Goldman Sachs Group Inc. Reiterates Conviction-Buy Rating for International Paper (IP)
International Paper (NYSE:IP)‘s stock had its “conviction-buy” rating reiterated by investment analysts at Goldman Sachs Group Inc. in a note issued to investors on Thursday, AmericanBankingNews.com reports. They currently have a $55.00 price target on the stock. Goldman Sachs Group Inc.’s price target would suggest a potential upside of 27.40% from the company’s current price.
International Paper (NYSE:IP) opened at 43.17 on Thursday. 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 $46.80 and its 200-day moving average is $46.78. The company has a market cap of $19.252 billion and a P/E ratio of 18.24.
International Paper (NYSE:IP) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.57 earnings per share (EPS) for the quarter, meeting the 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 previous year, the company posted $0.46 earnings per share. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. Analysts expect that International Paper will post $3.25 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, December 16th. Shareholders 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 9.27%. The ex-dividend date of this dividend is Wednesday, November 13th. This is a positive change from International Paper’s previous quarterly dividend of $0.30.
A number of other firms have also recently commented on IP. Analysts at RBC Capital cut their price target on shares of International Paper from $58.00 to $56.00 in a research note to investors on Wednesday. They now have an “outperform” rating on the stock. Separately, analysts at BMO Capital Markets cut their price target on shares of International Paper from $62.00 to $58.00 in a research note to investors on Wednesday, October 2nd. They now have an “outperform” rating on the stock. Finally, analysts at Merrill Lynch downgraded shares of International Paper from a “buy” rating to a “neutral” rating in a research note to investors on Monday, September 30th. Five equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $46.90.
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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