Bruderman Asset Management LLC acquired a new stake in shares of Neenah Paper, Inc. (NYSE:NP) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,578 shares of the basic materials company’s stock, valued at approximately $127,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Ameritas Investment Partners Inc. bought a new stake in Neenah Paper during the 1st quarter valued at about $107,000. Riverhead Capital Management LLC lifted its holdings in Neenah Paper by 83.1% during the 2nd quarter. Riverhead Capital Management LLC now owns 1,465 shares of the basic materials company’s stock valued at $117,000 after buying an additional 665 shares in the last quarter. Elkfork Partners LLC lifted its holdings in Neenah Paper by 17.5% during the 1st quarter. Elkfork Partners LLC now owns 1,598 shares of the basic materials company’s stock valued at $119,000 after buying an additional 238 shares in the last quarter. Bank of Montreal Can lifted its holdings in Neenah Paper by 17.3% during the 1st quarter. Bank of Montreal Can now owns 1,808 shares of the basic materials company’s stock valued at $135,000 after buying an additional 267 shares in the last quarter. Finally, Everence Capital Management Inc. bought a new stake in Neenah Paper during the 2nd quarter valued at about $201,000. Institutional investors own 93.04% of the company’s stock.
Neenah Paper, Inc. (NP) traded up 1.00% during midday trading on Friday, hitting $80.95. 38,926 shares of the stock traded hands. The firm has a market cap of $1.36 billion, a P/E ratio of 18.44 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. The company’s 50-day moving average is $78.04 and its 200 day moving average is $77.43.
Neenah Paper (NYSE:NP) last issued its quarterly 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. The business had revenue of $248.70 million for the quarter, compared to analysts’ expectations of $250.88 million. Neenah Paper had a net margin of 7.99% and a return on equity of 21.03%. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.26 earnings per share. On average, analysts anticipate that Neenah Paper, Inc. will post $4.18 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 5th. Stockholders of record on Friday, August 18th were given a dividend of $0.37 per share. The ex-dividend date was Wednesday, August 16th. This represents a $1.48 annualized dividend and a dividend yield of 1.85%. Neenah Paper’s dividend payout ratio is presently 33.71%.
Neenah Paper announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 25th that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the basic materials company to reacquire up to 2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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Several equities research analysts have recently commented on NP shares. ValuEngine lowered shares of Neenah Paper from a “buy” rating to a “hold” rating in a report on Saturday, May 27th. BidaskClub lowered shares of Neenah Paper from a “sell” rating to a “strong sell” rating in a report on Thursday, June 29th. Finally, Zacks Investment Research upgraded shares of Neenah Paper from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 12th.
In related news, CFO Bonnie Cruickshank Lind sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $81.00, for a total value of $121,500.00. Following the sale, the chief financial officer now owns 27,074 shares of the company’s stock, valued at $2,192,994. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP James R. Piedmonte sold 414 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $81.50, for a total transaction of $33,741.00. Following the completion of the sale, the senior vice president now directly owns 2,850 shares in the company, valued at approximately $232,275. The disclosure for this sale can be found here. Insiders have sold 8,837 shares of company stock worth $706,512 in the last three months. Corporate 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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