Bank of America Reiterates “Underperform” Rating for Sylvamo (NYSE:SLVM)

Bank of America restated their underperform rating on shares of Sylvamo (NYSE:SLVM) in a report issued on Wednesday, MarketBeat.com reports. Bank of America currently has a $96.00 price objective on the stock.

Separately, Sidoti began coverage on Sylvamo in a research note on Tuesday, October 15th. They issued a “buy” rating and a $100.00 target price for the company.

Sylvamo Price Performance

Sylvamo stock opened at $89.27 on Wednesday. The firm has a market capitalization of $3.66 billion, a P/E ratio of 13.88 and a beta of 1.08. The business has a 50-day moving average of $87.52 and a 200-day moving average of $78.40. The company has a current ratio of 1.72, a quick ratio of 1.13 and a debt-to-equity ratio of 0.94. Sylvamo has a 1 year low of $44.94 and a 1 year high of $98.02.

Sylvamo (NYSE:SLVM) last posted its earnings results on Tuesday, November 12th. The company reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.18 by $0.26. Sylvamo had a net margin of 7.13% and a return on equity of 30.60%. The company had revenue of $965.00 million for the quarter, compared to analyst estimates of $960.47 million. During the same period last year, the business posted $1.70 earnings per share. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. On average, equities analysts anticipate that Sylvamo will post 7.06 EPS for the current year.

Sylvamo Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 17th. Stockholders of record on Thursday, October 3rd were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend was Thursday, October 3rd. Sylvamo’s dividend payout ratio is 27.99%.

Institutional Investors Weigh In On Sylvamo

Institutional investors have recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC increased its holdings in Sylvamo by 80.4% during the 2nd quarter. Los Angeles Capital Management LLC now owns 23,181 shares of the company’s stock worth $1,590,000 after purchasing an additional 10,332 shares in the last quarter. Summit Global Investments bought a new stake in Sylvamo in the 2nd quarter valued at approximately $1,170,000. Citigroup Inc. boosted its position in Sylvamo by 67.0% during the 3rd quarter. Citigroup Inc. now owns 46,518 shares of the company’s stock worth $3,994,000 after acquiring an additional 18,657 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Sylvamo by 6,693.0% in the third quarter. International Assets Investment Management LLC now owns 69,085 shares of the company’s stock valued at $5,931,000 after purchasing an additional 68,068 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in shares of Sylvamo by 724.1% in the third quarter. Janney Montgomery Scott LLC now owns 37,505 shares of the company’s stock worth $3,220,000 after purchasing an additional 32,954 shares in the last quarter. 91.16% of the stock is owned by institutional investors.

About Sylvamo

Sylvamo Corporation produces and markets uncoated freesheet for 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 graphic and high-speed inkjet printing papers under the brand Jetstar; as well as produces uncoated freesheet papers.