Wedbush Securities Inc. lowered its stake in International Paper Co (NYSE:IP) by 35.9% during the third quarter, HoldingsChannel.com reports. The firm owned 11,001 shares of the basic materials company’s stock after selling 6,169 shares during the quarter. Wedbush Securities Inc.’s holdings in International Paper were worth $541,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently added to or reduced their stakes in IP. Levin Capital Strategies L.P. increased its holdings in shares of International Paper by 66.4% in the second quarter. Levin Capital Strategies L.P. now owns 1,867,499 shares of the basic materials company’s stock valued at $97,259,000 after purchasing an additional 745,170 shares during the period. Conning Inc. increased its holdings in shares of International Paper by 4,805.7% in the third quarter. Conning Inc. now owns 733,935 shares of the basic materials company’s stock valued at $36,073,000 after purchasing an additional 718,974 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of International Paper by 28.9% in the third quarter. Dimensional Fund Advisors LP now owns 2,477,279 shares of the basic materials company’s stock valued at $121,793,000 after purchasing an additional 555,339 shares during the period. LSV Asset Management increased its holdings in shares of International Paper by 10.3% in the third quarter. LSV Asset Management now owns 4,723,998 shares of the basic materials company’s stock valued at $232,184,000 after purchasing an additional 439,685 shares during the period. Finally, Becker Capital Management Inc. acquired a new position in shares of International Paper in the third quarter valued at approximately $19,717,000. 81.00% of the stock is currently owned by institutional investors and hedge funds.
International Paper stock opened at $44.76 on Friday. The company has a current ratio of 1.59, a quick ratio of 1.13 and a debt-to-equity ratio of 1.52. International Paper Co has a 1-year low of $39.60 and a 1-year high of $66.94. The company has a market capitalization of $18.27 billion, a P/E ratio of 12.83, a price-to-earnings-growth ratio of 0.89 and a beta of 1.52.
International Paper (NYSE:IP) last posted its quarterly earnings results on Thursday, October 25th. The basic materials company reported $1.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.47 by $0.09. International Paper had a return on equity of 29.75% and a net margin of 13.68%. The firm had revenue of $5.90 billion for the quarter, compared to the consensus estimate of $5.90 billion. On average, equities analysts anticipate that International Paper Co will post 5.31 earnings per share for the current fiscal year.
The firm 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 of this dividend is Wednesday, November 14th. This is an increase from International Paper’s previous quarterly dividend of $0.48. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.47%. International Paper’s payout ratio is 57.31%.
International Paper announced that its board has approved a share buyback 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 purchase up to 2.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
A number of research analysts have recently issued reports on the company. Zacks Investment Research lowered International Paper from a “buy” rating to a “hold” rating in a report on Wednesday. Barclays dropped their target price on International Paper from $45.00 to $44.00 and set an “underweight” rating on the stock in a report on Monday, October 29th. Argus dropped their target price on International Paper from $70.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, October 29th. Deutsche Bank set a $55.00 target price on International Paper and gave the company a “hold” rating in a report on Monday, October 29th. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $55.00 target price on shares of International Paper in a report on Tuesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. International Paper currently has a consensus rating of “Hold” and a consensus price target of $58.21.
In other International Paper news, SVP John V. Sims sold 4,725 shares of the business’s stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $54.35, for a total transaction of $256,803.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jeanmichel Ribieras sold 10,000 shares of the business’s stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $54.20, for a total value of $542,000.00. The disclosure for this sale can be found here. 0.32% of the stock is owned by insiders.
International Paper 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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