Granite Investment Partners LLC Takes Position in Neenah Paper, Inc. (NYSE:NP)
Granite Investment Partners LLC purchased a new position in shares of Neenah Paper, Inc. (NYSE:NP) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 152,028 shares of the basic materials company’s stock, valued at approximately $12,200,000.
A number of other hedge funds and other institutional investors have also modified their holdings of NP. BlackRock Inc. raised its stake in Neenah Paper by 128,954.2% in the first quarter. BlackRock Inc. now owns 2,011,955 shares of the basic materials company’s stock worth $150,292,000 after buying an additional 2,010,396 shares in the last quarter. Vanguard Group Inc. raised its stake in Neenah Paper by 6.4% in the first quarter. Vanguard Group Inc. now owns 897,825 shares of the basic materials company’s stock worth $67,067,000 after buying an additional 53,970 shares in the last quarter. Wells Fargo & Company MN raised its stake in Neenah Paper by 135.9% in the first quarter. Wells Fargo & Company MN now owns 794,458 shares of the basic materials company’s stock worth $59,346,000 after buying an additional 457,658 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Neenah Paper by 1.6% in the first quarter. Dimensional Fund Advisors LP now owns 704,650 shares of the basic materials company’s stock worth $52,637,000 after buying an additional 11,228 shares in the last quarter. Finally, Wellington Management Group LLP purchased a new stake in Neenah Paper during the first quarter worth $38,985,000. 92.16% of the stock is owned by institutional investors.
Shares of Neenah Paper, Inc. (NYSE:NP) opened at 77.25 on Thursday. The firm’s 50-day moving average is $79.31 and its 200-day moving average is $77.97. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 17.60 and a beta of 1.30. Neenah Paper, Inc. has a 1-year low of $72.35 and a 1-year high of $90.23.
Neenah Paper (NYSE:NP) last announced its quarterly earnings data on Wednesday, August 2nd. The basic materials company reported $1.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.14. The firm had revenue of $248.70 million during the quarter, compared to analyst estimates of $250.88 million. Neenah Paper had a net margin of 7.99% and a return on equity of 21.03%. Neenah Paper’s revenue was up 1.1% on a year-over-year basis. During the same period last year, the firm posted $1.26 EPS. Analysts forecast that Neenah Paper, Inc. will post $4.18 earnings per share for the current fiscal year.
Neenah Paper declared that its Board of Directors has authorized a stock buyback program on Thursday, May 25th that allows the company to repurchase $25.00 million in outstanding shares. This repurchase authorization allows the basic materials company to buy up to 2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Friday, August 18th will be issued a $0.37 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $1.48 annualized dividend and a yield of 1.92%. Neenah Paper’s dividend payout ratio (DPR) is presently 33.71%.
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A number of research firms have weighed in on NP. BidaskClub upgraded shares of Neenah Paper from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. ValuEngine lowered shares of Neenah Paper from a “buy” rating to a “hold” rating in a research note on Saturday, May 27th. Finally, Zacks Investment Research lowered shares of Neenah Paper from a “hold” rating to a “sell” rating in a research note on Wednesday.
In related news, VP Larry Newton Brownlee sold 1,450 shares of the stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $79.77, for a total value of $115,666.50. Following the transaction, the vice president now owns 2,912 shares in the company, valued at approximately $232,290.24. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Bonnie Cruickshank Lind sold 1,500 shares of the stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $81.00, for a total transaction of $121,500.00. Following the completion of the transaction, the chief financial officer now owns 2,519 shares in the company, valued at approximately $204,039. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,809 shares of company stock worth $873,204. 2.00% of the stock is owned by corporate insiders.
About Neenah Paper
Neenah Paper, Inc is a producer of technical products and premium fine papers and packaging. The Company has two primary businesses: technical products business, and fine paper and packaging business. Its segments consist of Technical Products, Fine Paper and Packaging, and Other. The technical products business is an international producer of transportation, water and other filter media and durable, saturated and coated substrates.
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