Sylvamo Corporation $SLVM Shares Acquired by State Street Corp

Key Points

• State Street increased its Sylvamo stake by 5.2% in the second quarter to 1.39 million shares, representing a 3.5% ownership interest valued at approximately $52.5 million. Institutional investors and hedge funds collectively own 91.16% of the company.
• Sylvamo exceeded quarterly EPS expectations, reporting $0.03 versus the $0.02 consensus estimate, although revenue of $806 million fell slightly short of forecasts. Shares opened at $35.97, near the company’s 52-week low.
• The company declared a quarterly dividend of $0.45 per share, equivalent to an annualized yield of about 5.0%. Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $46.75.

State Street Corp lifted its position in Sylvamo Corporation (NYSE:SLVM - Free Report) by 5.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,389,749 shares of the company's stock after acquiring an additional 69,299 shares during the period. State Street Corp owned 3.50% of Sylvamo worth $52,533,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in Sylvamo by 5.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,362,474 shares of the company's stock worth $57,547,000 after purchasing an additional 72,177 shares during the last quarter. Allianz Asset Management GmbH raised its position in shares of Sylvamo by 15.8% in the second quarter. Allianz Asset Management GmbH now owns 506,147 shares of the company's stock valued at $19,132,000 after buying an additional 69,195 shares during the last quarter. Rokos Capital Management LLP acquired a new stake in shares of Sylvamo in the first quarter valued at about $10,802,000. SG Americas Securities LLC lifted its stake in shares of Sylvamo by 8.3% in the first quarter. SG Americas Securities LLC now owns 242,221 shares of the company's stock worth $10,231,000 after buying an additional 18,653 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Sylvamo by 81.6% in the first quarter. Bank of America Corp DE now owns 224,199 shares of the company's stock worth $9,470,000 after buying an additional 100,746 shares in the last quarter. 91.16% of the stock is owned by institutional investors and hedge funds.

Sylvamo Price Performance

Sylvamo stock opened at $35.97 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.47 and a debt-to-equity ratio of 0.88. Sylvamo Corporation has a 52-week low of $34.25 and a 52-week high of $56.80. The firm has a market cap of $1.43 billion, a PE ratio of 19.13, a price-to-earnings-growth ratio of 1.32 and a beta of 0.86. The company's 50 day moving average is $37.10 and its two-hundred day moving average is $39.19.

Sylvamo (NYSE:SLVM - Get Free Report) last posted its quarterly earnings results on Friday, August 7th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of $0.02 by $0.01. The business had revenue of $806.00 million during the quarter, compared to the consensus estimate of $811.25 million. Sylvamo had a net margin of 2.31% and a return on equity of 8.36%. The company's quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.37 earnings per share. On average, research analysts expect that Sylvamo Corporation will post 1.53 EPS for the current fiscal year.

Sylvamo Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, October 2nd will be given a $0.45 dividend. The ex-dividend date of this dividend is Friday, October 2nd. This represents a $1.80 dividend on an annualized basis and a yield of 5.0%. Sylvamo's dividend payout ratio (DPR) is currently 95.74%.

Analyst Ratings Changes

SLVM has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of Sylvamo from a "sell" rating to a "hold" rating in a report on Sunday, August 2nd. Bank of America reaffirmed a "neutral" rating and issued a $45.00 price target on shares of Sylvamo in a report on Tuesday, July 14th. Truist Financial reissued a "buy" rating and set a $49.00 price objective (down from $51.00) on shares of Sylvamo in a research note on Monday, August 10th. Zacks Research downgraded Sylvamo from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 14th. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Sylvamo in a report on Friday, August 7th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $46.75.

Sylvamo Company Profile

Sylvamo Corporation NYSE: SLVM is a global producer of uncoated paper products. The company manufactures paper used for printing, writing, education, office applications, books, envelopes and other everyday communications. Its portfolio includes consumer and business paper brands such as Hammermill, along with products sold under regional and private-label brands.

Sylvamo serves customers through operations and distribution networks in North America, Latin America and Europe. Its products are sold to merchants, retailers, businesses, publishers, printers and other commercial customers.

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