46,000 after buying an additional 1,036 shares during the period. DekaBank Deutsche Girozentrale bought a new stake in shares of Kennametal during the first quarter worth $52,000. Finally, Bayforest Capital Ltd acquired a new stake in shares of Kennametal during the first quarter worth $64,000.

Kennametal Stock Up 0.6%

KMT stock opened at $21.39 on Thursday. The business's 50 day simple moving average is $23.05 and its 200 day simple moving average is $21.73. Kennametal Inc. has a 1-year low of $17.30 and a 1-year high of $32.18. The firm has a market capitalization of $1.63 billion, a PE ratio of 17.82, a PEG ratio of 3.77 and a beta of 1.44. The company has a current ratio of 2.46, a quick ratio of 1.19 and a debt-to-equity ratio of 0.45.

Kennametal (NYSE:KMT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.40 by ($0.06). The company had revenue of $516.45 million during the quarter, compared to analyst estimates of $527.52 million. Kennametal had a net margin of 4.73% and a return on equity of 8.09%. The firm's quarterly revenue was down 4.9% on a year-over-year basis. During the same quarter last year, the company posted $0.49 EPS. As a group, research analysts anticipate that Kennametal Inc. will post 1.17 EPS for the current year.

Kennametal Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, August 12th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, August 12th. Kennametal's payout ratio is presently 66.67%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Barclays boosted their price target on Kennametal from $22.00 to $24.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. Zacks Research raised shares of Kennametal to a "strong sell" rating in a research report on Monday, August 11th. Morgan Stanley lifted their target price on Kennametal from $20.00 to $21.00 and gave the company an "equal weight" rating in a research report on Monday, May 12th. Wall Street Zen upgraded Kennametal from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Finally, JPMorgan Chase & Co. dropped their price objective on Kennametal from $23.00 to $20.00 and set an "underweight" rating on the stock in a research note on Thursday, August 7th. Five analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Reduce" and a consensus price target of $24.00.

Kennametal 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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