International Paper Downgraded by Merrill Lynch to “Neutral” (IP)
International Paper (NYSE:IP) was downgraded by Merrill Lynch from a “buy” rating to a “neutral” rating in a research note issued on Monday, StockRatingsNetwork.com reports.
International Paper (NYSE:IP) traded down 1.41% on Monday, hitting $44.80. 7,053,965 shares of the company’s stock traded hands. International Paper has a 1-year low of $32.95 and a 1-year high of $50.33. The stock’s 50-day moving average is $47.66 and its 200-day moving average is $46.85. The company has a market cap of $19.979 billion and a price-to-earnings ratio of 19.20.
International Paper (NYSE:IP) last released its earnings data on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.57. The company had revenue of $7.34 billion for the quarter, compared to the consensus estimate of $7.41 billion. During the same quarter in the prior year, the company posted $0.46 earnings per share. The company’s quarterly revenue was up 3.6% on a year-over-year basis. Analysts expect that International Paper will post $3.28 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, December 16th. Stockholders of record on Friday, November 15th will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 8.93%. The ex-dividend date of this dividend is Wednesday, November 13th. This is a boost from International Paper’s previous quarterly dividend of $0.30.
Other equities research analysts have also recently issued reports about the stock. Analysts at Bank of America Corp. downgraded shares of International Paper (NYSE:IP) from a “buy” rating to a “neutral” rating in a research note to investors on Monday. Separately, analysts at Deutsche Bank downgraded shares of International Paper (NYSE:IP) from a “buy” rating to a “hold” rating in a research note to investors on Friday. They now have a $51.00 price target on the stock, down previously from $54.00. Finally, analysts at Argus raised their price target on shares of International Paper (NYSE:IP) from $53.00 to $56.00 in a research note to investors on Friday, August 2nd. They now have a “buy” rating on the stock. Five investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. International Paper presently has a consensus rating of “Buy” and an average target price of $47.30.
International Paper Company (NYSE:IP) is a global paper and packaging company, with primary markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa.
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