Neenah Paper, Inc. (NYSE:NP) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Wednesday, July 12th.
According to Zacks, “Neenah is a leading global specialty materials company, focused on premium niche markets that include advanced filtration media, specialized substrates used for tapes, labels and other products, and premium printing and packaging papers. The company is headquartered in Alpharetta, Georgia and its products are sold in over 70 countries worldwide from manufacturing operations in the United States and Germany. “
Several other research analysts have also recently weighed in on the stock. BidaskClub cut shares of Neenah Paper from a “sell” rating to a “strong sell” rating in a research note on Thursday, June 29th. ValuEngine cut shares of Neenah Paper from a “buy” rating to a “hold” rating in a research note on Saturday, May 27th.
Neenah Paper (NP) traded up 0.78% during midday trading on Wednesday, reaching $77.30. The company had a trading volume of 64,384 shares. The company has a market capitalization of $1.30 billion, a PE ratio of 17.61 and a beta of 1.30. The stock has a 50-day moving average price of $79.68 and a 200 day moving average price of $78.09. Neenah Paper has a 12-month low of $72.35 and a 12-month high of $90.22.
Neenah Paper (NYSE:NP) last issued its earnings results on Wednesday, August 2nd. The basic materials company reported $1.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.14. Neenah Paper had a net margin of 7.99% and a return on equity of 21.03%. The company had revenue of $248.70 million for the quarter, compared to analysts’ expectations of $250.88 million. During the same quarter last year, the company posted $1.26 earnings per share. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. Equities analysts forecast that Neenah Paper will post $4.18 EPS for the current year.
Neenah Paper declared that its board has authorized a share repurchase plan on Thursday, May 25th that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the basic materials company to buy up to 2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
In other Neenah Paper news, SVP James R. Piedmonte sold 447 shares of Neenah Paper stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $83.50, for a total value of $37,324.50. Following the sale, the senior vice president now directly owns 2,883 shares in the company, valued at approximately $240,730.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Bonnie Cruickshank Lind sold 1,500 shares of Neenah Paper stock in a transaction on Monday, June 12th. The shares were sold at an average price of $81.00, for a total transaction of $121,500.00. Following the completion of the sale, the chief financial officer now owns 2,519 shares in the company, valued at $204,039. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,809 shares of company stock worth $873,204. 2.00% of the stock is owned by corporate insiders.
Several hedge funds have recently bought and sold shares of the company. Macquarie Group Ltd. increased its position in shares of Neenah Paper by 7.5% in the fourth quarter. Macquarie Group Ltd. now owns 379,499 shares of the basic materials company’s stock valued at $32,333,000 after buying an additional 26,395 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Neenah Paper by 465.9% in the fourth quarter. Renaissance Technologies LLC now owns 51,500 shares of the basic materials company’s stock valued at $4,388,000 after buying an additional 42,400 shares during the period. State Street Corp boosted its stake in Neenah Paper by 8.5% in the fourth quarter. State Street Corp now owns 391,806 shares of the basic materials company’s stock valued at $33,385,000 after buying an additional 30,825 shares during the period. Nationwide Fund Advisors boosted its stake in Neenah Paper by 3.4% in the first quarter. Nationwide Fund Advisors now owns 20,413 shares of the basic materials company’s stock valued at $1,525,000 after buying an additional 669 shares during the period. Finally, Prudential Financial Inc. boosted its stake in Neenah Paper by 9.0% in the first quarter. Prudential Financial Inc. now owns 49,930 shares of the basic materials company’s stock valued at $3,730,000 after buying an additional 4,130 shares during the period. Hedge funds and other institutional investors own 92.16% of the company’s stock.
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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