Neenah Paper, Inc. (NP) Position Decreased by Bank of New York Mellon Corp
Bank of New York Mellon Corp reduced its stake in shares of Neenah Paper, Inc. (NYSE:NP) by 1.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 278,924 shares of the basic materials company’s stock after selling 4,164 shares during the quarter. Bank of New York Mellon Corp owned about 1.66% of Neenah Paper worth $22,384,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Ameritas Investment Partners Inc. bought a new stake in Neenah Paper in the first quarter worth about $107,000. Elkfork Partners LLC raised its holdings in Neenah Paper by 17.5% during the 1st quarter. Elkfork Partners LLC now owns 1,598 shares of the basic materials company’s stock worth $119,000 after buying an additional 238 shares during the period. Bank of Montreal Can raised its holdings in Neenah Paper by 17.3% during the 1st quarter. Bank of Montreal Can now owns 1,808 shares of the basic materials company’s stock worth $135,000 after buying an additional 267 shares during the period. Beck Mack & Oliver LLC acquired a new stake in Neenah Paper during the 2nd quarter worth about $213,000. Finally, Paloma Partners Management Co acquired a new stake in Neenah Paper during the 1st quarter worth about $236,000. Hedge funds and other institutional investors own 93.04% of the company’s stock.
In related news, SVP Julie Schertell sold 2,000 shares of Neenah Paper stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $76.71, for a total value of $153,420.00. Following the sale, the senior vice president now owns 3,789 shares of the company’s stock, valued at approximately $290,654.19. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Matthew L. Duncan sold 1,107 shares of Neenah Paper stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $79.00, for a total value of $87,453.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,837 shares of company stock worth $706,512. 2.00% of the stock is currently owned by insiders.
Neenah Paper, Inc. (NP) opened at 80.85 on Friday. Neenah Paper, Inc. has a 1-year low of $72.35 and a 1-year high of $90.23. The stock has a market cap of $1.36 billion, a PE ratio of 18.42 and a beta of 1.30. The firm’s 50-day moving average price is $78.04 and its 200 day moving average price is $77.47.
Neenah Paper (NYSE:NP) last released its quarterly earnings results on Wednesday, August 2nd. The basic materials company reported $1.22 EPS for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.14. The company had revenue of $248.70 million for the quarter, compared to analyst estimates of $250.88 million. Neenah Paper had a return on equity of 21.03% and a net margin of 7.99%. Neenah Paper’s revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.26 earnings per share. Equities research analysts expect that Neenah Paper, Inc. will post $4.18 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 5th. Stockholders of record on Friday, August 18th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date of this dividend was Wednesday, August 16th. Neenah Paper’s dividend payout ratio is currently 33.71%.
Neenah Paper declared that its board has authorized a share buyback plan on Thursday, May 25th that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the basic materials company to purchase up to 2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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Several equities analysts have weighed in on NP shares. Zacks Investment Research raised Neenah Paper from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 12th. BidaskClub cut Neenah Paper from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 9th. Finally, ValuEngine cut Neenah Paper from a “buy” rating to a “hold” rating in a research note on Saturday, May 27th.
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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