Great West Life Assurance Co. Can decreased its holdings in shares of International Paper Co (NYSE:IP) by 10.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 443,383 shares of the basic materials company’s stock after selling 52,956 shares during the period. Great West Life Assurance Co. Can owned 0.11% of International Paper worth $21,822,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in IP. Qube Research & Technologies Ltd bought a new stake in shares of International Paper during the second quarter valued at approximately $106,000. Girard Partners LTD. bought a new stake in shares of International Paper during the third quarter valued at approximately $109,000. Meeder Asset Management Inc. bought a new stake in shares of International Paper during the third quarter valued at approximately $133,000. Flagship Harbor Advisors LLC bought a new stake in shares of International Paper during the second quarter valued at approximately $139,000. Finally, Diamant Asset Management Inc. bought a new stake in shares of International Paper during the third quarter valued at approximately $140,000. 81.00% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently issued reports on IP. Argus dropped their target price on shares of International Paper from $70.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, October 29th. Zacks Investment Research cut shares of International Paper from a “buy” rating to a “hold” rating in a report on Friday, September 21st. Stephens set a $57.00 target price on shares of International Paper and gave the stock a “hold” rating in a report on Tuesday, September 11th. Citigroup dropped their target price on shares of International Paper from $67.00 to $51.00 and set a “buy” rating on the stock in a report on Thursday, October 11th. Finally, BMO Capital Markets cut shares of International Paper from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $66.00 to $51.00 in a report on Tuesday, October 9th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $58.07.
In other news, SVP John V. Sims sold 4,725 shares of International Paper stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $54.35, for a total transaction of $256,803.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jeanmichel Ribieras sold 10,000 shares of International Paper stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $54.20, for a total transaction of $542,000.00. The disclosure for this sale can be found here. Company insiders own 0.32% of the company’s stock.
Shares of IP stock opened at $46.19 on Monday. International Paper Co has a 12-month low of $39.60 and a 12-month high of $66.94. The company has a debt-to-equity ratio of 1.52, a quick ratio of 1.13 and a current ratio of 1.59. The company has a market capitalization of $18.71 billion, a P/E ratio of 9.31, a P/E/G ratio of 0.92 and a beta of 1.52.
International Paper (NYSE:IP) last issued its earnings results on Thursday, October 25th. The basic materials company reported $1.56 earnings per share (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 company had revenue of $5.90 billion for the quarter, compared to analysts’ expectations of $5.90 billion. As a group, equities analysts predict that International Paper Co will post 5.31 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Thursday, November 15th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.33%. The ex-dividend date is Wednesday, November 14th. This is a boost from International Paper’s previous quarterly dividend of $0.48. International Paper’s dividend payout ratio (DPR) is currently 57.31%.
International Paper declared that its Board of Directors has authorized a stock buyback program on Tuesday, October 9th that allows the company to buyback $430.00 million in outstanding shares. This buyback authorization allows the basic materials company to reacquire up to 2.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.
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International Paper Company Profile
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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