Neenah (NYSE:NP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
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. “
Separately, DA Davidson reissued a “neutral” rating on shares of Neenah in a report on Thursday, November 9th.
Neenah (NYSE:NP) last issued its quarterly earnings results on Wednesday, February 14th. The basic materials company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.15. The company had revenue of $244.00 million for the quarter, compared to analyst estimates of $233.85 million. Neenah had a return on equity of 19.49% and a net margin of 8.19%. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period last year, the company earned $1.10 earnings per share. sell-side analysts predict that Neenah will post 4.63 EPS for the current fiscal year.
Neenah declared that its Board of Directors has authorized a stock buyback plan on Wednesday, November 29th that permits the company to buyback $25.00 million in shares. This buyback authorization permits the basic materials company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
In related news, Director Timothy S. Lucas sold 2,000 shares of the firm’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $87.90, for a total transaction of $175,800.00. Following the completion of the transaction, the director now owns 15,693 shares of the company’s stock, valued at $1,379,414.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John P. O’donnell sold 3,914 shares of the firm’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $89.66, for a total value of $350,929.24. Following the transaction, the insider now directly owns 80,880 shares of the company’s stock, valued at approximately $7,251,700.80. The disclosure for this sale can be found here. Insiders have sold 19,456 shares of company stock valued at $1,775,430 in the last ninety days. Company insiders own 2.00% of the company’s stock.
A number of hedge funds have recently made changes to their positions in NP. Standard Life Aberdeen plc boosted its stake in Neenah by 63.1% during the fourth quarter. Standard Life Aberdeen plc now owns 774,967 shares of the basic materials company’s stock valued at $70,251,000 after buying an additional 299,938 shares in the last quarter. Janus Henderson Group PLC bought a new position in Neenah during the third quarter valued at about $19,533,000. BlackRock Inc. boosted its stake in Neenah by 4.1% during the fourth quarter. BlackRock Inc. now owns 2,134,590 shares of the basic materials company’s stock valued at $193,501,000 after buying an additional 84,247 shares in the last quarter. Macquarie Group Ltd. boosted its stake in Neenah by 11.9% during the third quarter. Macquarie Group Ltd. now owns 655,539 shares of the basic materials company’s stock valued at $56,081,000 after buying an additional 69,611 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in Neenah by 8.0% during the fourth quarter. Wells Fargo & Company MN now owns 939,147 shares of the basic materials company’s stock valued at $85,134,000 after buying an additional 69,579 shares in the last quarter. 89.73% of the stock is owned by institutional investors and hedge funds.
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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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