Summit Global Investments Makes New $1.17 Million Investment in Sylvamo Co. (NYSE:SLVM)

Summit Global Investments bought a new position in shares of Sylvamo Co. (NYSE:SLVM) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 17,055 shares of the company’s stock, valued at approximately $1,170,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. CWM LLC raised its holdings in shares of Sylvamo by 62.5% in the 2nd quarter. CWM LLC now owns 408 shares of the company’s stock valued at $28,000 after purchasing an additional 157 shares in the last quarter. Lazard Asset Management LLC purchased a new position in shares of Sylvamo in the 1st quarter valued at $45,000. Blue Trust Inc. grew its position in shares of Sylvamo by 534.1% in the 2nd quarter. Blue Trust Inc. now owns 818 shares of the company’s stock valued at $56,000 after buying an additional 689 shares during the last quarter. Wedmont Private Capital purchased a new position in shares of Sylvamo in the 2nd quarter valued at $208,000. Finally, Everence Capital Management Inc. purchased a new position in shares of Sylvamo in the 1st quarter valued at $217,000. 91.16% of the stock is currently owned by institutional investors and hedge funds.

Sylvamo Stock Performance

Shares of SLVM stock traded up $1.32 during mid-day trading on Wednesday, hitting $77.36. The stock had a trading volume of 77,097 shares, compared to its average volume of 320,889. Sylvamo Co. has a fifty-two week low of $38.66 and a fifty-two week high of $78.99. The firm has a market cap of $3.17 billion, a PE ratio of 16.48, a PEG ratio of 4.52 and a beta of 1.07. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.68 and a quick ratio of 1.05. The company’s 50-day simple moving average is $70.64 and its 200-day simple moving average is $64.86.

Sylvamo (NYSE:SLVM) last released its earnings results on Friday, August 9th. The company reported $1.98 EPS for the quarter, topping the consensus estimate of $1.58 by $0.40. Sylvamo had a net margin of 6.30% and a return on equity of 28.83%. The company had revenue of $933.00 million during the quarter, compared to analysts’ expectations of $937.56 million. During the same quarter last year, the business earned $1.14 EPS. The business’s revenue was up 1.5% on a year-over-year basis. Sell-side analysts anticipate that Sylvamo Co. will post 7.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SLVM. Bank of America reaffirmed a “neutral” rating and issued a $82.00 target price (up from $71.00) on shares of Sylvamo in a research report on Monday, August 12th. Royal Bank of Canada raised their price objective on shares of Sylvamo from $63.00 to $71.00 and gave the stock a “sector perform” rating in a research report on Monday, August 12th.

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.