State of Alaska Department of Revenue increased its holdings in shares of International Paper Co (NYSE:IP) by 1.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,536 shares of the basic materials company’s stock after purchasing an additional 1,263 shares during the period. State of Alaska Department of Revenue’s holdings in International Paper were worth $5,430,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in International Paper by 0.5% in the 2nd quarter. BlackRock Inc. now owns 36,790,627 shares of the basic materials company’s stock valued at $1,916,056,000 after acquiring an additional 201,122 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in International Paper by 2.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 2,715,616 shares of the basic materials company’s stock valued at $141,430,000 after acquiring an additional 73,282 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in International Paper by 16.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,921,940 shares of the basic materials company’s stock valued at $100,100,000 after acquiring an additional 269,329 shares in the last quarter. Levin Capital Strategies L.P. lifted its stake in International Paper by 66.4% in the 2nd 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 acquiring an additional 745,170 shares in the last quarter. Finally, Swiss National Bank increased its position in shares of International Paper by 3.1% during the 2nd quarter. Swiss National Bank now owns 1,297,818 shares of the basic materials company’s stock worth $67,590,000 after purchasing an additional 39,200 shares during the last quarter. Hedge funds and other institutional investors own 82.22% of the company’s stock.
IP stock opened at $42.67 on Friday. The company has a current ratio of 1.57, a quick ratio of 1.13 and a debt-to-equity ratio of 1.57. The company has a market cap of $20.10 billion, a P/E ratio of 12.23, a price-to-earnings-growth ratio of 0.99 and a beta of 1.54. International Paper Co has a 1-year low of $41.87 and a 1-year high of $66.94.
International Paper (NYSE:IP) last posted its earnings results on Thursday, July 26th. The basic materials company reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.10. The business had revenue of $5.83 billion for the quarter, compared to analyst estimates of $5.80 billion. International Paper had a return on equity of 29.24% and a net margin of 12.95%. The firm’s revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.65 EPS. Equities analysts forecast that International Paper Co will post 5.21 EPS for the current year.
International Paper declared that its Board of Directors has approved a share repurchase plan on Tuesday, October 9th that permits the company to repurchase $430.00 million in outstanding shares. This repurchase authorization permits the basic materials company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Thursday, November 15th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, November 14th. This is a positive change 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 4.69%. International Paper’s payout ratio is presently 54.44%.
In related news, SVP John V. Sims sold 4,725 shares of the business’s stock in a transaction that occurred 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 document filed with the SEC, which is available through this hyperlink. Also, insider Timothy S. Nicholls sold 17,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 28th. The stock was sold at an average price of $52.53, for a total value of $893,010.00. Following the transaction, the insider now directly owns 108,538 shares in the company, valued at $5,701,501.14. The disclosure for this sale can be found here. Insiders have sold a total of 46,725 shares of company stock worth $2,484,864 over the last three months. 0.32% of the stock is owned by insiders.
IP has been the topic of several recent analyst reports. Goldman Sachs Group lowered International Paper from a “buy” rating to a “neutral” rating and set a $53.00 price target on the stock. in a research report on Wednesday. MED lowered their price target on International Paper from $65.00 to $64.00 and set a “hold” rating on the stock in a research report on Monday, June 18th. Zacks Investment Research raised International Paper from a “hold” rating to a “buy” rating and set a $59.00 price target on the stock in a research report on Wednesday, August 1st. ValuEngine lowered International Paper from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 3rd. Finally, Deutsche Bank initiated coverage on International Paper in a research report on Monday, June 18th. They set a “hold” rating and a $64.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $61.50.
International Paper Company 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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