Wedge Capital Management L L P NC Raises Stake in Sylvamo Co. (NYSE:SLVM)

Wedge Capital Management L L P NC raised its stake in shares of Sylvamo Co. (NYSE:SLVM) by 6.1% in the third quarter, Holdings Channel reports. The institutional investor owned 19,352 shares of the company’s stock after buying an additional 1,120 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Sylvamo were worth $1,661,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of SLVM. Bank of Montreal Can raised its position in shares of Sylvamo by 2.8% in the second quarter. Bank of Montreal Can now owns 5,666 shares of the company’s stock worth $389,000 after buying an additional 154 shares in the last quarter. CWM LLC raised its holdings in shares of Sylvamo by 62.5% in the 2nd quarter. CWM LLC now owns 408 shares of the company’s stock valued at $28,000 after acquiring an additional 157 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Sylvamo by 59.0% during the 3rd quarter. GAMMA Investing LLC now owns 461 shares of the company’s stock valued at $40,000 after acquiring an additional 171 shares during the last quarter. SummerHaven Investment Management LLC grew its holdings in shares of Sylvamo by 1.3% during the second quarter. SummerHaven Investment Management LLC now owns 16,976 shares of the company’s stock worth $1,165,000 after purchasing an additional 216 shares in the last quarter. Finally, Fifth Third Bancorp increased its position in shares of Sylvamo by 149.3% in the second quarter. Fifth Third Bancorp now owns 506 shares of the company’s stock worth $35,000 after purchasing an additional 303 shares during the last quarter. 91.16% of the stock is currently owned by institutional investors.

Sylvamo Trading Up 1.2 %

Shares of SLVM opened at $86.28 on Thursday. Sylvamo Co. has a fifty-two week low of $41.47 and a fifty-two week high of $88.42. The firm has a market cap of $3.55 billion, a price-to-earnings ratio of 18.40, a PEG ratio of 4.84 and a beta of 1.08. The firm has a 50 day moving average price of $79.28 and a 200-day moving average price of $71.48. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.05 and a current ratio of 1.68.

Sylvamo (NYSE:SLVM) last posted its quarterly earnings results on Friday, August 9th. The company reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.40. Sylvamo had a net margin of 6.30% and a return on equity of 28.83%. The business had revenue of $933.00 million during the quarter, compared to the consensus estimate of $937.56 million. During the same period in the previous year, the firm posted $1.14 earnings per share. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. As a group, equities research analysts forecast that Sylvamo Co. will post 7.4 earnings per share for the current year.

Sylvamo Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 17th. Investors of record on Thursday, October 3rd will be given a dividend of $0.45 per share. The ex-dividend date is Thursday, October 3rd. This represents a $1.80 annualized dividend and a yield of 2.09%. Sylvamo’s payout ratio is 38.38%.

Analysts Set New Price Targets

A number of research firms have commented on SLVM. Bank of America boosted their price target on shares of Sylvamo from $82.00 to $88.00 and gave the stock a “neutral” rating in a research note on Monday, September 23rd. Sidoti initiated coverage on Sylvamo in a research note on Tuesday. They issued a “buy” rating and a $100.00 target price on the stock. Finally, Royal Bank of Canada lifted their price target on Sylvamo from $63.00 to $71.00 and gave the stock a “sector perform” rating in a research note on Monday, August 12th.

About Sylvamo

Sylvamo Corporation produces and markets uncoated freesheet for cutsize, offset paper, and pulp in Latin America, Europe, and North America. The company operates through Europe, Latin America, and North America segments. The Europe segment offers copy, tinted, and colored laser printing paper under REY Adagio and Pro-Design brands; and graphic and high-speed inkjet printing papers under the brand Jetstar; as well as produces uncoated freesheet papers.