State of Tennessee Treasury Department reduced its holdings in Neenah Inc (NYSE:NP) by 9.8% in the 4th quarter, Holdings Channel reports. The firm owned 13,300 shares of the basic materials company’s stock after selling 1,448 shares during the quarter. State of Tennessee Treasury Department’s holdings in Neenah were worth $1,206,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Neenah by 4.1% in the fourth quarter. BlackRock Inc. now owns 2,134,590 shares of the basic materials company’s stock valued at $193,501,000 after purchasing an additional 84,247 shares during the last quarter. Rhumbline Advisers increased its stake in Neenah by 9.8% in the fourth quarter. Rhumbline Advisers now owns 53,098 shares of the basic materials company’s stock valued at $4,813,000 after purchasing an additional 4,732 shares during the last quarter. 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 during 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 during the last quarter. Finally, 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 during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.
In other Neenah news, Director Timothy S. Lucas sold 2,000 shares of the business’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 sale, the director now owns 15,693 shares of the company’s stock, valued at $1,379,414.70. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Stephen Michael Wood sold 1,600 shares of the business’s stock in a transaction dated Thursday, March 8th. The shares were sold at an average price of $80.00, for a total value of $128,000.00. Following the sale, the director now directly owns 37,713 shares of the company’s stock, valued at approximately $3,017,040. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,864 shares of company stock valued at $1,830,293. 2.00% of the stock is owned by company insiders.
Neenah (NYSE:NP) last posted its quarterly earnings results on Wednesday, February 14th. The basic materials company reported $1.06 earnings per share (EPS) 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 firm had revenue of $244.00 million during the quarter, compared to the consensus estimate of $233.85 million. During the same quarter in the previous year, the business earned $1.10 earnings per share. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. equities research analysts forecast that Neenah Inc will post 4.48 EPS for the current year.
Neenah announced that its Board of Directors has authorized a stock buyback program on Wednesday, November 29th that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the basic materials company to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, March 2nd. Shareholders of record on Friday, February 16th were given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date was Thursday, February 15th. This is an increase from Neenah’s previous quarterly dividend of $0.37. Neenah’s payout ratio is 34.97%.
Separately, Zacks Investment Research raised 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.
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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