Raymond James Financial Inc. Acquires 75,771 Shares of Sylvamo Corporation $SLVM

Key Points

• Raymond James Financial Inc. significantly increased its stake in Sylvamo Corporation by 164.8% during the first quarter, acquiring a total of 121,740 shares valued at approximately $8.165 million.
• Sylvamo's recent earnings report showed a decline in revenue by 14.9% year-over-year, with earnings per share of $0.37 falling short of analysts' consensus estimates of $0.47.
• Analysts have mixed ratings on Sylvamo, with a consensus rating of "Reduce" and a target price set around $71.00.

Raymond James Financial Inc. lifted its stake in Sylvamo Corporation (NYSE:SLVM - Free Report) by 164.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 121,740 shares of the company's stock after acquiring an additional 75,771 shares during the period. Raymond James Financial Inc. owned approximately 0.30% of Sylvamo worth $8,165,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. American Century Companies Inc. grew its stake in shares of Sylvamo by 10.6% in the first quarter. American Century Companies Inc. now owns 1,123,686 shares of the company's stock worth $75,366,000 after acquiring an additional 107,622 shares during the last quarter. Brandywine Global Investment Management LLC grew its stake in shares of Sylvamo by 16.5% in the first quarter. Brandywine Global Investment Management LLC now owns 147,902 shares of the company's stock worth $9,920,000 after acquiring an additional 20,953 shares during the last quarter. Neuberger Berman Group LLC grew its stake in shares of Sylvamo by 17.4% in the first quarter. Neuberger Berman Group LLC now owns 5,712 shares of the company's stock worth $383,000 after acquiring an additional 846 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Sylvamo by 73.7% in the first quarter. Russell Investments Group Ltd. now owns 20,008 shares of the company's stock worth $1,342,000 after acquiring an additional 8,486 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its stake in shares of Sylvamo by 48.4% in the first quarter. Public Sector Pension Investment Board now owns 127,373 shares of the company's stock worth $8,543,000 after acquiring an additional 41,530 shares during the last quarter. Institutional investors and hedge funds own 91.16% of the company's stock.

Analyst Ratings Changes

SLVM has been the topic of a number of recent research reports. Royal Bank Of Canada set a $49.00 price target on shares of Sylvamo and gave the stock a "sector perform" rating in a research note on Monday, August 11th. Zacks Research upgraded shares of Sylvamo to a "strong sell" rating in a research note on Monday, August 11th. Finally, Bank of America decreased their price target on shares of Sylvamo from $67.00 to $64.00 and set an "underperform" rating on the stock in a research note on Wednesday, July 9th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Reduce" and an average price target of $71.00.

Sylvamo Price Performance

Shares of NYSE SLVM traded up $0.67 during midday trading on Friday, reaching $45.33. 346,349 shares of the company traded hands, compared to its average volume of 516,013. The firm has a market cap of $1.83 billion, a PE ratio of 8.67, a PEG ratio of 2.55 and a beta of 1.00. The stock's 50-day simple moving average is $47.41 and its 200-day simple moving average is $55.41. Sylvamo Corporation has a 12 month low of $37.51 and a 12 month high of $98.02. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.91 and a current ratio of 1.54.

Sylvamo (NYSE:SLVM - Get Free Report) last issued its quarterly earnings data on Friday, August 8th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.47 by ($0.10). The company had revenue of $794.00 million for the quarter, compared to the consensus estimate of $826.60 million. Sylvamo had a net margin of 6.11% and a return on equity of 23.99%. The firm's revenue was down 14.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.98 earnings per share. As a group, equities analysts anticipate that Sylvamo Corporation will post 7.45 earnings per share for the current fiscal year.

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.