Neo Performance Materials (TSE:NEO) Trading Up 10.1% – Here’s What Happened

Neo Performance Materials Inc. (TSE:NEO) was up 10.1% on Thursday . The stock traded as high as C$43.03 and last traded at C$41.70. Approximately 430,081 shares traded hands during mid-day trading, an increase of 51% from the average daily volume of 284,188 shares. The stock had previously closed at C$37.89.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. BMO Capital Markets boosted their price target on Neo Performance Materials from C$30.00 to C$38.00 in a research note on Thursday, May 14th. ATB Cormark Capital Markets lifted their price objective on Neo Performance Materials from C$37.50 to C$43.00 and gave the stock an “outperform” rating in a report on Tuesday, June 30th. Finally, Stifel Nicolaus boosted their price objective on Neo Performance Materials from C$26.00 to C$38.00 in a research report on Wednesday, May 13th. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of C$39.67.

Neo Performance Materials Stock Up 8.9%

The stock has a market capitalization of C$1.90 billion, a P/E ratio of -172.00 and a beta of 1.44. The firm’s fifty day moving average is C$32.72 and its 200-day moving average is C$25.35. The company has a current ratio of 1.76, a quick ratio of 1.92 and a debt-to-equity ratio of 41.75.

Neo Performance Materials (TSE:NEO) last released its quarterly earnings results on Tuesday, May 12th. The company reported C$0.47 earnings per share for the quarter. The firm had revenue of C$215.44 million during the quarter. Neo Performance Materials had a negative return on equity of 2.63% and a negative net margin of 2.03%. As a group, equities research analysts predict that Neo Performance Materials Inc. will post 0.6753356 earnings per share for the current year.

Neo Performance Materials Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 29th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, June 19th. Neo Performance Materials’s payout ratio is currently -120.72%.

About Neo Performance Materials

Neo manufactures the building blocks of many modern technologies that enhance efficiency and sustainability. Neo’s advanced industrial materials – magnetic powders, rare earth magnets, magnetic assemblies, specialty chemicals, metals, and alloys – are critical to the performance of many everyday products and emerging technologies. Neo’s products fast-forward technologies for the net-zero transition. The business of Neo is organized along three segments: Magnequench, Chemicals & Oxides and Rare Metals.