Comerica Securities Inc. boosted its stake in shares of International Paper Co (NYSE:IP) by 6.4% during the third quarter, HoldingsChannel reports. The firm owned 62,278 shares of the basic materials company’s stock after purchasing an additional 3,766 shares during the quarter. Comerica Securities Inc.’s holdings in International Paper were worth $3,061,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the stock. Gulf International Bank UK Ltd raised its stake in International Paper by 8.2% in the third quarter. Gulf International Bank UK Ltd now owns 133,602 shares of the basic materials company’s stock valued at $6,566,000 after buying an additional 10,100 shares during the last quarter. Mn Services Vermogensbeheer B.V. raised its stake in International Paper by 3.4% in the third quarter. Mn Services Vermogensbeheer B.V. now owns 63,127 shares of the basic materials company’s stock valued at $3,103,000 after buying an additional 2,100 shares during the last quarter. Virginia Retirement Systems ET AL raised its stake in International Paper by 6.8% in the third quarter. Virginia Retirement Systems ET AL now owns 134,600 shares of the basic materials company’s stock valued at $6,616,000 after buying an additional 8,600 shares during the last quarter. WINTON GROUP Ltd raised its stake in International Paper by 77.7% in the third quarter. WINTON GROUP Ltd now owns 6,979 shares of the basic materials company’s stock valued at $343,000 after buying an additional 3,052 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in International Paper by 63.1% in the third quarter. American Century Companies Inc. now owns 829,528 shares of the basic materials company’s stock valued at $40,771,000 after buying an additional 320,798 shares during the last quarter. 82.24% of the stock is currently owned by institutional investors.
Shares of NYSE:IP opened at $46.63 on Wednesday. International Paper Co has a 52-week low of $39.60 and a 52-week high of $66.94. The stock has a market capitalization of $18.62 billion, a PE ratio of 13.36, a PEG ratio of 0.90 and a beta of 1.53. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.59 and a quick ratio of 1.13.
International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, October 25th. The basic materials company reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.47 by $0.09. The company had revenue of $5.90 billion during the quarter, compared to analysts’ expectations of $5.90 billion. International Paper had a return on equity of 29.42% and a net margin of 13.68%. As a group, equities analysts predict that International Paper Co will post 5.31 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Thursday, November 15th will be given a dividend of $0.50 per share. This is a boost from International Paper’s previous quarterly dividend of $0.48. This represents a $2.00 annualized dividend and a yield of 4.29%. The ex-dividend date of this dividend is Wednesday, November 14th. International Paper’s dividend payout ratio (DPR) is currently 54.44%.
International Paper declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, October 9th that authorizes the company to buyback $430.00 million in shares. This buyback authorization authorizes the basic materials company to purchase up to 2.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.
Several brokerages have recently issued reports on IP. Zacks Investment Research cut International Paper from a “buy” rating to a “hold” rating in a research note on Tuesday, July 10th. Deutsche Bank set a $55.00 price objective on International Paper and gave the stock a “hold” rating in a research note on Monday, October 29th. BMO Capital Markets reduced their price objective on International Paper from $70.00 to $66.00 and set an “outperform” rating for the company in a research note on Friday, July 27th. Barclays reduced their price objective on International Paper from $45.00 to $44.00 and set an “underweight” rating for the company in a research note on Monday, October 29th. Finally, Argus reduced their price objective on International Paper from $70.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, October 29th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $58.64.
In related news, insider Jeanmichel Ribieras sold 10,000 shares of International Paper stock in a transaction that occurred on Wednesday, September 19th. The stock was sold at an average price of $54.20, for a total transaction of $542,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Timothy S. Nicholls sold 17,000 shares of International Paper stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $52.53, for a total value of $893,010.00. Following the transaction, 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. Over the last quarter, insiders have sold 31,725 shares of company stock valued at $1,691,814. 0.32% of the stock is owned by company insiders.
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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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