State of Alaska Department of Revenue Grows Position in Sylvamo Corporation $SLVM

Key Points

• The State of Alaska Department of Revenue increased its holding in Sylvamo Corporation by 14.4%, owning a total of 122,710 shares worth approximately $6.15 million as of the latest report.
• Sylvamo reported earnings per share of $0.37 for the last quarter, missing analyst estimates by $0.10, and revenues declined by 14.9% year-over-year.
• The company is set to pay a quarterly dividend of $0.45 on October 17th, providing an annualized dividend yield of 4.2%.

State of Alaska Department of Revenue raised its holdings in Sylvamo Corporation (NYSE:SLVM - Free Report) by 14.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 122,710 shares of the company's stock after acquiring an additional 15,468 shares during the period. State of Alaska Department of Revenue owned approximately 0.30% of Sylvamo worth $6,146,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Sylvamo in the 1st quarter valued at about $61,000. First Citizens Bank & Trust Co. bought a new position in shares of Sylvamo during the 1st quarter valued at about $200,000. James Investment Research Inc. bought a new position in shares of Sylvamo during the 1st quarter valued at about $251,000. Kapitalo Investimentos Ltda bought a new position in shares of Sylvamo during the 1st quarter valued at about $263,000. Finally, Highland Capital Management LLC bought a new position in shares of Sylvamo during the 1st quarter valued at about $268,000. Hedge funds and other institutional investors own 91.16% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on SLVM. Royal Bank Of Canada set a $49.00 price objective on Sylvamo and gave the company a "sector perform" rating in a research report on Monday, August 11th. Zacks Research upgraded Sylvamo to a "strong sell" rating in a research report on Monday, August 11th. Finally, Bank of America reduced their price objective on Sylvamo from $67.00 to $64.00 and set an "underperform" rating on the stock in a research report on Wednesday, July 9th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus target price of $71.00.

Sylvamo Price Performance

SLVM opened at $43.07 on Monday. The stock's 50 day simple moving average is $45.11 and its 200 day simple moving average is $52.79. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.54 and a quick ratio of 0.91. Sylvamo Corporation has a 1 year low of $37.51 and a 1 year high of $98.02. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of 8.24, a PEG ratio of 2.42 and a beta of 1.00.

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

Sylvamo Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, October 3rd will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Friday, October 3rd. Sylvamo's dividend payout ratio (DPR) is currently 34.42%.

Sylvamo 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.

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