Zacks Investment Research downgraded shares of Neenah Paper (NYSE:NP) from a buy rating to a hold rating in a research report released on Saturday morning.
According to Zacks, “Neenah is a leading global specialty materials company, focused on premium niche markets that include advanced filtration media, specialized substrates used for tapes, labels and other products, and premium printing and packaging papers. The company is headquartered in Alpharetta, Georgia and its products are sold in over 70 countries worldwide from manufacturing operations in the United States and Germany. “
Separately, DA Davidson restated a neutral rating on shares of Neenah Paper in a report on Thursday, November 9th.
Neenah Paper (NYSE:NP) last issued its quarterly earnings data on Tuesday, November 7th. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.01. Neenah Paper had a return on equity of 20.48% and a net margin of 8.13%. The company had revenue of $245.10 million during the quarter, compared to analysts’ expectations of $240.60 million. During the same quarter in the previous year, the company posted $0.99 earnings per share. The business’s revenue was up 5.2% on a year-over-year basis. equities research analysts expect that Neenah Paper will post 4.19 EPS for the current year.
Neenah Paper announced that its board has authorized a share repurchase plan on Wednesday, November 29th that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the basic materials company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
In other news, insider John P. O’donnell sold 5,424 shares of Neenah Paper stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $91.50, for a total value of $496,296.00. Following the completion of the sale, the insider now directly owns 82,390 shares in the company, valued at $7,538,685. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Timothy S. Lucas sold 2,000 shares of Neenah Paper stock in a transaction that occurred on Thursday, December 14th. The shares were 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 14,710 shares of company stock valued at $1,322,514. 2.00% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Riverhead Capital Management LLC raised its position in Neenah Paper by 83.1% during the second quarter. Riverhead Capital Management LLC now owns 1,465 shares of the basic materials company’s stock valued at $117,000 after purchasing an additional 665 shares in the last quarter. Pinebridge Investments L.P. raised its position in Neenah Paper by 0.8% during the second quarter. Pinebridge Investments L.P. now owns 2,211 shares of the basic materials company’s stock valued at $178,000 after purchasing an additional 18 shares in the last quarter. Magnetar Financial LLC acquired a new position in Neenah Paper during the third quarter valued at approximately $205,000. Cambridge Investment Research Advisors Inc. acquired a new position in Neenah Paper during the third quarter valued at approximately $221,000. Finally, Suntrust Banks Inc. acquired a new position in Neenah Paper during the second quarter valued at approximately $285,000. Institutional investors own 89.82% of the company’s stock.
About Neenah Paper
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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