BlackRock Inc. increased its stake in shares of Neenah Paper, Inc. (NYSE:NP) by 128,954.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,011,955 shares of the basic materials company’s stock after buying an additional 2,010,396 shares during the period. BlackRock Inc. owned about 11.97% of Neenah Paper worth $150,292,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in NP. Ameritas Investment Partners Inc. purchased a new position in Neenah Paper during the first quarter worth $107,000. Elkfork Partners LLC raised its position in Neenah Paper by 17.5% in the first 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 last quarter. Bank of Montreal Can raised its position 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 buying an additional 267 shares in the last quarter. State of Alaska Department of Revenue raised its position 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 buying an additional 30 shares in the last quarter. Finally, First Bank & Trust raised its position in shares of Neenah Paper by 9.9% in the first quarter. First Bank & Trust now owns 3,713 shares of the basic materials company’s stock worth $277,000 after buying an additional 335 shares in the last quarter. 90.97% of the stock is owned by institutional investors and hedge funds.
Shares of Neenah Paper, Inc. (NP) traded down 0.77% during midday trading on Friday, hitting $77.00. 58,150 shares of the stock traded hands. The company’s 50 day moving average price is $78.93 and its 200-day moving average price is $77.71. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of 17.54 and a beta of 1.30. Neenah Paper, Inc. has a 12-month low of $72.35 and a 12-month high of $90.23.
Neenah Paper (NYSE:NP) last posted its quarterly earnings data on Wednesday, August 2nd. The basic materials company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.14. Neenah Paper had a return on equity of 21.03% and a net margin of 7.99%. The company had revenue of $248.70 million for the quarter, compared to the consensus estimate of $250.88 million. During the same period in the previous year, the business earned $1.26 EPS. Neenah Paper’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, equities research analysts expect that Neenah Paper, Inc. will post $4.18 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Shareholders of record on Friday, August 18th will be issued 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 1.92%. Neenah Paper’s dividend payout ratio is presently 33.71%.
Neenah Paper announced that its Board of Directors has initiated a share repurchase program on Thursday, May 25th that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to repurchase up to 2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
NP has been the subject of a number of research reports. Zacks Investment Research upgraded shares of Neenah Paper from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 12th. BidaskClub lowered shares of Neenah Paper from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 9th. Finally, ValuEngine lowered shares of Neenah Paper from a “buy” rating to a “hold” rating in a research report on Saturday, May 27th.
In other Neenah Paper news, VP Larry Newton Brownlee sold 1,450 shares of the business’s 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 transaction, the vice president now owns 2,912 shares in the company, valued at approximately $232,290.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Bonnie Cruickshank Lind sold 1,500 shares of the business’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $81.00, for a total value of $121,500.00. Following the transaction, the chief financial officer now owns 2,519 shares of the company’s stock, valued at approximately $204,039. The disclosure for this sale can be found here. Insiders have sold a total of 10,809 shares of company stock worth $873,204 over the last 90 days. 2.00% of the stock is owned by company insiders.
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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