Handelsbanken Fonder AB reduced its position in International Paper Company (NYSE:IP – Free Report) by 83.4% in the 2nd quarter, Holdings Channel reports. The firm owned 10,330 shares of the basic materials company’s stock after selling 51,801 shares during the quarter. Handelsbanken Fonder AB’s holdings in International Paper were worth $394,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd purchased a new stake in shares of International Paper during the first quarter worth $249,000. Intech Investment Management LLC lifted its stake in shares of International Paper by 100.5% in the first quarter. Intech Investment Management LLC now owns 32,025 shares of the basic materials company’s stock worth $1,709,000 after buying an additional 16,055 shares in the last quarter. Cresset Asset Management LLC lifted its stake in shares of International Paper by 20.8% in the second quarter. Cresset Asset Management LLC now owns 17,345 shares of the basic materials company’s stock worth $812,000 after buying an additional 2,981 shares in the last quarter. Jump Financial LLC boosted its position in International Paper by 280.9% during the second quarter. Jump Financial LLC now owns 38,092 shares of the basic materials company’s stock worth $1,784,000 after acquiring an additional 28,092 shares during the last quarter. Finally, Cerity Partners LLC boosted its position in International Paper by 8.0% during the second quarter. Cerity Partners LLC now owns 33,749 shares of the basic materials company’s stock worth $1,580,000 after acquiring an additional 2,493 shares during the last quarter. Hedge funds and other institutional investors own 81.95% of the company’s stock.
Analysts Set New Price Targets
A number of analysts have commented on the stock. Citigroup increased their price objective on shares of International Paper from $43.00 to $48.00 and gave the company a “buy” rating in a report on Friday, July 31st. Wells Fargo & Company boosted their target price on International Paper from $42.00 to $46.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Weiss Ratings restated a “sell (d)” rating on shares of International Paper in a research report on Friday, July 24th. Seaport Research Partners reaffirmed a “buy” rating and issued a $46.00 price target on shares of International Paper in a report on Wednesday, August 12th. Finally, Bank of America downgraded International Paper from a “buy” rating to a “neutral” rating and set a $41.00 price objective on the stock. in a research report on Tuesday, July 14th. Nine research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.75.
Insider Activity at International Paper
In other International Paper news, CAO Holly G. Goughnour sold 3,500 shares of International Paper stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $41.96, for a total value of $146,860.00. Following the sale, the chief accounting officer owned 34,248 shares in the company, valued at $1,437,046.08. The trade was a 9.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP William Thomas Hamic sold 24,500 shares of the company’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $41.20, for a total value of $1,009,400.00. Following the completion of the transaction, the vice president directly owned 106,952 shares in the company, valued at approximately $4,406,422.40. This trade represents a 18.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.21% of the company’s stock.
International Paper Price Performance
Shares of IP stock opened at $40.42 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.10 and a quick ratio of 0.84. The firm’s 50-day moving average is $39.10 and its two-hundred day moving average is $37.90. International Paper Company has a 12 month low of $29.26 and a 12 month high of $50.25. The company has a market capitalization of $21.41 billion, a PE ratio of -6.20 and a beta of 0.94.
International Paper (NYSE:IP – Get Free Report) last posted its earnings results on Thursday, July 30th. The basic materials company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.08. International Paper had a negative net margin of 14.20% and a negative return on equity of 1.09%. The company had revenue of $6 billion for the quarter, compared to analyst estimates of $6.19 billion. During the same period in the previous year, the business posted $0.20 EPS. International Paper’s revenue was down 11.3% on a year-over-year basis. Analysts predict that International Paper Company will post 1.34 earnings per share for the current year.
International Paper Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, August 14th will be issued a $0.4625 dividend. The ex-dividend date is Friday, August 14th. This represents a $1.85 dividend on an annualized basis and a yield of 4.6%. International Paper’s dividend payout ratio is currently -28.37%.
International Paper Profile
International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.
Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.
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