Pinnacle Associates Ltd. lowered its holdings in Neenah Paper, Inc. (NYSE:NP) by 1.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,325 shares of the basic materials company’s stock after selling 100 shares during the period. Pinnacle Associates Ltd.’s holdings in Neenah Paper were worth $427,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of NP. Teachers Advisors LLC increased its stake in shares of Neenah Paper by 4.6% in the fourth quarter. Teachers Advisors LLC now owns 27,148 shares of the basic materials company’s stock worth $2,313,000 after acquiring an additional 1,184 shares during the last quarter. 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 worth $135,000 after acquiring an additional 267 shares during the last quarter. Capstone Asset Management Co. increased its stake in shares of Neenah Paper by 12.0% in the first quarter. Capstone Asset Management Co. now owns 4,540 shares of the basic materials company’s stock worth $339,000 after acquiring an additional 485 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Neenah Paper by 1.5% in the first quarter. Louisiana State Employees Retirement System now owns 6,800 shares of the basic materials company’s stock worth $508,000 after acquiring an additional 100 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its stake in shares of Neenah Paper by 1.6% in the first quarter. State of Alaska Department of Revenue now owns 1,850 shares of the basic materials company’s stock worth $138,000 after acquiring an additional 30 shares during the last quarter. 93.04% of the stock is currently owned by institutional investors and hedge funds.
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In other Neenah Paper news, CFO Bonnie Cruickshank Lind sold 1,500 shares of Neenah Paper stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $80.00, for a total transaction of $120,000.00. Following the completion of the sale, the chief financial officer now directly owns 28,574 shares in the company, valued at $2,285,920. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP James R. Piedmonte sold 369 shares of Neenah Paper stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $81.50, for a total transaction of $30,073.50. Following the sale, the senior vice president now owns 2,801 shares of the company’s stock, valued at $228,281.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 8,837 shares of company stock valued at $706,512. 2.00% of the stock is currently owned by company insiders.
NP has been the topic of a number of research reports. Zacks Investment Research raised shares of Neenah Paper from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 12th. BidaskClub downgraded shares of Neenah Paper from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 9th. Finally, ValuEngine downgraded shares of Neenah Paper from a “buy” rating to a “hold” rating in a research report on Saturday, May 27th.
Neenah Paper, Inc. (NP) traded up 0.87% during mid-day trading on Friday, hitting $80.85. 141,502 shares of the stock traded hands. The firm has a market cap of $1.36 billion, a P/E 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, Inc. has a 52 week low of $72.35 and a 52 week high of $90.23.
Neenah Paper (NYSE:NP) last issued its quarterly earnings data on Wednesday, August 2nd. The basic materials company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.08 by $0.14. The company had revenue of $248.70 million during the quarter, compared to analysts’ expectations 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 for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.26 earnings per share. On average, equities analysts forecast that Neenah Paper, Inc. will post $4.18 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 5th. Shareholders of record on Friday, August 18th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Wednesday, August 16th. This represents a $1.48 annualized dividend and a yield of 1.83%. Neenah Paper’s payout ratio is presently 33.71%.
Neenah Paper announced that its Board of Directors has authorized a share buyback program on Thursday, May 25th that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the basic materials company to purchase up to 2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
Neenah Paper 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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