CX Institutional Cuts Holdings in Sylvamo Co. (NYSE:SLVM)

CX Institutional cut its position in shares of Sylvamo Co. (NYSE:SLVM) by 7.8% during the 2nd quarter, Holdings Channel reports. The firm owned 23,911 shares of the company’s stock after selling 2,028 shares during the quarter. CX Institutional’s holdings in Sylvamo were worth $1,640,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CWM LLC raised its holdings in shares of Sylvamo by 62.5% in the 2nd quarter. CWM LLC now owns 408 shares of the company’s stock worth $28,000 after purchasing an additional 157 shares during the period. Lazard Asset Management LLC purchased a new stake in Sylvamo in the first quarter worth $45,000. Everence Capital Management Inc. purchased a new stake in Sylvamo in the first quarter worth $217,000. Mackenzie Financial Corp purchased a new stake in Sylvamo in the fourth quarter worth $219,000. Finally, Clearbridge Investments LLC purchased a new stake in Sylvamo in the first quarter worth $223,000. 91.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada raised their target price on Sylvamo from $56.00 to $63.00 and gave the stock a “sector perform” rating in a research report on Monday, May 13th.

Sylvamo Stock Performance

Shares of NYSE SLVM traded up $4.99 during mid-day trading on Friday, hitting $72.57. The company had a trading volume of 29,643 shares, compared to its average volume of 323,735. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 14.41, a P/E/G ratio of 0.34 and a beta of 1.07. Sylvamo Co. has a 1 year low of $37.59 and a 1 year high of $77.32. The company has a current ratio of 1.72, a quick ratio of 1.09 and a debt-to-equity ratio of 1.04. The stock’s 50-day moving average price is $69.75 and its 200-day moving average price is $63.08.

Sylvamo (NYSE:SLVM) last released its quarterly earnings data on Friday, May 10th. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $1.05 by $0.02. The firm had revenue of $905.00 million for the quarter, compared to the consensus estimate of $864.38 million. Sylvamo had a return on equity of 24.67% and a net margin of 5.40%. The company’s quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.51 earnings per share. On average, sell-side analysts forecast that Sylvamo Co. will post 6.9 earnings per share for the current year.

Sylvamo Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 29th. Stockholders of record on Monday, July 8th were issued a $0.45 dividend. The ex-dividend date was Monday, July 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.48%. This is an increase from Sylvamo’s previous quarterly dividend of $0.30. Sylvamo’s payout ratio is currently 38.38%.

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.