Schwab Charles Investment Management Inc. Increases Position in Neenah Inc (NP)
Schwab Charles Investment Management Inc. boosted its position in shares of Neenah Inc (NYSE:NP) by 5.3% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 117,756 shares of the basic materials company’s stock after buying an additional 5,879 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Neenah were worth $10,675,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in NP. The Manufacturers Life Insurance Company boosted its position in shares of Neenah by 1.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,092 shares of the basic materials company’s stock valued at $1,051,000 after purchasing an additional 148 shares during the period. American International Group Inc. boosted its position in shares of Neenah by 5.7% in the 3rd quarter. American International Group Inc. now owns 13,196 shares of the basic materials company’s stock valued at $1,129,000 after purchasing an additional 716 shares during the period. Aperio Group LLC boosted its position in shares of Neenah by 5.8% in the 3rd quarter. Aperio Group LLC now owns 14,924 shares of the basic materials company’s stock valued at $1,277,000 after purchasing an additional 824 shares during the period. Nordea Investment Management AB boosted its position in shares of Neenah by 2.6% in the 3rd quarter. Nordea Investment Management AB now owns 36,000 shares of the basic materials company’s stock valued at $3,080,000 after purchasing an additional 900 shares during the period. Finally, Nationwide Fund Advisors boosted its position in shares of Neenah by 4.8% in the 3rd quarter. Nationwide Fund Advisors now owns 20,873 shares of the basic materials company’s stock valued at $1,786,000 after purchasing an additional 965 shares during the period. 89.73% of the stock is owned by institutional investors and hedge funds.
NP has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded Neenah from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research report on Wednesday, January 10th. DA Davidson reiterated a “neutral” rating on shares of Neenah in a research report on Thursday, November 9th.
Neenah (NYSE:NP) last released its quarterly earnings results on Wednesday, February 14th. The basic materials company reported $1.06 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.15. Neenah had a return on equity of 19.49% and a net margin of 8.19%. The business had revenue of $244.00 million during the quarter, compared to analyst estimates of $233.85 million. During the same quarter last year, the company posted $1.10 EPS. Neenah’s revenue for the quarter was up 10.7% on a year-over-year basis. research analysts expect that Neenah Inc will post 4.48 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 2nd. Investors of record on Friday, February 16th were paid a $0.41 dividend. This is an increase from Neenah’s previous quarterly dividend of $0.37. This represents a $1.64 annualized dividend and a yield of 2.10%. The ex-dividend date was Thursday, February 15th. Neenah’s dividend payout ratio is currently 34.97%.
Neenah announced that its Board of Directors has initiated a stock repurchase program on Wednesday, November 29th that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the basic materials company to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
In related news, Director Timothy S. Lucas sold 1,475 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $80.05, for a total value of $118,073.75. Following the completion of the sale, the director now directly owns 17,168 shares of the company’s stock, valued at approximately $1,374,298.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John P. O’donnell sold 3,914 shares of the stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $89.66, for a total value of $350,929.24. Following the completion of the sale, the insider now directly owns 80,880 shares of the company’s stock, valued at $7,251,700.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,124 shares of company stock valued at $1,731,705. Company insiders own 2.00% of the company’s stock.
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Neenah, Inc, formerly Neenah Paper, Inc, is a materials company focused in niche markets. The Company has two primary businesses: technical products, and fine paper and packaging. The technical products business is an international producer of transportation, water and other filtration media, digital transfer materials, tape and abrasive backings, labels and other performance-oriented substrates.
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