In a series of transactions, Jeffrey Keenan, a director at Mativ Holdings, Inc. (NYSE:MATV), has purchased a significant amount of the company's common stock, totaling $169,635. Over the course of several days, Keenan demonstrated confidence in the paper mill company by acquiring shares at prices ranging from $17.52 to $18.05.
The transactions began on March 12, 2024, when Keenan bought 2,000 shares at a weighted average price of $18.03. The buying continued on the following day with an additional 3,000 shares purchased at an average of $18.05. On March 14, the director acquired 2,000 more shares, this time at a slightly lower average price of $17.52. The buying spree carried on with 500 shares at $17.85 on March 15, and concluded with another 2,000 shares at $17.73 on March 18.
These transactions were executed in multiple trades, and the prices reported are weighted averages, as noted in the footnotes of the filing. Keenan has agreed to provide full information regarding the specific prices and number of shares for each trade upon request by the SEC staff, the issuer, or any security holder of the issuer.
Following these acquisitions, Jeffrey Keenan's ownership in Mativ Holdings, Inc. has increased, reflecting a bullish stance on the company's prospects. Investors often look to insider buying as a positive signal that company executives and directors are confident in the firm's future performance.
Mativ Holdings, Inc., headquartered in Alpharetta, Georgia, is a key player in the paper mills industry, and these recent transactions by a member of its board may attract the attention of current and potential shareholders alike.
InvestingPro Insights
Jeffrey Keenan's recent purchase of Mativ Holdings, Inc. (NYSE:MATV) stock is a significant indicator of confidence from within the company's ranks. This aligns with the InvestingPro Tips that highlight management's aggressive share buyback strategy and the expectation of net income growth this year. Such insider activity could be considered by investors as a bullish sign, especially when the company is also known for its consistent dividend payments over the past 29 years.
Speaking of dividends, Mativ Holdings currently offers a dividend yield of 2.25%, which is a key figure for income-focused investors. The company's commitment to returning value to shareholders remains firm, despite a notable dividend cut in the last twelve months. In terms of stock performance, Mativ has experienced a strong return over the past three months, with a 24.56% increase, and an even more impressive surge of 41.66% over the last month. This momentum may be an attractive point for both short-term traders and long-term investors.
When looking at the company's financial health, InvestingPro Data shows that Mativ's liquid assets exceed its short-term obligations, which suggests a stable financial position. However, it's worth noting that the company was not profitable over the last twelve months, as indicated by a negative P/E ratio of -3.08. Nonetheless, analysts predict Mativ will turn profitable this year, which may explain the recent optimism reflected in the share price.
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