Sylvamo (NYSE:SLVM) Given New $64.00 Price Target at Bank of America

Sylvamo (NYSE:SLVM - Free Report) had its price objective decreased by Bank of America from $67.00 to $64.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Bank of America currently has an underperform rating on the stock.

Separately, Royal Bank Of Canada dropped their price objective on Sylvamo from $70.00 to $61.00 and set a "sector perform" rating on the stock in a report on Monday, May 12th.

Sylvamo Stock Down 3.7%

SLVM stock traded down $1.96 during midday trading on Wednesday, hitting $51.05. 224,413 shares of the company's stock were exchanged, compared to its average volume of 323,904. The company has a current ratio of 1.64, a quick ratio of 1.04 and a debt-to-equity ratio of 0.87. Sylvamo has a 12-month low of $49.93 and a 12-month high of $98.02. The firm has a 50 day moving average price of $53.53 and a 200-day moving average price of $64.29. The stock has a market capitalization of $2.08 billion, a price-to-earnings ratio of 7.46, a price-to-earnings-growth ratio of 2.09 and a beta of 1.01.

Sylvamo (NYSE:SLVM - Get Free Report) last posted its quarterly earnings data on Friday, May 9th. The company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.02). Sylvamo had a return on equity of 32.60% and a net margin of 7.71%. The business had revenue of $821.00 million for the quarter, compared to analysts' expectations of $819.61 million. During the same quarter in the prior year, the firm earned $1.07 earnings per share. Sylvamo's revenue for the quarter was down 9.3% compared to the same quarter last year. On average, analysts anticipate that Sylvamo will post 7.45 EPS for the current year.

Sylvamo Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 29th. Stockholders of record on Tuesday, July 8th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, July 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.53%. Sylvamo's dividend payout ratio (DPR) is 26.32%.

Hedge Funds Weigh In On Sylvamo

Large investors have recently added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Sylvamo in the first quarter worth $61,000. Covestor Ltd boosted its holdings in Sylvamo by 464.5% in the fourth quarter. Covestor Ltd now owns 779 shares of the company's stock worth $62,000 after purchasing an additional 641 shares during the period. Steward Partners Investment Advisory LLC boosted its holdings in Sylvamo by 12.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,010 shares of the company's stock worth $159,000 after purchasing an additional 218 shares during the period. First Citizens Bank & Trust Co. acquired a new position in Sylvamo in the first quarter worth $200,000. Finally, DRW Securities LLC acquired a new position in Sylvamo in the fourth quarter worth $225,000. 91.16% of the stock is currently owned by institutional investors.

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.