Prudential Financial Inc. cut its stake in Neenah Paper Inc. (NYSE:NP) by 3.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 57,742 shares of the company’s stock after selling 2,360 shares during the period. Prudential Financial Inc. owned about 0.34% of Neenah Paper worth $4,179,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of NP. Exchange Capital Management Inc. purchased a new position in shares of Neenah Paper during the second quarter valued at about $101,000. Bank of Montreal Can purchased a new position in shares of Neenah Paper during the second quarter valued at about $112,000. Creative Planning boosted its position in shares of Neenah Paper by 1.7% in the second quarter. Creative Planning now owns 1,689 shares of the company’s stock valued at $122,000 after buying an additional 29 shares during the period. Cutler Group LP boosted its position in shares of Neenah Paper by 44.4% in the first quarter. Cutler Group LP now owns 2,455 shares of the company’s stock valued at $156,000 after buying an additional 755 shares during the period. Finally, Bruderman Asset Management LLC boosted its position in shares of Neenah Paper by 246.2% in the second quarter. Bruderman Asset Management LLC now owns 2,209 shares of the company’s stock valued at $160,000 after buying an additional 1,571 shares during the period. 88.68% of the stock is owned by institutional investors and hedge funds.
Neenah Paper Inc. (NYSE:NP) opened at 80.10 on Monday. Neenah Paper Inc. has a 12-month low of $52.70 and a 12-month high of $82.24. The stock’s 50 day moving average is $79.28 and its 200 day moving average is $72.36. The stock has a market capitalization of $1.34 billion, a PE ratio of 23.86 and a beta of 1.45.
Neenah Paper (NYSE:NP) last issued its earnings results on Wednesday, August 3rd. The company reported $1.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.12. Neenah Paper had a net margin of 6.04% and a return on equity of 22.41%. The company had revenue of $246 million for the quarter, compared to analysts’ expectations of $250.55 million. During the same period in the prior year, the business earned $0.97 EPS. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. Equities analysts anticipate that Neenah Paper Inc. will post $4.38 EPS for the current fiscal year.
Several research analysts have recently weighed in on NP shares. Zacks Investment Research raised shares of Neenah Paper from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a report on Tuesday, August 9th. DA Davidson cut shares of Neenah Paper from a “buy” rating to a “neutral” rating and set a $78.00 price objective for the company. in a report on Friday, August 5th. They noted that the move was a valuation call.
In related news, VP Larry Newton Brownlee sold 2,913 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $76.76, for a total value of $223,601.88. Following the completion of the transaction, the vice president now directly owns 442 shares of the company’s stock, valued at approximately $33,927.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Julie Schertell sold 1,400 shares of the stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $76.00, for a total transaction of $106,400.00. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.
Neenah Paper Company Profile
Neenah Paper, Inc has two principal operations, technical products business, and fine paper and packaging business. The Company’s segments consist of Technical Products, Fine Paper and Packaging, and Other. The technical products business is an international producer of fiber-formed, coated and/or saturated specialized media, which includes filtration media (Filtration), tape and abrasives backings products (Backings), and durable label and specialty substrate products (Specialty).
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