Meeder Asset Management Inc. increased its position in Sylvamo Co. (NYSE:SLVM – Get Rating) by 138.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,005 shares of the company’s stock after purchasing an additional 1,747 shares during the period. Meeder Asset Management Inc.’s holdings in Sylvamo were worth $99,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the company. Federated Hermes Inc. purchased a new position in Sylvamo in the 1st quarter worth about $25,000. DekaBank Deutsche Girozentrale purchased a new position in Sylvamo in the 2nd quarter worth about $31,000. Van ECK Associates Corp purchased a new position in Sylvamo in the 2nd quarter worth about $34,000. Venture Visionary Partners LLC purchased a new position in Sylvamo in the 2nd quarter worth about $62,000. Finally, Investors Research Corp purchased a new position in Sylvamo in the 2nd quarter worth about $91,000. Institutional investors own 92.87% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on SLVM. Royal Bank of Canada boosted their target price on Sylvamo from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Friday. Bank of America started coverage on Sylvamo in a research report on Thursday, October 13th. They issued a “buy” rating for the company.
Sylvamo Price Performance
Sylvamo (NYSE:SLVM – Get Rating) last released its quarterly earnings results on Thursday, August 11th. The company reported $2.02 EPS for the quarter. Sylvamo had a net margin of 3.21% and a return on equity of 136.59%. The firm had revenue of $912.00 million during the quarter. Equities research analysts anticipate that Sylvamo Co. will post 3.57 earnings per share for the current year.
Sylvamo Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 25th. Stockholders of record on Wednesday, January 4th will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, January 3rd. This represents a $1.00 annualized dividend and a dividend yield of 2.16%. This is a positive change from Sylvamo’s previous quarterly dividend of $0.11. Sylvamo’s dividend payout ratio is presently 23.08%.
Insider Activity at Sylvamo
In related news, major shareholder Paper Co /New/ International sold 4,614,358 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $36.25, for a total transaction of $167,270,477.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.33% of the stock is currently owned by corporate insiders.
Sylvamo Company Profile
Sylvamo Corporation produces and supplies printing paper in Latin America, Europe, and North America. The company offers uncoated freesheet for paper products, such as cutsize and offset paper; and markets pulp, aseptic, and liquid packaging board, as well as coated unbleached kraft papers. It also produces hardwood pulp, including bleached hardwood kraft and bleached eucalyptus kraft; bleached softwood kraft; and bleached chemi-thermomechanical pulp.
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