Verition Fund Management LLC Sells 2,647 Shares of Sylvamo Co. (NYSE:SLVM)

Verition Fund Management LLC cut its stake in shares of Sylvamo Co. (NYSE:SLVM) by 39.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,099 shares of the company’s stock after selling 2,647 shares during the period. Verition Fund Management LLC’s holdings in Sylvamo were worth $352,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of SLVM. CWM LLC lifted its holdings in Sylvamo by 62.5% during the second quarter. CWM LLC now owns 408 shares of the company’s stock worth $28,000 after acquiring an additional 157 shares during the period. Independence Bank of Kentucky increased its position in shares of Sylvamo by 6,733.3% during the 2nd quarter. Independence Bank of Kentucky now owns 410 shares of the company’s stock valued at $28,000 after purchasing an additional 404 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Sylvamo by 149.3% during the 2nd quarter. Fifth Third Bancorp now owns 506 shares of the company’s stock worth $35,000 after purchasing an additional 303 shares during the period. Fortitude Family Office LLC boosted 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 buying an additional 239 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Sylvamo by 59.0% during the third quarter. GAMMA Investing LLC now owns 461 shares of the company’s stock valued at $40,000 after buying an additional 171 shares during the period. 91.16% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SLVM. Sidoti initiated coverage on shares of Sylvamo in a research note on Tuesday, October 15th. They issued a “buy” rating and a $100.00 target price on the stock. Bank of America reiterated an “underperform” rating and issued a $96.00 price objective on shares of Sylvamo in a research note on Wednesday.

Sylvamo Price Performance

NYSE SLVM opened at $87.77 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.72 and a debt-to-equity ratio of 0.94. The company has a market cap of $3.60 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 3.01 and a beta of 1.08. Sylvamo Co. has a 52 week low of $44.94 and a 52 week high of $98.02. The firm’s 50-day simple moving average is $87.78 and its two-hundred day simple moving average is $78.59.

Sylvamo (NYSE:SLVM) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.18 by $0.26. Sylvamo had a net margin of 7.13% and a return on equity of 30.60%. The company had revenue of $965.00 million for the quarter, compared to analysts’ expectations of $960.47 million. During the same period in the prior year, the company posted $1.70 EPS. Sylvamo’s revenue was up 7.6% compared to the same quarter last year. Research analysts predict that Sylvamo Co. will post 7.06 earnings per share for the current year.

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.