Sylvamo Co. (NYSE:SLVM) Position Increased by Summit Global Investments

Summit Global Investments grew its holdings in Sylvamo Co. (NYSE:SLVM) by 13.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,374 shares of the company’s stock after purchasing an additional 2,319 shares during the period. Summit Global Investments’ holdings in Sylvamo were worth $1,663,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Sylvamo by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 2,830,756 shares of the company’s stock valued at $174,771,000 after purchasing an additional 138,655 shares during the period. Dimensional Fund Advisors LP increased its holdings in Sylvamo by 5.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,315,989 shares of the company’s stock worth $90,276,000 after buying an additional 62,157 shares during the last quarter. SG Americas Securities LLC acquired a new position in Sylvamo in the second quarter worth approximately $62,101,000. American Century Companies Inc. increased its holdings in Sylvamo by 53.2% in the second quarter. American Century Companies Inc. now owns 662,953 shares of the company’s stock worth $45,479,000 after buying an additional 230,291 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Sylvamo by 0.4% during the second quarter. Bank of New York Mellon Corp now owns 483,621 shares of the company’s stock worth $33,176,000 after purchasing an additional 1,779 shares during the period. Institutional investors and hedge funds own 91.16% of the company’s stock.

Analysts Set New Price Targets

SLVM has been the subject of a number of recent analyst reports. Bank of America upped their target price on Sylvamo from $82.00 to $88.00 and gave the stock a “neutral” rating in a research report on Monday, September 23rd. Royal Bank of Canada upped their target price on Sylvamo from $63.00 to $71.00 and gave the stock a “sector perform” rating in a research report on Monday, August 12th. Finally, Sidoti initiated coverage on Sylvamo in a research report on Tuesday, October 15th. They set a “buy” rating and a $100.00 target price for the company.

Sylvamo Stock Up 2.8 %

SLVM opened at $95.69 on Friday. Sylvamo Co. has a 1-year low of $44.13 and a 1-year high of $95.74. The company has a current ratio of 1.68, a quick ratio of 1.05 and a debt-to-equity ratio of 1.08. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of 17.30, a P/E/G ratio of 5.04 and a beta of 1.08. The business has a 50 day moving average of $82.55 and a 200-day moving average of $74.41.

Sylvamo (NYSE:SLVM) last posted its quarterly earnings data on Friday, August 9th. The company reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.40. Sylvamo had a return on equity of 28.83% and a net margin of 6.30%. The company had revenue of $933.00 million during the quarter, compared to analysts’ expectations of $937.56 million. During the same period in the prior year, the business earned $1.14 earnings per share. Sylvamo’s revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Sylvamo Co. will post 7.4 earnings per share for the current year.

Sylvamo Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 17th. Stockholders of record on Thursday, October 3rd were given a $0.45 dividend. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $1.80 annualized dividend and a dividend yield of 1.88%. Sylvamo’s dividend payout ratio is 32.55%.

Sylvamo Company 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.