Carret Asset Management LLC Has $688,000 Position in International Paper Company $IP

Carret Asset Management LLC lowered its holdings in International Paper Company (NYSE:IP) by 3.4% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 14,687 shares of the basic materials company’s stock after selling 523 shares during the quarter. Carret Asset Management LLC’s holdings in International Paper were worth $688,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Rise Advisors LLC boosted its holdings in International Paper by 281.3% during the 1st quarter. Rise Advisors LLC now owns 469 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 346 shares during the last quarter. Zions Bancorporation National Association UT purchased a new position in shares of International Paper in the 1st quarter worth about $34,000. AlphaQuest LLC boosted its holdings in shares of International Paper by 63,400.0% in the 2nd quarter. AlphaQuest LLC now owns 635 shares of the basic materials company’s stock worth $30,000 after buying an additional 634 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in International Paper during the second quarter valued at about $33,000. Finally, Quintet Private Bank Europe S.A. bought a new position in International Paper in the 2nd quarter worth approximately $37,000. 81.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Stifel Nicolaus set a $57.80 price objective on shares of International Paper and gave the stock a “buy” rating in a report on Friday, October 17th. Wall Street Zen downgraded shares of International Paper from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Seaport Res Ptn downgraded shares of International Paper from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Zacks Research raised shares of International Paper from a “strong sell” rating to a “hold” rating in a report on Friday, October 10th. Finally, Jefferies Financial Group decreased their price objective on shares of International Paper from $61.00 to $59.00 and set a “buy” rating on the stock in a research report on Friday, September 26th. Seven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $53.85.

Insider Activity

In other news, SVP Joseph R. Saab sold 9,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $45.53, for a total value of $409,770.00. Following the transaction, the senior vice president owned 27,673 shares in the company, valued at approximately $1,259,951.69. This trade represents a 24.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.35% of the company’s stock.

International Paper Stock Down 12.4%

Shares of NYSE IP opened at $38.75 on Friday. International Paper Company has a one year low of $37.75 and a one year high of $60.36. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.33 and a quick ratio of 0.96. The firm’s 50 day simple moving average is $46.98 and its two-hundred day simple moving average is $47.80. The stock has a market capitalization of $20.46 billion, a P/E ratio of -387.50, a PEG ratio of 0.54 and a beta of 1.10.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, October 30th. The basic materials company reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.96). International Paper had a negative net margin of 0.12% and a positive return on equity of 2.63%. The business had revenue of $6.22 billion for the quarter, compared to the consensus estimate of $6.76 billion. During the same quarter in the previous year, the business earned $0.33 earnings per share. The firm’s revenue was up 56.4% on a year-over-year basis. As a group, analysts expect that International Paper Company will post 2.77 EPS for the current fiscal year.

International Paper Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 16th. Stockholders of record on Friday, November 14th will be issued a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 4.8%. International Paper’s dividend payout ratio is -1,850.00%.

International Paper Profile

International Paper Company produces and sells renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through two segments, Industrial Packaging and Global Cellulose Fibers. The company offers linerboard, medium, whitetop, recycled linerboard, recycled medium and saturating kraft; and pulp for a range of applications, such as diapers, towel and tissue products, feminine care, incontinence, and other personal care products, as well as specialty pulps for use in textiles, construction materials, paints, coatings, and others.