Neenah Inc (NYSE:NP) Sees Large Decrease in Short Interest

Neenah Inc (NYSE:NP) was the target of a significant drop in short interest in the month of July. As of July 31st, there was short interest totalling 371,600 shares, a drop of 18.5% from the June 30th total of 456,100 shares. Based on an average daily trading volume, of 82,800 shares, the short-interest ratio is presently 4.5 days. Approximately 2.3% of the company’s stock are sold short.

NP traded down $0.63 during trading on Thursday, reaching $64.70. 71,400 shares of the stock traded hands, compared to its average volume of 89,585. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of 18.49 and a beta of 1.32. Neenah has a fifty-two week low of $56.67 and a fifty-two week high of $96.15. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.38 and a quick ratio of 1.28. The stock’s 50-day simple moving average is $65.42 and its two-hundred day simple moving average is $64.82.

Neenah (NYSE:NP) last posted its earnings results on Tuesday, August 6th. The basic materials company reported $0.95 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.05. Neenah had a return on equity of 12.58% and a net margin of 5.09%. The company had revenue of $253.40 million for the quarter, compared to analyst estimates of $261.47 million. During the same period last year, the company earned $1.18 earnings per share. The business’s revenue was down 6.6% compared to the same quarter last year. Research analysts anticipate that Neenah will post 3.19 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 4th. Shareholders of record on Friday, August 16th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $1.80 annualized dividend and a yield of 2.78%. Neenah’s dividend payout ratio (DPR) is currently 51.43%.

In other news, VP Larry Newton Brownlee sold 5,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $67.67, for a total value of $338,350.00. Following the completion of the sale, the vice president now owns 12,246 shares of the company’s stock, valued at $828,686.82. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of NP. Norges Bank bought a new position in Neenah during the fourth quarter valued at about $14,031,000. Ceredex Value Advisors LLC raised its holdings in Neenah by 40.4% during the first quarter. Ceredex Value Advisors LLC now owns 302,770 shares of the basic materials company’s stock valued at $19,486,000 after buying an additional 87,114 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Neenah by 6.1% during the second quarter. Wells Fargo & Company MN now owns 1,296,948 shares of the basic materials company’s stock valued at $87,608,000 after buying an additional 74,253 shares in the last quarter. Nuveen Asset Management LLC bought a new position in Neenah during the second quarter valued at about $4,732,000. Finally, Morgan Stanley increased its stake in shares of Neenah by 631.3% in the second quarter. Morgan Stanley now owns 76,884 shares of the basic materials company’s stock worth $5,194,000 after purchasing an additional 66,370 shares during the period. Institutional investors own 92.67% of the company’s stock.

NP has been the subject of a number of research reports. ValuEngine raised Neenah from a “hold” rating to a “buy” rating in a research report on Tuesday, July 2nd. Zacks Investment Research raised Neenah from a “hold” rating to a “buy” rating and set a $76.00 price objective for the company in a research report on Tuesday.

About Neenah

Neenah, Inc produces and sells technical products, and fine paper and packaging products worldwide. Its Technical Products segment offers filtration media for transportation, water, and other uses; saturated and unsaturated crepe, and flat paper tapes; and coated lightweight abrasive papers for automotive, construction, metal, and woodworking industries.

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