Teacher Retirement System of Texas reduced its position in Sylvamo Co. (NYSE:SLVM – Free Report) by 64.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,277 shares of the company’s stock after selling 22,547 shares during the period. Teacher Retirement System of Texas’ holdings in Sylvamo were worth $497,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Pacer Advisors Inc. increased its position in Sylvamo by 56.0% during the first quarter. Pacer Advisors Inc. now owns 784,747 shares of the company’s stock worth $36,302,000 after buying an additional 281,555 shares in the last quarter. SummerHaven Investment Management LLC increased its position in Sylvamo by 1.4% during the first quarter. SummerHaven Investment Management LLC now owns 26,251 shares of the company’s stock worth $1,214,000 after buying an additional 365 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in shares of Sylvamo by 83.8% during the first quarter. Oppenheimer Asset Management Inc. now owns 7,687 shares of the company’s stock worth $356,000 after purchasing an additional 3,504 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Sylvamo by 9.2% during the first quarter. Federated Hermes Inc. now owns 279,096 shares of the company’s stock worth $12,911,000 after purchasing an additional 23,432 shares during the last quarter. Finally, WINTON GROUP Ltd boosted its holdings in shares of Sylvamo by 74.1% during the first quarter. WINTON GROUP Ltd now owns 26,991 shares of the company’s stock worth $1,249,000 after purchasing an additional 11,491 shares during the last quarter. Hedge funds and other institutional investors own 89.05% of the company’s stock.
Sylvamo Trading Up 4.3 %
Shares of SLVM opened at $43.21 on Friday. Sylvamo Co. has a 12 month low of $37.59 and a 12 month high of $57.38. The stock has a market cap of $1.81 billion, a PE ratio of 6.35, a P/E/G ratio of 0.23 and a beta of 1.05. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.74 and a quick ratio of 1.01. The stock’s 50-day moving average is $41.76 and its two-hundred day moving average is $43.06.
Sylvamo Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 17th. Investors of record on Tuesday, October 3rd will be issued a $0.30 dividend. This is a positive change from Sylvamo’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend is Monday, October 2nd. Sylvamo’s payout ratio is currently 17.65%.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on SLVM. Bank of America upgraded Sylvamo from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $52.00 to $61.00 in a report on Monday, July 10th. Royal Bank of Canada cut Sylvamo from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $55.00 to $44.00 in a report on Thursday, August 10th.
Get Our Latest Research Report on SLVM
Sylvamo Profile
Sylvamo Corporation produces and markets uncoated freesheet, 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 high-speed inkjet printing papers under the brand Jetstar; as well as produces uncoated freesheet papers.
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