Neenah Inc (NYSE:NP) shares shot up 12% during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $72.95 and last traded at $69.40, 245,303 shares changed hands during trading. An increase of 174% from the average session volume of 89,548 shares. The stock had previously closed at $61.95.
The basic materials company reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.05. The firm had revenue of $253.40 million for the quarter, compared to the consensus estimate of $261.47 million. Neenah had a return on equity of 13.71% and a net margin of 3.17%. The business’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.18 earnings per share.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 4th. Investors of record on Friday, August 16th will be paid a dividend of $0.45 per share. The ex-dividend date is Thursday, August 15th. This represents a $1.80 annualized dividend and a yield of 2.59%. Neenah’s payout ratio is 51.43%.
In related news, VP Larry Newton Brownlee sold 5,000 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $62.52, for a total transaction of $312,600.00. Following the completion of the sale, the vice president now owns 17,246 shares in the company, valued at approximately $1,078,219.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.60% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC boosted its position in shares of Neenah by 20.8% in the 1st quarter. SG Americas Securities LLC now owns 26,746 shares of the basic materials company’s stock worth $1,721,000 after purchasing an additional 4,608 shares during the last quarter. Piedmont Investment Advisors Inc. grew its holdings in Neenah by 5.9% during the first quarter. Piedmont Investment Advisors Inc. now owns 4,248 shares of the basic materials company’s stock worth $273,000 after purchasing an additional 238 shares during the period. Municipal Employees Retirement System of Michigan bought a new stake in shares of Neenah during the fourth quarter worth approximately $287,000. First Interstate Bank raised its position in shares of Neenah by 29.3% in the first quarter. First Interstate Bank now owns 1,766 shares of the basic materials company’s stock valued at $114,000 after buying an additional 400 shares in the last quarter. Finally, Confluence Investment Management LLC increased its holdings in shares of Neenah by 15.9% during the first quarter. Confluence Investment Management LLC now owns 72,832 shares of the basic materials company’s stock worth $4,688,000 after buying an additional 9,981 shares in the last quarter. 92.01% of the stock is owned by hedge funds and other institutional investors.
The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.31 and a current ratio of 2.49. The firm has a market capitalization of $1.18 billion, a P/E ratio of 19.83, a P/E/G ratio of 3.98 and a beta of 1.32. The firm has a 50 day simple moving average of $64.58.
Neenah Company Profile (NYSE:NP)
Neenah, Inc produces and sells technical products, and fine paper and packaging products worldwide. Its Technical Products segment offers filtration media for transportation, water, and other uses; saturated and unsaturated crepe, and flat paper tapes; and coated lightweight abrasive papers for automotive, construction, metal, and woodworking industries.
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