Bank of New York Mellon Corp trimmed its holdings in International Paper Co (NYSE:IP) by 1.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,744,730 shares of the basic materials company’s stock after selling 53,063 shares during the quarter. Bank of New York Mellon Corp owned about 0.90% of International Paper worth $195,026,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Northern Oak Wealth Management Inc. raised its position in shares of International Paper by 119.5% during the 1st quarter. Northern Oak Wealth Management Inc. now owns 146,581 shares of the basic materials company’s stock valued at $7,832,000 after buying an additional 79,797 shares during the period. Access Financial Services Inc. purchased a new stake in shares of International Paper during the 2nd quarter valued at approximately $1,279,000. Clinton Group Inc. purchased a new stake in shares of International Paper during the 1st quarter valued at approximately $1,279,000. Weatherly Asset Management L. P. purchased a new stake in shares of International Paper during the 2nd quarter valued at approximately $1,142,000. Finally, FTB Advisors Inc. raised its position in shares of International Paper by 6.0% during the 1st quarter. FTB Advisors Inc. now owns 58,132 shares of the basic materials company’s stock valued at $3,098,000 after buying an additional 3,307 shares during the period. 81.89% of the stock is currently owned by institutional investors and hedge funds.
IP has been the topic of several analyst reports. Zacks Investment Research raised shares of International Paper from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Tuesday, June 5th. Citigroup reaffirmed a “buy” rating and set a $65.00 price target (down previously from $71.00) on shares of International Paper in a research report on Monday, July 23rd. KeyCorp reaffirmed a “hold” rating on shares of International Paper in a research report on Thursday, April 26th. ValuEngine raised shares of International Paper from a “sell” rating to a “hold” rating in a research report on Friday, May 18th. Finally, Stephens set a $66.00 price target on shares of International Paper and gave the company a “hold” rating in a research report on Wednesday, June 6th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $64.38.
Shares of NYSE IP opened at $51.97 on Friday. The company has a market capitalization of $21.31 billion, a price-to-earnings ratio of 14.89, a PEG ratio of 1.05 and a beta of 1.50. The company has a debt-to-equity ratio of 1.57, a quick ratio of 1.13 and a current ratio of 1.57. International Paper Co has a 52-week low of $50.00 and a 52-week high of $66.94.
International Paper (NYSE:IP) last announced its earnings results on Thursday, July 26th. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.10. The company had revenue of $5.83 billion for the quarter, compared to analyst estimates of $5.80 billion. International Paper had a return on equity of 29.24% and a net margin of 12.95%. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.65 earnings per share. analysts predict that International Paper Co will post 5.23 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Shareholders of record on Wednesday, August 15th will be given a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date of this dividend is Tuesday, August 14th. International Paper’s payout ratio is 54.44%.
In other International Paper news, insider Carleton C. Ealy sold 22,000 shares of the business’s stock in a transaction on Thursday, June 14th. The shares were sold at an average price of $56.79, for a total value of $1,249,380.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Sharon R. Ryan sold 15,000 shares of the business’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $52.87, for a total transaction of $793,050.00. The disclosure for this sale can be found here. In the last three months, insiders sold 47,930 shares of company stock worth $2,652,980. 0.32% of the stock is owned by corporate insiders.
International Paper 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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