Ritholtz Wealth Management acquired a new position in shares of International Paper (NYSE:IP) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 6,854 shares of the basic materials company’s stock, valued at approximately $278,000.
Several other institutional investors and hedge funds also recently modified their holdings of IP. State Street Corp raised its stake in shares of International Paper by 2.2% in the first quarter. State Street Corp now owns 24,815,208 shares of the basic materials company’s stock valued at $772,497,000 after buying an additional 526,948 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of International Paper by 44.3% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,143,579 shares of the basic materials company’s stock worth $181,106,000 after buying an additional 1,579,459 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of International Paper by 21.0% in the 2nd quarter. AQR Capital Management LLC now owns 3,445,479 shares of the basic materials company’s stock worth $118,938,000 after buying an additional 597,033 shares during the last quarter. Prudential PLC boosted its stake in shares of International Paper by 33.8% in the 2nd quarter. Prudential PLC now owns 2,724,427 shares of the basic materials company’s stock worth $95,927,000 after buying an additional 688,057 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of International Paper by 6.0% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,761,709 shares of the basic materials company’s stock worth $62,030,000 after buying an additional 99,917 shares during the last quarter. Institutional investors own 80.97% of the company’s stock.
A number of equities research analysts have commented on the company. Morgan Stanley raised their price target on International Paper from $29.00 to $37.00 and gave the company an “underweight” rating in a report on Monday. KeyCorp restated a “sell” rating and set a $31.00 price objective on shares of International Paper in a research report on Thursday, July 30th. Wells Fargo & Company upgraded International Paper from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $38.00 to $52.00 in a research report on Friday, October 9th. Bank of America lifted their price target on International Paper from $46.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday, September 15th. Finally, BMO Capital Markets upgraded International Paper from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $40.00 to $53.00 in a research report on Monday, October 12th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $44.85.
Shares of International Paper stock traded down $0.49 on Monday, hitting $45.91. 18,123 shares of the company traded hands, compared to its average volume of 3,213,210. The stock’s 50 day moving average price is $41.68 and its 200-day moving average price is $36.46. The company has a current ratio of 0.79, a quick ratio of 0.55 and a debt-to-equity ratio of 1.34. International Paper has a 52 week low of $26.38 and a 52 week high of $47.64. The company has a market cap of $18.24 billion, a PE ratio of 29.00 and a beta of 1.17.
International Paper (NYSE:IP) last posted its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.38. International Paper had a net margin of 2.98% and a return on equity of 19.18%. The firm had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $4.97 billion. During the same quarter in the previous year, the firm posted $1.15 earnings per share. The company’s revenue was down 14.1% on a year-over-year basis. As a group, research analysts anticipate that International Paper will post 2.44 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 16th will be given a dividend of $0.5125 per share. This represents a $2.05 dividend on an annualized basis and a dividend yield of 4.47%. The ex-dividend date is Friday, November 13th. International Paper’s payout ratio is presently 46.28%.
International Paper Profile
International Paper Company operates as a paper and packaging company primarily in United States, the Middle East, Europe, Africa, Pacific Rim, Asia, and the Americas. 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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