International Paper Co. (IP) Downgraded to “Underperform” at Macquarie
International Paper Co. (NYSE:IP) was downgraded by equities research analysts at Macquarie from a “neutral” rating to an “underperform” rating in a research report issued on Tuesday, The Fly reports.
IP has been the subject of several other reports. Wells Fargo & Co. reissued a “buy” rating on shares of International Paper in a research report on Monday, June 20th. Vetr lowered shares of International Paper from a “strong-buy” rating to a “buy” rating and set a $46.81 price target for the company. in a research report on Monday, June 20th. Zacks Investment Research raised shares of International Paper from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research report on Tuesday, July 5th. Credit Suisse Group AG reissued a “hold” rating and set a $47.00 price target on shares of International Paper in a research report on Monday, August 1st. Finally, Deutsche Bank AG increased their price target on shares of International Paper from $40.00 to $42.00 and gave the company a “hold” rating in a research report on Wednesday, August 10th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $47.71.
Shares of International Paper (NYSE:IP) opened at 47.20 on Tuesday. International Paper has a 12 month low of $32.50 and a 12 month high of $49.90. The company’s 50-day moving average is $47.86 and its 200 day moving average is $44.46. The company has a market capitalization of $19.41 billion, a price-to-earnings ratio of 25.57 and a beta of 1.55.
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International Paper (NYSE:IP) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.08. International Paper had a net margin of 3.58% and a return on equity of 35.41%. The company earned $5.30 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same period in the prior year, the firm earned $0.97 earnings per share. The firm’s revenue for the quarter was down 6.9% compared to the same quarter last year. On average, equities research analysts anticipate that International Paper will post $3.49 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Tuesday, November 15th will be paid a dividend of $0.4625 per share. This is a boost from International Paper’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Thursday, November 10th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.92%. International Paper’s dividend payout ratio (DPR) is presently 94.12%.
In other news, insider William P. Hoel sold 20,000 shares of the stock in a transaction that occurred on Tuesday, September 13th. The stock was sold at an average price of $48.12, for a total transaction of $962,400.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Thomas G. Kadien sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $47.86, for a total value of $478,600.00. The disclosure for this sale can be found here. Insiders own 0.64% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in IP. SevenBridge Financial Group LLC acquired a new position in shares of International Paper during the second quarter worth about $141,000. Springbok Capital Management LLC raised its position in shares of International Paper by 50.9% in the first quarter. Springbok Capital Management LLC now owns 4,163 shares of the company’s stock worth $171,000 after buying an additional 1,405 shares during the period. Patten & Patten Inc. TN acquired a new position in shares of International Paper during the third quarter worth about $202,000. Johnson Financial Group Inc. raised its position in shares of International Paper by 2,458.9% in the second quarter. Johnson Financial Group Inc. now owns 4,606 shares of the company’s stock worth $195,000 after buying an additional 4,426 shares during the last quarter. Finally, Bender Robert & Associates purchased a new position in shares of International Paper during the second quarter worth $202,000. Hedge funds and other institutional investors own 81.71% of the company’s stock.
About International Paper
International Paper Company (International Paper) is a paper and packaging company with primary markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia, Africa and the Middle East. The Company operates in three segments: Industrial Packaging, Printing Papers and Consumer Packaging.
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