KLP Kapitalforvaltning Increases Stake in Sylvamo Corporation

KLP Kapitalforvaltning AS has increased its stake in Sylvamo Corporation (NYSE: SLVM) by 8.6% during the second quarter of the year, according to its recent 13F filing with the U.S. Securities and Exchange Commission (SEC). The investment firm now holds 11,400 shares in Sylvamo, having purchased an additional 900 shares during this period. As of the latest filing, KLP’s holdings in the company are valued at approximately $571,000.

Several other institutional investors have also adjusted their positions in Sylvamo. For instance, MorganRosel Wealth Management LLC raised its stake by 1.3% in the first quarter, bringing its total to 17,472 shares, valued at $1,172,000 after acquiring an additional 223 shares. Similarly, Perigon Wealth Management LLC increased its holdings by 3.6%, now owning 9,233 shares worth $619,000.

Wedge Capital Management LLC bolstered its position by 1.7% in the second quarter, resulting in ownership of 23,478 shares valued at $1,176,000. Wealth Enhancement Advisory Services LLC also increased their stake by 12.2%, now holding 5,053 shares valued at $268,000. Lastly, Zurcher Kantonalbank Zurich Cantonalbank raised its position by 10.9%, bringing its total to 6,979 shares worth $468,000. Overall, hedge funds and institutional investors control approximately 91.16% of Sylvamo’s stock.

Sylvamo Stock Performance and Dividend Announcement

At the close of trading on Friday, Sylvamo shares were priced at $41.98. The company has experienced a 52-week low of $37.51 and a high of $98.02. Financial metrics indicate a current ratio of 1.54, a quick ratio of 0.91, and a debt-to-equity ratio of 0.80. With a market capitalization of approximately $1.69 billion, Sylvamo has a price-to-earnings (P/E) ratio of 8.03 and a price-to-earnings growth (PEG) ratio of 2.66. The stock’s 50-day moving average stands at $43.84, while the 200-day moving average is $50.55.

In recent news, Sylvamo declared a quarterly dividend of $0.45, which was distributed on October 17, 2023, to shareholders on record as of October 3, 2023. This dividend translates to an annual payout of $1.80 and a dividend yield of 4.3%. The company’s payout ratio is noted at 34.42%.

Analysts’ Price Targets for Sylvamo

Recent reports from equity analysts reveal varying opinions on Sylvamo’s stock. The Royal Bank of Canada has set a price target of $49.00 and assigned a “sector perform” rating on August 11, 2023. Weiss Ratings reiterated a “hold (c)” rating for Sylvamo on October 8, 2023. Meanwhile, Zacks Research downgraded the stock to a “strong sell” rating on August 11, 2023. Bank of America also lowered its price target from $67.00 to $64.00, classifying the stock as “underperform” on July 9, 2023.

Currently, two analysts have rated the stock with a “Hold” rating, while two others have issued a “Sell” rating. According to data from MarketBeat, Sylvamo holds a consensus rating of “Reduce” with an average price target of $56.50.

Sylvamo Corporation specializes in the production and marketing of uncoated freesheet paper for cutsize, offset paper, and pulp across Latin America, Europe, and North America. The company operates through various segments, with offerings that include copy and colored laser printing papers under the REY Adagio and Pro-Design brands, as well as graphic and high-speed inkjet printing papers under the Jetstar brand.