Ieq Capital LLC Purchases New Position in Kennametal Inc. $KMT

Key Points

• Ieq Capital LLC has acquired 14,436 shares of Kennametal Inc. valued at approximately $307,000 during the first quarter, indicating increased institutional interest in the stock.
• Kennametal reported an earnings per share (EPS) of $0.34 for the last quarter, missing estimates and reflecting a 4.9% year-over-year revenue decline.
• The company recently declared a quarterly dividend of $0.20 per share, yielding 3.6%, with a payout ratio of 66.67%.

Ieq Capital LLC purchased a new position in shares of Kennametal Inc. (NYSE:KMT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 14,436 shares of the industrial products company's stock, valued at approximately $307,000.

Other institutional investors have also modified their holdings of the company. Cooper Haims Advisors LLC acquired a new position in shares of Kennametal during the 1st quarter worth approximately $7,453,000. American Century Companies Inc. raised its position in shares of Kennametal by 9.2% during the 1st quarter. American Century Companies Inc. now owns 2,778,368 shares of the industrial products company's stock worth $59,179,000 after purchasing an additional 234,395 shares during the last quarter. Nuveen LLC acquired a new position in shares of Kennametal during the 1st quarter worth approximately $3,949,000. Victory Capital Management Inc. raised its position in shares of Kennametal by 6.0% during the 1st quarter. Victory Capital Management Inc. now owns 3,218,394 shares of the industrial products company's stock worth $68,552,000 after purchasing an additional 181,035 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of Kennametal by 8.4% during the 1st quarter. Northern Trust Corp now owns 1,077,284 shares of the industrial products company's stock worth $22,946,000 after purchasing an additional 83,568 shares during the last quarter.

Analyst Ratings Changes

Several brokerages recently issued reports on KMT. Wall Street Zen upgraded Kennametal from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. UBS Group upgraded Kennametal from a "sell" rating to a "neutral" rating and boosted their price target for the company from $19.00 to $21.00 in a report on Friday, August 15th. JPMorgan Chase & Co. reduced their price target on Kennametal from $23.00 to $20.00 and set an "underweight" rating on the stock in a research note on Thursday, August 7th. Zacks Research raised Kennametal to a "strong sell" rating in a research note on Monday, August 11th. Finally, Loop Capital reissued a "hold" rating and set a $24.00 price target (up previously from $21.00) on shares of Kennametal in a research note on Wednesday, June 25th. Five research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus price target of $24.00.

Kennametal Trading Up 0.7%

Shares of KMT traded up $0.16 during trading hours on Thursday, hitting $21.11. The stock had a trading volume of 933,844 shares, compared to its average volume of 878,762. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.19 and a current ratio of 2.46. The firm has a market cap of $1.60 billion, a P/E ratio of 17.59, a P/E/G ratio of 3.68 and a beta of 1.44. The company's fifty day simple moving average is $22.77 and its 200 day simple moving average is $21.69. Kennametal Inc. has a 12-month low of $17.30 and a 12-month high of $32.18.

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

Kennametal Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, August 12th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.8%. The ex-dividend date was Tuesday, August 12th. Kennametal's dividend payout ratio is currently 66.67%.

About Kennametal

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.