Clinton Group Inc. Lowers Position in International Paper Co (IP)
Clinton Group Inc. lowered its position in shares of International Paper Co (NYSE:IP) by 12.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,014 shares of the basic materials company’s stock after selling 1,315 shares during the quarter. Clinton Group Inc.’s holdings in International Paper were worth $443,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. Grassi Investment Management boosted its position in International Paper by 0.9% during the 2nd quarter. Grassi Investment Management now owns 105,807 shares of the basic materials company’s stock worth $5,510,000 after acquiring an additional 962 shares during the last quarter. Pitcairn Co. boosted its position in International Paper by 8.4% during the 2nd quarter. Pitcairn Co. now owns 12,761 shares of the basic materials company’s stock worth $665,000 after acquiring an additional 993 shares during the last quarter. Townsend & Associates Inc boosted its position in International Paper by 8.7% during the 2nd quarter. Townsend & Associates Inc now owns 12,407 shares of the basic materials company’s stock worth $646,000 after acquiring an additional 997 shares during the last quarter. State Treasurer State of Michigan boosted its position in International Paper by 0.8% during the 2nd quarter. State Treasurer State of Michigan now owns 122,573 shares of the basic materials company’s stock worth $6,384,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Independent Advisor Alliance boosted its position in International Paper by 9.2% during the 2nd quarter. Independent Advisor Alliance now owns 12,113 shares of the basic materials company’s stock worth $626,000 after acquiring an additional 1,022 shares during the last quarter. 82.22% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Timothy S. Nicholls sold 17,000 shares of the 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 sale, the insider now owns 108,538 shares in the company, valued at approximately $5,701,501.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Sharon R. Ryan sold 15,000 shares of the stock in a transaction on Monday, August 6th. The shares were sold at an average price of $52.87, for a total value of $793,050.00. The disclosure for this sale can be found here. In the last three months, insiders sold 46,725 shares of company stock valued at $2,484,864. 0.32% of the stock is currently owned by insiders.
International Paper (NYSE:IP) last released its quarterly earnings data on Thursday, July 26th. The basic materials company reported $1.19 EPS for the quarter, beating the consensus estimate of $1.09 by $0.10. The company had revenue of $5.83 billion during the quarter, compared to the consensus estimate 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 for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.65 EPS. On average, sell-side analysts forecast that International Paper Co will post 5.21 earnings per share for the current year.
International Paper announced that its board has authorized a share repurchase plan on Tuesday, October 9th that allows the company to repurchase $430.00 million in outstanding shares. This repurchase authorization allows the basic materials company to buy up to 2.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
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 issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.69%. 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. International Paper’s dividend payout ratio is presently 54.44%.
IP has been the subject of a number of recent research reports. MED reduced their price target on International Paper from $65.00 to $64.00 and set a “hold” rating for the company in a research report on Monday, June 18th. 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 for the company. ValuEngine downgraded International Paper from a “hold” rating to a “sell” rating in a research report on Wednesday, June 20th. Stephens reaffirmed a “hold” rating and set a $57.00 price target on shares of International Paper in a research report on Thursday, July 5th. Finally, Wells Fargo & Co upped their price target on International Paper from $62.00 to $70.00 and gave the stock an “outperform” rating in a research report on Monday, July 9th. 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 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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