Pitcairn Co. Makes New Investment in Sylvamo Co. (NYSE:SLVM)

Pitcairn Co. bought a new position in shares of Sylvamo Co. (NYSE:SLVM) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 3,535 shares of the company’s stock, valued at approximately $303,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SLVM. Bank of Montreal Can grew its position in Sylvamo by 2.8% during the second quarter. Bank of Montreal Can now owns 5,666 shares of the company’s stock valued at $389,000 after buying an additional 154 shares during the period. CWM LLC boosted its stake in Sylvamo by 62.5% in the second quarter. CWM LLC now owns 408 shares of the company’s stock valued at $28,000 after acquiring an additional 157 shares during the last quarter. GAMMA Investing LLC grew 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 period. SummerHaven Investment Management LLC increased its stake in shares of Sylvamo by 1.3% during the 2nd 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 during the last quarter. Finally, Fortitude Family Office LLC raised its holdings in shares of Sylvamo by 116.6% in the 3rd quarter. Fortitude Family Office LLC now owns 444 shares of the company’s stock worth $38,000 after purchasing an additional 239 shares during the period. Hedge funds and other institutional investors own 91.16% of the company’s stock.

Sylvamo Stock Performance

NYSE:SLVM opened at $91.26 on Thursday. Sylvamo Co. has a 52-week low of $44.94 and a 52-week high of $98.02. The business’s fifty day moving average is $86.14 and its 200 day moving average is $76.98. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.13 and a current ratio of 1.72. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of 14.19 and a beta of 1.08.

Sylvamo (NYSE:SLVM) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.18 by $0.26. The firm had revenue of $965.00 million for the quarter, compared to the consensus estimate of $960.47 million. Sylvamo had a net margin of 7.13% and a return on equity of 30.60%. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.70 earnings per share. Research analysts predict that Sylvamo Co. will post 7.07 EPS for the current year.

Sylvamo Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 17th. Stockholders of record on Thursday, October 3rd were given a dividend of $0.45 per share. The ex-dividend date was Thursday, October 3rd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.97%. Sylvamo’s dividend payout ratio (DPR) is currently 27.99%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SLVM. Sidoti initiated coverage on Sylvamo in a report on Tuesday, October 15th. They set a “buy” rating and a $100.00 price objective for the company. Royal Bank of Canada increased 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. Finally, Bank of America boosted their price objective on Sylvamo from $82.00 to $88.00 and gave the company a “neutral” rating in a research note on Monday, September 23rd.

Sylvamo Profile

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.