Creative Planning lifted its stake in International Paper Co (NYSE:IP) by 14.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,761 shares of the basic materials company’s stock after purchasing an additional 3,408 shares during the quarter. Creative Planning’s holdings in International Paper were worth $1,315,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Qube Research & Technologies Ltd bought a new position in International Paper in the 2nd quarter valued at approximately $106,000. Squar Milner Financial Services LLC bought a new position in International Paper in the 2nd quarter valued at approximately $125,000. Flagship Harbor Advisors LLC bought a new position in International Paper in the 2nd quarter valued at approximately $139,000. Diamant Asset Management Inc. bought a new position in International Paper in the 3rd quarter valued at approximately $140,000. Finally, Vigilant Capital Management LLC lifted its position in International Paper by 375.1% in the 2nd quarter. Vigilant Capital Management LLC now owns 3,088 shares of the basic materials company’s stock valued at $161,000 after acquiring an additional 2,438 shares in the last quarter. 81.85% of the stock is currently owned by hedge funds and other institutional investors.
Shares of IP opened at $45.54 on Friday. The firm has a market cap of $18.55 billion, a price-to-earnings ratio of 9.15, a P/E/G ratio of 0.89 and a beta of 1.52. The company has a quick ratio of 1.13, a current ratio of 1.59 and a debt-to-equity ratio of 1.45. International Paper Co has a 1-year low of $39.60 and a 1-year high of $66.94.
International Paper (NYSE:IP) last announced its earnings results on Thursday, October 25th. The basic materials company reported $1.56 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.09. The business had revenue of $5.90 billion during the quarter, compared to analyst estimates of $5.90 billion. International Paper had a net margin of 13.68% and a return on equity of 29.42%. Sell-side analysts expect that International Paper Co will post 5.34 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Thursday, November 15th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.39%. This is a positive change from International Paper’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Wednesday, November 14th. International Paper’s dividend payout ratio is 54.44%.
International Paper announced that its board has approved a stock repurchase program on Tuesday, October 9th that authorizes the company to repurchase $430.00 million in shares. This repurchase authorization authorizes the basic materials company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
A number of brokerages have weighed in on IP. BMO Capital Markets decreased their target price on shares of International Paper from $70.00 to $66.00 and set an “outperform” rating for the company in a research note on Friday, July 27th. Argus decreased their target price on shares of International Paper from $70.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, October 29th. Citigroup reiterated a “buy” rating and set a $65.00 target price (down from $71.00) on shares of International Paper in a research note on Monday, July 23rd. Barclays decreased their target price on shares of International Paper from $55.00 to $52.00 and set an “underweight” rating for the company in a research note on Monday, July 30th. Finally, Wells Fargo & Co boosted their target price on shares of International Paper from $62.00 to $70.00 and gave the company an “outperform” rating in a research note on Monday, July 9th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $58.64.
In other news, SVP Sharon R. Ryan sold 15,000 shares of the company’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $52.87, for a total value of $793,050.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Timothy S. Nicholls sold 17,000 shares of the company’s stock in a transaction 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 completion of the sale, the insider now owns 108,538 shares of the company’s stock, valued at $5,701,501.14. The disclosure for this sale can be found here. Insiders sold a total of 46,725 shares of company stock valued at $2,484,864 over the last 90 days. 0.32% of the stock is currently owned by company insiders.
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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