[Form 4] Kennametal Inc. Insider Trading Activity

Rhea-AI Filing Summary

On 29 Jul 2025, Murray Stahl—President, Director and >10% owner of RENN Fund Inc. (RCG)—reported open-market purchases (transaction code P) totaling 1,130 common shares at $2.60 each. The buys were allocated to his direct account (356 shares) and six indirect vehicles, including his spouse and affiliated entities.

• Direct holding: 98,546 shares
• Indirect holdings: 2,870 (spouse), 106,968 (Fromex Equity), 292,220 (FRMO Corp), 316,662 (Horizon Common), 8,946 (Horizon Kinetics Hard Assets), 54,410 (Horizon Kinetics AM)

Aggregate reported ownership now approximates 881,622 shares. Stahl disclaims beneficial ownership in the indirect accounts beyond his pecuniary interest. No derivative activity was disclosed. While the additional shares represent a small fraction of his existing stake, continued insider accumulation by a key executive can be interpreted as a vote of confidence in RCG’s outlook.

Positive

• Continued insider accumulation: Key executive added 1,130 shares, signaling confidence.
• No insider sales reported: Buying without concurrent selling may support bullish sentiment.

Negative

• Purchase size is immaterial: ~US$2.9 k represents a negligible increase relative to existing 881k-share stake.
• Disclaimed beneficial ownership: Majority of holdings are indirect, limiting clarity on true economic exposure.

Insights

Financial Analyst

TL;DR: Small insider buy by 10% owner reinforces bullish signal but is immaterial to ownership base.

The purchase lifts Murray Stahl’s direct and affiliated exposure to roughly 0.1% more shares, bringing his total to about 881k. Though the dollar value (~$2.9 k) is modest, Form 4 filings from large insiders often precede positive sentiment shifts, especially for thinly traded closed-end funds like RCG. The lack of sales and the uniform purchase price imply open-market accumulation rather than option exercises. Investors may view the action as incremental validation of net-asset-value prospects, but the limited size suggests no transformative insight.

Corporate Governance Specialist

TL;DR: Filing is neutral-to-positive; demonstrates compliance and transparency, no red flags.

Stahl’s multiple capacities (Director, President, >10% owner) make timely reporting essential. The Form 4 meets Section 16 requirements, includes attorney-in-fact signature, and shows no derivative complexity. Disclaimers on indirect holdings are standard. The small, periodic purchases align with best-practice alignment of management and shareholder interests. No governance concerns arise, supporting a neutral/positive interpretation.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Bersaglini Clark David

(Last) (First) (Middle)

525 WILLIAM PENN PLACE

33RD FLOOR

(Street)

PITTSBURGH PA 15219

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
KENNAMETAL INC [ KMT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Vice President

3. Date of Earliest Transaction (Month/Day/Year)
07/28/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/28/2025		A		2,717(1)	A	$0	2,717	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents 2,717 performance stock units deemed to have been earned by the Committee on July 28, 2025, with respect to the first tranche of the Performance Unit Award relating to adjusted ROIC granted to the reporting person on August 15, 2024 (the "2024 Performance Unit Award"), under the Kennametal Inc. 2024 Stock and Incentive Plan. On July 28, 2025, the Committee approved adjusted ROIC payout at 81.1% for such tranche of the 2024 Performance Unit Award; vesting and actual distribution of these shares remain subject to the reporting person's continued employment with the Company through August 15, 2027.

	Michelle R. Keating, as attorney-in-fact for C. David Bersaglini	07/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

How many RCG shares did Murray Stahl buy on 29 July 2025?

He purchased 1,130 common shares at $2.60 each.

What is Murray Stahl’s total RENN Fund (RCG) ownership after the transaction?

Approximately 881,622 shares across direct and indirect accounts.

At what price were the RCG shares acquired?

All reported shares were bought at $2.60 per share.

Were any derivative securities involved in this Form 4?

No derivative securities were reported; only common stock purchases were disclosed.

Does the filing include any insider sales of RCG stock?

No. The Form 4 shows only purchases; no shares were sold.