Neo Performance Materials (TSE:NEO) Trading Up 10.1% - Here's What Happened

Key Points

• Neo Performance Materials shares jumped 10.1% on Thursday, trading as high as C$43.03 after closing at C$37.89 the previous day. Volume was also elevated, with about 430,081 shares changing hands, roughly 51% above the daily average.
• Analysts have turned more bullish on the stock, with BMO Capital Markets, ATB Cormark, and Stifel Nicolaus all raising their price targets. The consensus rating remains Buy, with an average target of C$39.67.
• The company recently reported quarterly results and paid a dividend, posting C$0.47 in EPS on C$215.44 million in revenue and issuing a quarterly dividend of C$0.10 per share. The annualized dividend is C$0.40, for a yield of about 1.0%.

Neo Performance Materials Inc. (TSE:NEO - Get Free Report) was up 10.1% on Thursday . The stock traded as high as C$43.03 and last traded at C$41.70. Approximately 430,081 shares traded hands during mid-day trading, an increase of 51% from the average daily volume of 284,188 shares. The stock had previously closed at C$37.89.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. BMO Capital Markets boosted their price target on Neo Performance Materials from C$30.00 to C$38.00 in a research note on Thursday, May 14th. ATB Cormark Capital Markets lifted their price objective on Neo Performance Materials from C$37.50 to C$43.00 and gave the stock an "outperform" rating in a report on Tuesday, June 30th. Finally, Stifel Nicolaus boosted their price objective on Neo Performance Materials from C$26.00 to C$38.00 in a research report on Wednesday, May 13th. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of C$39.67.

Neo Performance Materials Stock Up 8.9%

The stock has a market capitalization of C$1.90 billion, a P/E ratio of -172.00 and a beta of 1.44. The firm's fifty day moving average is C$32.72 and its 200-day moving average is C$25.35. The company has a current ratio of 1.76, a quick ratio of 1.92 and a debt-to-equity ratio of 41.75.

Neo Performance Materials (TSE:NEO - Get Free Report) last released its quarterly earnings results on Tuesday, May 12th. The company reported C$0.47 earnings per share for the quarter. The firm had revenue of C$215.44 million during the quarter. Neo Performance Materials had a negative return on equity of 2.63% and a negative net margin of 2.03%. As a group, equities research analysts predict that Neo Performance Materials Inc. will post 0.6753356 earnings per share for the current year.

Neo Performance Materials Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 29th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, June 19th. Neo Performance Materials's payout ratio is currently -120.72%.

About Neo Performance Materials

Neo manufactures the building blocks of many modern technologies that enhance efficiency and sustainability. Neo's advanced industrial materials - magnetic powders, rare earth magnets, magnetic assemblies, specialty chemicals, metals, and alloys - are critical to the performance of many everyday products and emerging technologies. Neo's products fast-forward technologies for the net-zero transition. The business of Neo is organized along three segments: Magnequench, Chemicals & Oxides and Rare Metals.

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