Rhumbline Advisers increased its position in shares of Neenah Inc (NYSE:NP) by 9.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 53,098 shares of the basic materials company’s stock after buying an additional 4,732 shares during the period. Rhumbline Advisers’ holdings in Neenah were worth $4,813,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Arizona State Retirement System increased its stake in Neenah by 223.1% in the fourth quarter. Arizona State Retirement System now owns 28,266 shares of the basic materials company’s stock valued at $2,562,000 after purchasing an additional 19,518 shares in the last quarter. Pinebridge Investments L.P. increased its stake in Neenah by 198.7% in the fourth quarter. Pinebridge Investments L.P. now owns 6,231 shares of the basic materials company’s stock valued at $565,000 after purchasing an additional 4,145 shares in the last quarter. Wells Fargo & Company MN increased its stake in Neenah by 8.0% in 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 purchasing an additional 69,579 shares in the last quarter. First Trust Advisors LP increased its stake in Neenah by 1.6% in the fourth quarter. First Trust Advisors LP now owns 46,266 shares of the basic materials company’s stock valued at $4,194,000 after purchasing an additional 721 shares in the last quarter. Finally, Swiss National Bank increased its stake in Neenah by 3.6% in the fourth quarter. Swiss National Bank now owns 28,600 shares of the basic materials company’s stock valued at $2,593,000 after purchasing an additional 1,000 shares in the last quarter. 91.79% of the stock is owned by institutional investors and hedge funds.
Separately, Zacks Investment Research raised shares of Neenah from a “hold” rating to a “buy” rating and set a $104.00 price target for the company in a research note on Tuesday, January 16th.
Shares of Neenah Inc (NYSE NP) opened at $80.50 on Friday. Neenah Inc has a 52 week low of $72.35 and a 52 week high of $95.40. The company has a quick ratio of 1.14, a current ratio of 2.29 and a debt-to-equity ratio of 0.64. The firm has a market cap of $1,359.08, a price-to-earnings ratio of 17.16, a price-to-earnings-growth ratio of 3.60 and a beta of 1.29.
Neenah (NYSE:NP) last posted its quarterly earnings results on Wednesday, February 14th. The basic materials company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.15. Neenah had a net margin of 8.19% and a return on equity of 19.49%. The firm had revenue of $244.00 million during the quarter, compared to the consensus estimate of $233.85 million. During the same period in the previous year, the firm posted $1.10 earnings per share. The business’s revenue was up 10.7% compared to the same quarter last year. equities research analysts predict that Neenah Inc will post 4.48 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, March 2nd. Shareholders 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 2.04%. The ex-dividend date was Thursday, February 15th. Neenah’s payout ratio is 34.97%.
Neenah declared that its Board of Directors has initiated a share repurchase plan on Wednesday, November 29th that allows the company to buyback $25.00 million in shares. This buyback authorization allows the basic materials company to repurchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
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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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