As of the most recent SEC filing on June 4, 2023, PNC Financial Services Group Inc. has decreased its position in shares of Sylvamo Co. (NYSE:SLVM) by a staggering 20.5%. The fund owned over ten thousand shares of the company’s stock before selling over two thousand five hundred during the period, but the share price still reflects a value of around $487,000 at the end of this quarter.
Sylvamo Corporation is renowned for its production and supply of printing paper in Latin America, Europe, and North America. The company offers various types of paper products such as cutsize and offset paper, uncoated freesheet for printing use while also marketing pulp, aseptic packaging board alongside liquid packaging board which is coated and made from unbleached kraft papers. Similarly, hardwood pulp like bleached hardwood kraft and bleached eucalyptus kraft gets produced besides bleached softwood Kraft as well as chemi-thermomechanical pulp.
Their latest quarterly earnings report shows promising results with a beat on consensus estimates by $0.15 generating an EPS of $2.51 per share against all odds amongst analysts inboxes across several firms not expecting their performance to jump so high since revenue generated during the same period was put at $959 million dollars.
The return on equity further exhibited impressive results with a score tallying up to 80.23% exhibiting commitment towards producing quality products with a net margin of about 5.02%. Despite this substantial decrease in PNC Financial Services Group Inc.’s holdings within Sylvamo Co., industry experts forecast that the corporation will remain steadfast in its growth trajectory based on forecasts predicting an estimated EPS value of 7.74 for this year demonstrating compelling future prospects going forward towards many other investing options opening up thereby encouraging investors to take advantage of this momentous feat made possible by pure hard work, dedication, and trust in their leadership team.
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Sylvamo Corporation Sees Rise in Institutional Investor Ownership Despite Lower Stock Opening
Sylvamo Corporation, a leading producer and supplier of printing paper in Latin America, Europe, and North America has recently seen a rise in institutional investor ownership. In the third quarter, Eagle Bay Advisors LLC increased their position by 38.0%, whilst Federated Hermes Inc., TD Capital Management LLC, Van ECK Associates Corp and Allspring Global Investments Holdings LLC all acquired new stakes in the company. Collectively, institutional investors now own 85.95% of Sylvamo’s stock.
Despite this increase in institutional ownership, shares of Sylvamo stock opened at $40.91 on Friday- lower than the average fifty day moving average price ($43.81) and two-hundred-day moving average price ($47.28). However, the company still boasts a market cap of $1.74 billion with a PE ratio of 9.45 and beta rating of 1.07.
Sylvamo Corporation specializes in producing uncoated freesheet for paper products such as cutsize and offset paper whilst also marketing pulp, aseptic packaging board and coated unbleached kraft papers among other items.
Recently Sylvamo announced that it would be paying a quarterly dividend to shareholders which will be paid out on Thursday July 27th. Shareholders of record on Thursday July 6th will receive a dividend payment of $0.25 per share; representing an annualised yield of 2.44%. The dividend payout ratio as it currently stands is 23.09%.
In more internal news from Sylvamo CFO John V Sims sold over twelve thousand shares on Monday March 13th at an average price of $47., while Vice President Kevin W Ferguson sold over two thousand shares just four days prior.
With potential growth ahead there is certainly boardroom confidence within Sylvamo Corporation and it remains to be seen how much further institutional investor ownership can grow despite current market volatility surrounding the paper industry.