Zacks Investment Research Upgrades Klabin (OTCMKTS:KLBAY) to “Hold”

Zacks Investment Research upgraded shares of Klabin (OTCMKTS:KLBAYGet Rating) from a strong sell rating to a hold rating in a research note published on Wednesday, Zacks.com reports. They currently have $10.00 price target on the basic materials company’s stock.

According to Zacks, “Klabin is the biggest producer, exporter and recycler of paper in Brazil. Market leader in packaging paper and board, corrugated boxes and industrial sacks, it also produces and sells timber in logs. Today it has 17 industrial plants in Brazil, spread around eight states – and one in Argentina. It is organized in four business units – Forestry, Paper, Corrugated Packaging and Industrial Sacks. “

KLBAY opened at $9.12 on Wednesday. The company has a 50 day moving average of $9.26 and a two-hundred day moving average of $9.17. Klabin has a 52-week low of $7.85 and a 52-week high of $11.04.

The company also recently announced a dividend, which will be paid on Tuesday, May 31st. Stockholders of record on Monday, May 16th will be paid a $0.1211 dividend. The ex-dividend date is Friday, May 13th. This represents a dividend yield of 4.74%.

About Klabin (Get Rating)

Klabin SA, together with its subsidiaries, operates in the paper and pulp industry in Brazil and internationally. It operates through Forestry, Paper, Conversion, and Pulp segments. The Forestry segment engages in the planting and forestry operations of pine and eucalyptus; and sale of wood logs. The Paper segment produces and sells reels of cardboard, kraftliner, and recycled paper.

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