Pictet Asset Management Holding SA Decreases Stock Position in Sylvamo Corporation $SLVM

Key Points

• Pictet Asset Management cut its Sylvamo stake by 15.6% in the first quarter, selling 62,567 shares and leaving it with 338,435 shares worth about $14.3 million.
• Sylvamo reported mixed quarterly results, missing earnings expectations with EPS of -$0.53 while revenue came in slightly above estimates at $755 million; analysts now expect about $2.32 EPS for the full year.
• The company also declared a quarterly dividend of $0.45 per share, implying a 4.7% annualized yield, while analysts currently rate the stock a consensus Hold with an average price target of $54.

Pictet Asset Management Holding SA lowered its position in shares of Sylvamo Corporation (NYSE:SLVM - Free Report) by 15.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 338,435 shares of the company's stock after selling 62,567 shares during the period. Pictet Asset Management Holding SA owned approximately 0.85% of Sylvamo worth $14,295,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SLVM. Millennium Management LLC boosted its stake in shares of Sylvamo by 605.9% in the fourth quarter. Millennium Management LLC now owns 2,233,209 shares of the company's stock valued at $107,529,000 after purchasing an additional 1,916,829 shares during the period. Nomura Holdings Inc. increased its stake in Sylvamo by 34.1% during the 3rd quarter. Nomura Holdings Inc. now owns 2,150,000 shares of the company's stock worth $95,073,000 after buying an additional 546,336 shares during the period. State Street Corp lifted its holdings in Sylvamo by 2.6% in the 4th quarter. State Street Corp now owns 1,341,850 shares of the company's stock worth $64,610,000 after buying an additional 34,551 shares in the last quarter. American Century Companies Inc. lifted its holdings in Sylvamo by 7.2% in the 3rd quarter. American Century Companies Inc. now owns 1,290,957 shares of the company's stock worth $57,086,000 after buying an additional 87,095 shares in the last quarter. Finally, Wasatch Advisors LP boosted its position in Sylvamo by 12.5% in the 3rd quarter. Wasatch Advisors LP now owns 941,999 shares of the company's stock valued at $41,655,000 after buying an additional 104,778 shares during the last quarter. 91.16% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Sylvamo

In other Sylvamo news, Director Lizanne M. Bruce sold 1,230 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $41.70, for a total transaction of $51,291.00. Following the sale, the director owned 14,475 shares in the company, valued at $603,607.50. This represents a 7.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.81% of the stock is owned by insiders.

Sylvamo Trading Up 3.0%

NYSE SLVM opened at $38.58 on Friday. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 15.25, a price-to-earnings-growth ratio of 0.57 and a beta of 0.87. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.45 and a quick ratio of 0.81. Sylvamo Corporation has a 12 month low of $35.53 and a 12 month high of $56.80. The company's fifty day moving average price is $39.83 and its two-hundred day moving average price is $44.23.

Sylvamo (NYSE:SLVM - Get Free Report) last released its earnings results on Friday, May 8th. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.28). Sylvamo had a return on equity of 9.79% and a net margin of 3.11%.The company had revenue of $755.00 million during the quarter, compared to the consensus estimate of $740.85 million. During the same period in the previous year, the firm posted $0.68 EPS. Sylvamo's revenue for the quarter was down 8.0% on a year-over-year basis. As a group, research analysts predict that Sylvamo Corporation will post 2.32 earnings per share for the current fiscal year.

Sylvamo Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Tuesday, July 7th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Tuesday, July 7th. Sylvamo's payout ratio is currently 71.15%.

Analyst Ratings Changes

A number of analysts have recently issued reports on SLVM shares. Royal Bank Of Canada dropped their target price on Sylvamo from $50.00 to $49.00 and set a "sector perform" rating on the stock in a research report on Monday, May 11th. Weiss Ratings downgraded Sylvamo from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, May 11th. Zacks Research upgraded Sylvamo from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Finally, Truist Financial began coverage on Sylvamo in a report on Monday, March 30th. They set a "buy" rating and a $54.00 price objective on the stock. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $54.00.

About Sylvamo

Sylvamo Corporation, trading on the New York Stock Exchange under the ticker SLVM, is a leading global producer of uncoated freesheet paper. The company was established in October 2021 through a spin-off from International Paper, creating an independent entity focused exclusively on the development, manufacturing and marketing of high-quality uncoated paper products. Headquartered in Memphis, Tennessee, Sylvamo draws on decades of industry experience inherited from its predecessor, positioning itself to meet evolving customer needs in paper-based communications and packaging applications.

The company’s core product portfolio includes office and digital print papers, direct mail and marketing materials, catalog and commercial printing papers, and a range of specialty and value-added grades.

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