State Board of Administration of Florida Retirement System reduced its position in International Paper Co (NYSE:IP) by 2.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 560,679 shares of the basic materials company’s stock after selling 14,580 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.14% of International Paper worth $27,557,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of IP. DnB Asset Management AS lifted its stake in shares of International Paper by 4.4% in the 2nd quarter. DnB Asset Management AS now owns 49,997 shares of the basic materials company’s stock valued at $2,604,000 after acquiring an additional 2,100 shares during the last quarter. IFM Investors Pty Ltd lifted its stake in shares of International Paper by 45.8% in the 2nd quarter. IFM Investors Pty Ltd now owns 17,593 shares of the basic materials company’s stock valued at $916,000 after acquiring an additional 5,523 shares during the last quarter. Osborn Williams & Donohoe LLC lifted its stake in shares of International Paper by 72.2% in the 2nd quarter. Osborn Williams & Donohoe LLC now owns 18,360 shares of the basic materials company’s stock valued at $956,000 after acquiring an additional 7,700 shares during the last quarter. Grassi Investment Management lifted its stake in shares of International Paper by 0.9% in the 2nd quarter. Grassi Investment Management now owns 105,807 shares of the basic materials company’s stock valued at $5,510,000 after acquiring an additional 962 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in shares of International Paper by 4.2% in the 2nd quarter. State of Alaska Department of Revenue now owns 109,273 shares of the basic materials company’s stock valued at $5,688,000 after acquiring an additional 4,383 shares during the last quarter. Hedge funds and other institutional investors own 82.24% of the company’s stock.
Shares of NYSE:IP opened at $46.63 on Wednesday. International Paper Co has a 52-week low of $39.60 and a 52-week high of $66.94. The company has a market capitalization of $18.62 billion, a PE ratio of 13.36, a PEG ratio of 0.90 and a beta of 1.53. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.59 and a quick ratio of 1.13.
International Paper (NYSE:IP) last announced its earnings results on Thursday, October 25th. The basic materials company reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.09. International Paper had a return on equity of 29.42% and a net margin of 13.68%. The firm had revenue of $5.90 billion during the quarter, compared to analyst estimates of $5.90 billion. Equities research analysts forecast that International Paper Co will post 5.31 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Thursday, November 15th will be paid a $0.50 dividend. The ex-dividend date is Wednesday, November 14th. This represents a $2.00 annualized dividend and a dividend yield of 4.29%. This is an increase from International Paper’s previous quarterly dividend of $0.48. International Paper’s dividend payout ratio is presently 54.44%.
International Paper announced that its board has authorized a stock repurchase program on Tuesday, October 9th that authorizes the company to repurchase $430.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to reacquire up to 2.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
A number of research firms have commented on IP. ValuEngine lowered International Paper from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 3rd. Zacks Investment Research lowered International Paper from a “buy” rating to a “hold” rating in a research report on Friday, September 21st. Goldman Sachs Group lowered International Paper from a “buy” rating to a “neutral” rating and set a $53.00 price target for the company. in a research report on Wednesday, October 10th. Stephens set a $57.00 price target on International Paper and gave the company a “hold” rating in a research report on Tuesday, September 11th. Finally, BMO Capital Markets lowered International Paper from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $66.00 to $51.00 in a research report on Tuesday, October 9th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $58.64.
In related news, insider Timothy S. Nicholls sold 17,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 28th. The stock was sold at an average price of $52.53, for a total value of $893,010.00. Following the sale, the insider now owns 108,538 shares in the company, valued at approximately $5,701,501.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John V. Sims sold 4,725 shares of the company’s stock in a transaction that occurred on Wednesday, September 19th. The stock was sold at an average price of $54.35, for a total value of $256,803.75. The disclosure for this sale can be found here. Insiders sold a total of 31,725 shares of company stock worth $1,691,814 in the last 90 days. 0.32% of the stock is currently owned by company insiders.
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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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