State of Tennessee Treasury Department Decreases Holdings in International Paper Company (IP)

State of Tennessee Treasury Department trimmed its holdings in shares of International Paper Company (NYSE:IP) by 76.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 112,350 shares of the basic materials company’s stock after selling 369,129 shares during the period. State of Tennessee Treasury Department’s holdings in International Paper were worth $6,384,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in IP. Quadrant Capital Group LLC lifted its stake in International Paper by 2.4% during the 2nd quarter. Quadrant Capital Group LLC now owns 2,043 shares of the basic materials company’s stock valued at $107,000 after acquiring an additional 47 shares during the period. Ffcm LLC increased its holdings in shares of International Paper by 148.0% during the 2nd quarter. Ffcm LLC now owns 2,081 shares of the basic materials company’s stock valued at $119,000 after purchasing an additional 1,242 shares in the last quarter. Asset Advisors Corp increased its holdings in shares of International Paper by 3.6% during the 2nd quarter. Asset Advisors Corp now owns 2,398 shares of the basic materials company’s stock valued at $136,000 after purchasing an additional 84 shares in the last quarter. Krilogy Financial LLC increased its holdings in shares of International Paper by 9.3% during the 2nd quarter. Krilogy Financial LLC now owns 2,476 shares of the basic materials company’s stock valued at $140,000 after purchasing an additional 210 shares in the last quarter. Finally, Advisory Services Network LLC increased its holdings in shares of International Paper by 188.8% during the 2nd quarter. Advisory Services Network LLC now owns 2,533 shares of the basic materials company’s stock valued at $143,000 after purchasing an additional 1,656 shares in the last quarter. Institutional investors and hedge funds own 82.63% of the company’s stock.

Shares of International Paper Company (NYSE:IP) opened at $54.39 on Tuesday. International Paper Company has a 1-year low of $45.94 and a 1-year high of $58.96. The stock has a market cap of $22,460.00, a price-to-earnings ratio of 17.92, a PEG ratio of 1.65 and a beta of 1.47. The company has a current ratio of 1.48, a quick ratio of 0.97 and a debt-to-equity ratio of 2.31.

International Paper (NYSE:IP) last announced its quarterly earnings results on Wednesday, October 25th. The basic materials company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.04. The firm had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.85 billion. International Paper had a net margin of 4.00% and a return on equity of 27.56%. The company’s revenue was up 12.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 EPS. equities research analysts forecast that International Paper Company will post 3.5 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th will be given a dividend of $0.475 per share. This is a boost from International Paper’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $1.90 annualized dividend and a dividend yield of 3.49%. International Paper’s payout ratio is presently 85.25%.

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Several research firms have recently weighed in on IP. Zacks Investment Research lowered shares of International Paper from a “hold” rating to a “sell” rating in a report on Tuesday, September 26th. Barclays PLC lifted their target price on shares of International Paper from $50.00 to $52.00 and gave the company an “underweight” rating in a report on Monday, October 30th. Vertical Research reaffirmed a “buy” rating on shares of International Paper in a report on Friday, July 28th. Credit Suisse Group lifted their target price on shares of International Paper from $63.00 to $66.00 and gave the company a “neutral” rating in a report on Friday, October 27th. Finally, KeyCorp reaffirmed a “hold” rating on shares of International Paper in a report on Monday, October 30th. One analyst has rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company. International Paper has an average rating of “Hold” and a consensus target price of $61.73.

About International Paper

International Paper Company is a paper and packaging company with primary markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia, Africa and the Middle East. The Company’s segments include Industrial Packaging, Global Cellulose Fibers, Printing Papers and Consumer Packaging.

Institutional Ownership by Quarter for International Paper (NYSE:IP)

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