State Board of Administration of Florida Retirement System Sells 29,625 Shares of Sylvamo Co. (NYSE:SLVM)

State Board of Administration of Florida Retirement System decreased its position in Sylvamo Co. (NYSE:SLVMGet Rating) by 70.0% during the second quarter, HoldingsChannel.com reports. The fund owned 12,704 shares of the company’s stock after selling 29,625 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Sylvamo were worth $415,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. First Trust Advisors LP bought a new position in shares of Sylvamo in the 1st quarter valued at about $69,597,000. Atlas FRM LLC lifted its stake in shares of Sylvamo by 26.7% in the 1st quarter. Atlas FRM LLC now owns 2,180,454 shares of the company’s stock valued at $72,566,000 after purchasing an additional 460,000 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Sylvamo by 4.9% in the 1st quarter. BlackRock Inc. now owns 5,014,392 shares of the company’s stock worth $166,879,000 after purchasing an additional 235,187 shares during the period. Royal London Asset Management Ltd. increased its position in shares of Sylvamo by 317.5% during the 1st quarter. Royal London Asset Management Ltd. now owns 285,050 shares of the company’s stock valued at $9,499,000 after purchasing an additional 216,777 shares during the last quarter. Finally, Acadian Asset Management LLC raised its holdings in Sylvamo by 826.8% during the 1st quarter. Acadian Asset Management LLC now owns 238,661 shares of the company’s stock valued at $7,936,000 after buying an additional 212,911 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder Paper Co /New/ International sold 4,614,358 shares of the company’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $36.25, for a total value of $167,270,477.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on SLVM. Royal Bank of Canada lifted their price objective on shares of Sylvamo from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Friday, November 11th. Bank of America initiated coverage on shares of Sylvamo in a research note on Thursday, October 13th. They set a “buy” rating for the company.

Sylvamo Trading Up 1.3 %

SLVM opened at $50.36 on Monday. Sylvamo Co. has a one year low of $26.46 and a one year high of $53.00. The company has a debt-to-equity ratio of 4.65, a quick ratio of 1.04 and a current ratio of 1.37. The stock has a market cap of $2.22 billion and a price-to-earnings ratio of 25.83. The stock’s 50 day moving average price is $42.05 and its 200-day moving average price is $41.29.

Sylvamo Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 25th. Shareholders of record on Wednesday, January 4th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.99%. The ex-dividend date is Tuesday, January 3rd. This is an increase from Sylvamo’s previous quarterly dividend of $0.11. Sylvamo’s dividend payout ratio is 23.08%.

About Sylvamo

(Get Rating)

Sylvamo Corporation produces and supplies printing paper in Latin America, Europe, and North America. The company offers uncoated freesheet for paper products, such as cutsize and offset paper; and markets pulp, aseptic, and liquid packaging board, as well as coated unbleached kraft papers. It also produces hardwood pulp, including bleached hardwood kraft and bleached eucalyptus kraft; bleached softwood kraft; and bleached chemi-thermomechanical pulp.

See Also

Want to see what other hedge funds are holding SLVM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sylvamo Co. (NYSE:SLVMGet Rating).

Institutional Ownership by Quarter for Sylvamo (NYSE:SLVM)

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