Virginia Retirement Systems ET AL boosted its position in International Paper Co (NYSE:IP) by 6.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 134,600 shares of the basic materials company’s stock after acquiring an additional 8,600 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in International Paper were worth $6,616,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in IP. WINTON GROUP Ltd boosted its holdings in shares of International Paper by 77.7% during the third quarter. WINTON GROUP Ltd now owns 6,979 shares of the basic materials company’s stock worth $343,000 after purchasing an additional 3,052 shares during the period. American Century Companies Inc. boosted its holdings in shares of International Paper by 63.1% during the third quarter. American Century Companies Inc. now owns 829,528 shares of the basic materials company’s stock worth $40,771,000 after purchasing an additional 320,798 shares during the period. HL Financial Services LLC boosted its holdings in shares of International Paper by 19.4% during the third quarter. HL Financial Services LLC now owns 37,750 shares of the basic materials company’s stock worth $1,855,000 after purchasing an additional 6,136 shares during the period. Zions Bancorporation purchased a new stake in shares of International Paper during the third quarter worth about $214,000. Finally, WESPAC Advisors LLC purchased a new stake in shares of International Paper during the third quarter worth about $206,000. 82.24% of the stock is currently owned by institutional investors and hedge funds.
In other International Paper news, insider Timothy S. Nicholls sold 17,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $52.53, for a total transaction of $893,010.00. Following the completion of the transaction, the insider now owns 108,538 shares of the company’s stock, valued at $5,701,501.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John V. Sims sold 4,725 shares of the firm’s stock in a transaction that occurred on Wednesday, September 19th. The shares were sold at an average price of $54.35, for a total transaction of $256,803.75. The disclosure for this sale can be found here. Insiders sold 31,725 shares of company stock valued at $1,691,814 over the last 90 days. 0.32% of the stock is currently owned by company insiders.
A number of research firms have recently weighed in on IP. Zacks Investment Research lowered shares of International Paper from a “buy” rating to a “hold” rating in a report on Friday, September 21st. ValuEngine upgraded shares of International Paper from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 24th. Citigroup reiterated a “buy” rating and set a $65.00 target price (down from $71.00) on shares of International Paper in a report on Monday, July 23rd. Barclays dropped their target price on shares of International Paper from $55.00 to $52.00 and set an “underweight” rating for the company in a report on Monday, July 30th. Finally, BMO Capital Markets dropped their target price on shares of International Paper from $70.00 to $66.00 and set an “outperform” rating for the company in a report on Friday, July 27th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $58.64.
Shares of IP opened at $46.22 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.59 and a debt-to-equity ratio of 1.52. International Paper Co has a one year low of $39.60 and a one year high of $66.94. The stock has a market capitalization of $19.19 billion, a price-to-earnings ratio of 13.24, a P/E/G ratio of 0.94 and a beta of 1.53.
International Paper (NYSE:IP) last issued its quarterly earnings data on Thursday, October 25th. The basic materials company reported $1.56 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.47 by $0.09. International Paper had a net margin of 13.68% and a return on equity of 29.75%. The business had revenue of $5.90 billion during the quarter, compared to analyst estimates of $5.90 billion. Sell-side analysts predict that International Paper Co will post 5.31 EPS for the current fiscal year.
International Paper declared that its Board of Directors has authorized a share buyback plan on Tuesday, October 9th that allows the company to buyback $430.00 million in shares. This buyback authorization allows the basic materials company to buy up to 2.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Thursday, November 15th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, November 14th. This is a positive change from International Paper’s previous quarterly dividend of $0.48. This represents a $2.00 annualized dividend and a yield of 4.33%. International Paper’s dividend payout ratio (DPR) is 54.44%.
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About International Paper
International Paper Company operates as a paper and packaging company primarily in North America, Europe, Latin America, North Africa, India, and Russia. It operates through three segments: Industrial Packaging, Global Cellulose Fibers, and Printing Papers. The Industrial Packaging segment manufactures containerboards, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.
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