Corebridge Financial Inc. Sells 1,168 Shares of Koppers Holdings Inc. (NYSE:KOP)

Corebridge Financial Inc. reduced its position in Koppers Holdings Inc. (NYSE:KOP) by 9.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 10,571 shares of the specialty chemicals company’s stock after selling 1,168 shares during the period. Corebridge Financial Inc.’s holdings in Koppers were worth $342,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Pzena Investment Management LLC raised its holdings in shares of Koppers by 18.0% in the 4th quarter. Pzena Investment Management LLC now owns 908,772 shares of the specialty chemicals company’s stock valued at $29,444,000 after purchasing an additional 138,603 shares in the last quarter. Principal Financial Group Inc. raised its stake in Koppers by 20.7% in the third quarter. Principal Financial Group Inc. now owns 568,787 shares of the specialty chemicals company’s stock worth $20,778,000 after buying an additional 97,586 shares in the last quarter. Jane Street Group LLC raised its stake in Koppers by 128.7% in the third quarter. Jane Street Group LLC now owns 60,542 shares of the specialty chemicals company’s stock worth $2,212,000 after buying an additional 34,074 shares in the last quarter. Barclays PLC lifted its holdings in Koppers by 356.9% during the third quarter. Barclays PLC now owns 36,941 shares of the specialty chemicals company’s stock worth $1,350,000 after buying an additional 28,855 shares during the period. Finally, Janney Montgomery Scott LLC purchased a new position in shares of Koppers in the 4th quarter valued at $488,000. 92.75% of the stock is owned by hedge funds and other institutional investors.

Koppers Stock Performance

Shares of KOP opened at $24.39 on Friday. The company has a current ratio of 2.54, a quick ratio of 1.13 and a debt-to-equity ratio of 1.83. The firm has a market cap of $499.55 million, a PE ratio of 6.93 and a beta of 1.50. Koppers Holdings Inc. has a 12 month low of $22.99 and a 12 month high of $56.74. The stock has a fifty day moving average price of $28.77 and a 200-day moving average price of $32.55.

Koppers (NYSE:KOP) last posted its quarterly earnings results on Thursday, February 27th. The specialty chemicals company reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.18). The company had revenue of $477.00 million during the quarter, compared to analysts’ expectations of $497.00 million. Koppers had a return on equity of 16.71% and a net margin of 3.55%. Equities research analysts predict that Koppers Holdings Inc. will post 4.24 earnings per share for the current fiscal year.

Koppers announced that its board has approved a stock repurchase plan on Thursday, February 27th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the specialty chemicals company to repurchase up to 16.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Koppers Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were issued a $0.08 dividend. This is an increase from Koppers’s previous quarterly dividend of $0.07. This represents a $0.32 annualized dividend and a dividend yield of 1.31%. The ex-dividend date was Friday, March 7th. Koppers’s dividend payout ratio is 13.17%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on KOP shares. StockNews.com raised Koppers from a “sell” rating to a “hold” rating in a research report on Saturday, March 22nd. Barrington Research reiterated an “outperform” rating and set a $64.00 price objective on shares of Koppers in a research note on Monday, February 24th.

Koppers Profile

Koppers Holdings Inc provides treated wood products, wood preservation chemicals, and carbon compounds in the United States, Australasia, Europe, and internationally. The company operates through Railroad and Utility Products and Services (RUPS), Performance Chemicals (PC), and Carbon Materials and Chemicals (CMC) segments.