Capstone Asset Management Co. Decreases Stake in Neenah Paper, Inc. (NP)
Capstone Asset Management Co. decreased its stake in Neenah Paper, Inc. (NYSE:NP) by 6.6% during the second quarter, Holdings Channel reports. The firm owned 4,240 shares of the basic materials company’s stock after selling 300 shares during the period. Capstone Asset Management Co.’s holdings in Neenah Paper were worth $340,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. raised its stake in 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 stake in 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 stake in 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 stake in 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 valued at $52,637,000 after buying an additional 11,228 shares during the period. Finally, Wellington Management Group LLP acquired a new stake in Neenah Paper during the first quarter valued at $38,985,000. Hedge funds and other institutional investors own 92.16% of the company’s stock.
Neenah Paper, Inc. (NP) traded down 0.13% during midday trading on Thursday, reaching $77.15. 27,537 shares of the company traded hands. The firm’s 50 day moving average price is $79.31 and its 200 day moving average price is $77.97. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of 17.57 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 announced its earnings results on Wednesday, August 2nd. The basic materials company reported $1.22 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 business had revenue of $248.70 million during the quarter, compared to analysts’ expectations of $250.88 million. During the same quarter in the prior year, the company posted $1.26 earnings per share. The firm’s revenue was up 1.1% on a year-over-year basis. On average, analysts expect that Neenah Paper, Inc. will post $4.18 earnings per share for the current year.
Neenah Paper announced that its board has initiated a stock buyback program 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 repurchase up to 2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Friday, August 18th will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend is Wednesday, August 16th. Neenah Paper’s payout ratio is 33.71%.
NP has been the topic of several research reports. Zacks Investment Research upgraded shares of Neenah Paper from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 12th. BidaskClub lowered shares of Neenah Paper from a “sell” rating to a “strong sell” rating in a research note on Wednesday. Finally, ValuEngine lowered shares of Neenah Paper from a “buy” rating to a “hold” rating in a research note on Saturday, May 27th.
In other Neenah Paper news, CFO Bonnie Cruickshank Lind sold 1,500 shares of the company’s stock in a transaction 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 sale, the chief financial officer now directly owns 28,574 shares of the company’s stock, valued at $2,285,920. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Larry Newton Brownlee sold 1,450 shares of the company’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 sale, the vice president now directly owns 2,912 shares in the company, valued at $232,290.24. The disclosure for this sale can be found here. Insiders have sold 10,809 shares of company stock valued at $873,204 in the last 90 days. 2.00% of the stock is currently owned by corporate insiders.
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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