Summit Global Investments Buys 800 Shares of Neenah Paper, Inc. (NP)
Summit Global Investments grew its stake in Neenah Paper, Inc. (NYSE:NP) by 14.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,400 shares of the basic materials company’s stock after buying an additional 800 shares during the period. Summit Global Investments’ holdings in Neenah Paper were worth $514,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of NP. Ameritas Investment Partners Inc. acquired a new stake in shares of Neenah Paper in the first quarter valued at about $107,000. Riverhead Capital Management LLC increased its stake in shares of Neenah Paper by 83.1% in the second quarter. Riverhead Capital Management LLC now owns 1,465 shares of the basic materials company’s stock valued at $117,000 after buying an additional 665 shares during the period. Elkfork Partners LLC increased its stake in shares of Neenah Paper by 17.5% in the first quarter. Elkfork Partners LLC now owns 1,598 shares of the basic materials company’s stock valued at $119,000 after buying an additional 238 shares during the period. Bank of Montreal Can increased its stake in shares of Neenah Paper by 17.3% in the first quarter. Bank of Montreal Can now owns 1,808 shares of the basic materials company’s stock valued at $135,000 after buying an additional 267 shares during the period. Finally, Everence Capital Management Inc. acquired a new stake in shares of Neenah Paper in the second quarter valued at about $201,000. 93.04% of the stock is owned by institutional investors.
Several equities research analysts have recently weighed in on NP shares. BidaskClub cut Neenah Paper from a “sell” rating to a “strong sell” rating in a research note on Thursday, June 29th. Zacks Investment Research cut Neenah Paper from a “hold” rating to a “sell” rating in a research note on Tuesday, May 16th. Finally, ValuEngine cut Neenah Paper from a “buy” rating to a “hold” rating in a research note on Saturday, May 27th.
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In related news, SVP Matthew L. Duncan sold 1,107 shares of the business’s stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $79.00, for a total transaction of $87,453.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Larry Newton Brownlee sold 710 shares of the business’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $79.80, for a total value of $56,658.00. Following the transaction, the vice president now owns 2,622 shares in the company, valued at approximately $209,235.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,547 shares of company stock worth $763,170. 2.00% of the stock is owned by company insiders.
Shares of Neenah Paper, Inc. (NYSE:NP) opened at 79.20 on Wednesday. Neenah Paper, Inc. has a 1-year low of $72.35 and a 1-year high of $90.23. The firm has a market cap of $1.33 billion, a PE ratio of 18.04 and a beta of 1.30. The company’s 50-day moving average price is $78.05 and its 200 day moving average price is $77.37.
Neenah Paper (NYSE:NP) last announced its quarterly earnings results on Wednesday, August 2nd. The basic materials company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.14. Neenah Paper had a return on equity of 21.03% and a net margin of 7.99%. The company had revenue of $248.70 million for the quarter, compared to the consensus estimate of $250.88 million. During the same quarter in the previous year, the business earned $1.26 EPS. Neenah Paper’s revenue was up 1.1% compared to the same quarter last year. On average, analysts predict that Neenah Paper, Inc. will post $4.18 EPS for the current year.
Neenah Paper declared that its Board of Directors has initiated a share repurchase plan on Thursday, May 25th that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the basic materials company to reacquire up to 2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 5th. Investors of record on Friday, August 18th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Wednesday, August 16th. This represents a $1.48 dividend on an annualized basis and a yield of 1.87%. Neenah Paper’s dividend payout ratio is presently 33.71%.
Neenah Paper Company Profile
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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