Redwood Investment Management LLC increased its stake in International Paper Co (NYSE:IP) by 29.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,515 shares of the basic materials company’s stock after purchasing an additional 1,256 shares during the quarter. Redwood Investment Management LLC’s holdings in International Paper were worth $271,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in IP. Pinnacle Associates Ltd. grew its position in International Paper by 19.2% during the third quarter. Pinnacle Associates Ltd. now owns 8,262 shares of the basic materials company’s stock worth $406,000 after buying an additional 1,330 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in International Paper by 6.8% during the third quarter. DekaBank Deutsche Girozentrale now owns 197,759 shares of the basic materials company’s stock worth $10,297,000 after buying an additional 12,580 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in International Paper by 8.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 220,916 shares of the basic materials company’s stock worth $10,858,000 after buying an additional 17,160 shares in the last quarter. Gratus Capital LLC grew its position in International Paper by 6.4% during the third quarter. Gratus Capital LLC now owns 105,985 shares of the basic materials company’s stock worth $5,209,000 after buying an additional 6,353 shares in the last quarter. Finally, American International Group Inc. grew its position in International Paper by 4.2% during the third quarter. American International Group Inc. now owns 194,124 shares of the basic materials company’s stock worth $9,541,000 after buying an additional 7,788 shares in the last quarter. Institutional investors own 81.92% of the company’s stock.
In other International Paper news, insider Jeanmichel Ribieras sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 19th. The stock was sold at an average price of $54.20, for a total transaction of $542,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John V. Sims sold 4,725 shares of the company’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 value of $256,803.75. The disclosure for this sale can be found here. Insiders have sold a total of 31,725 shares of company stock valued at $1,691,814 in the last ninety days. 0.32% of the stock is currently owned by corporate insiders.
NYSE IP opened at $44.91 on Monday. International Paper Co has a 1-year low of $39.60 and a 1-year high of $66.94. The company has a debt-to-equity ratio of 1.52, a current ratio of 1.59 and a quick ratio of 1.13. The stock has a market capitalization of $18.19 billion, a PE ratio of 12.87, a P/E/G ratio of 0.89 and a beta of 1.53.
International Paper (NYSE:IP) last released its earnings results on Thursday, October 25th. The basic materials company reported $1.56 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.09. The company had revenue of $5.90 billion during the quarter, compared to analyst estimates of $5.90 billion. International Paper had a return on equity of 29.75% and a net margin of 13.68%. Equities research analysts forecast that International Paper Co will post 5.31 earnings per share for the current year.
International Paper declared that its board has authorized a share repurchase program on Tuesday, October 9th that permits the company to buyback $430.00 million in outstanding shares. This buyback authorization permits the basic materials company to buy up to 2.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Thursday, November 15th will be given a dividend of $0.50 per share. This is a positive change from International Paper’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $2.00 dividend on an annualized basis and a yield of 4.45%. International Paper’s dividend payout ratio is presently 57.31%.
A number of equities analysts have recently issued reports on IP shares. Zacks Investment Research cut International Paper from a “buy” rating to a “hold” rating in a report on Friday, September 21st. Barclays cut their price objective on International Paper from $55.00 to $52.00 and set an “underweight” rating for the company in a report on Monday, July 30th. Stephens set a $57.00 price objective on International Paper and gave the stock a “hold” rating in a report on Tuesday, September 11th. ValuEngine cut International Paper from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 3rd. Finally, BMO Capital Markets cut International Paper from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $66.00 to $51.00 in a report on Tuesday, October 9th. Two equities research 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 company has an average rating of “Hold” and an average price target of $58.07.
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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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