Neenah Paper, Inc. (NP) Position Boosted by Cadence Capital Management LLC
Cadence Capital Management LLC raised its stake in shares of Neenah Paper, Inc. (NYSE:NP) by 5.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,341 shares of the basic materials company’s stock after buying an additional 774 shares during the period. Cadence Capital Management LLC owned about 0.09% of Neenah Paper worth $1,151,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of NP. BlackRock Inc. raised its position in shares of 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 valued at $150,292,000 after buying an additional 2,010,396 shares during the period. Vanguard Group Inc. raised its position in shares of Neenah Paper by 6.4% in the first quarter. Vanguard Group Inc. now owns 897,825 shares of the basic materials company’s stock valued at $67,067,000 after buying an additional 53,970 shares during the period. Wells Fargo & Company MN raised its position in shares of 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 valued at $59,346,000 after buying an additional 457,658 shares during the period. Dimensional Fund Advisors LP raised its position in shares of 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 during the last quarter. Finally, Wellington Management Group LLP purchased a new position in shares of Neenah Paper during the first quarter worth $38,985,000. 90.97% of the stock is currently owned by hedge funds and other institutional investors.
Neenah Paper, Inc. (NYSE:NP) opened at 76.75 on Friday. Neenah Paper, Inc. has a 12 month low of $72.35 and a 12 month high of $90.23. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 17.48 and a beta of 1.30. The stock’s 50 day moving average price is $78.57 and its 200-day moving average price is $77.52.
Neenah Paper (NYSE:NP) last announced its earnings results on Wednesday, August 2nd. The basic materials company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.14. The business had revenue of $248.70 million for the quarter, compared to analysts’ expectations of $250.88 million. Neenah Paper had a return on equity of 21.03% and a net margin of 7.99%. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.26 EPS. Equities analysts anticipate that Neenah Paper, Inc. will post $4.18 EPS for the current fiscal year.
Neenah Paper announced that its Board of Directors has approved a stock repurchase plan on Thursday, May 25th that allows the company to buyback $25.00 million in shares. This buyback authorization allows the basic materials company to buy up to 2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 5th. Shareholders of record on Friday, August 18th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $1.48 annualized dividend and a yield of 1.93%. Neenah Paper’s dividend payout ratio (DPR) is presently 33.71%.
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A number of equities analysts have recently weighed in on the company. BidaskClub raised Neenah Paper from a “strong sell” rating to a “sell” rating in a research report on Tuesday, August 15th. Zacks Investment Research lowered Neenah Paper from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Finally, ValuEngine lowered Neenah Paper from a “buy” rating to a “hold” rating in a research report on Saturday, May 27th.
In other news, VP Larry Newton Brownlee sold 1,450 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $79.77, for a total transaction of $115,666.50. Following the completion of the sale, the vice president now owns 2,912 shares in the company, valued at approximately $232,290.24. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Julie Schertell sold 1,219 shares of the stock in a transaction on Monday, June 12th. The shares were sold at an average price of $80.65, for a total value of $98,312.35. Following the sale, the senior vice president now owns 4,611 shares of the company’s stock, valued at approximately $371,877.15. The disclosure for this sale can be found here. Insiders have sold a total of 10,609 shares of company stock worth $857,776 in the last ninety days. Insiders own 2.00% of the company’s stock.
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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