International Paper Co (IP) Stake Increased by State of Alaska Department of Revenue
State of Alaska Department of Revenue grew its stake in shares of International Paper Co (NYSE:IP) by 1.2% in the third quarter, HoldingsChannel.com reports. The fund owned 110,536 shares of the basic materials company’s stock after acquiring an additional 1,263 shares during the quarter. State of Alaska Department of Revenue’s holdings in International Paper were worth $5,430,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in the company. Neville Rodie & Shaw Inc. lifted its position in shares of International Paper by 6.0% during the 3rd quarter. Neville Rodie & Shaw Inc. now owns 69,831 shares of the basic materials company’s stock valued at $3,432,000 after acquiring an additional 3,931 shares during the period. Atria Investments LLC lifted its position in shares of International Paper by 22.4% during the 3rd quarter. Atria Investments LLC now owns 57,781 shares of the basic materials company’s stock worth $2,840,000 after buying an additional 10,570 shares during the last quarter. Boenning & Scattergood Inc. lifted its position in shares of International Paper by 5.2% during the 3rd quarter. Boenning & Scattergood Inc. now owns 28,020 shares of the basic materials company’s stock worth $1,377,000 after buying an additional 1,377 shares during the last quarter. Fulton Bank N.A. bought a new stake in shares of International Paper during the 3rd quarter worth $429,000. Finally, Old Port Advisors bought a new stake in shares of International Paper during the 2nd quarter worth $1,937,000. Hedge funds and other institutional investors own 82.22% of the company’s stock.
Several analysts recently weighed in on IP shares. Deutsche Bank started coverage on International Paper in a research report on Monday, June 18th. They set a “hold” rating and a $64.00 price objective for the company. Citigroup dropped their price objective on International Paper from $67.00 to $51.00 and set a “buy” rating for the company in a research report on Thursday. Goldman Sachs Group downgraded International Paper from a “buy” rating to a “neutral” rating and set a $53.00 price objective for the company. in a research report on Wednesday. Stephens set a $57.00 price objective on International Paper and gave the stock a “hold” rating in a research report on Tuesday, September 11th. Finally, Zacks Investment Research downgraded International Paper from a “hold” rating to a “sell” rating in a research report on Thursday, October 4th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. International Paper has an average rating of “Hold” and an average target price of $61.50.
International Paper (NYSE:IP) last issued its earnings results on Thursday, July 26th. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.10. International Paper had a return on equity of 29.24% and a net margin of 12.95%. The business had revenue of $5.83 billion during the quarter, compared to analysts’ expectations of $5.80 billion. During the same quarter in the prior year, the firm earned $0.65 EPS. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, research analysts forecast that International Paper Co will post 5.21 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Thursday, November 15th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.69%. The ex-dividend date is Wednesday, November 14th. This is a boost from International Paper’s previous quarterly dividend of $0.48. International Paper’s dividend payout ratio is presently 54.44%.
International Paper announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, October 9th that authorizes the company to repurchase $430.00 million in shares. This repurchase authorization authorizes the basic materials company to buy up to 2.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, insider Jeanmichel Ribieras sold 10,000 shares of the stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $54.20, for a total value of $542,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Timothy S. Nicholls sold 17,000 shares of the stock in a transaction dated Tuesday, August 28th. The shares were 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 directly owns 108,538 shares of the company’s stock, valued at approximately $5,701,501.14. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,725 shares of company stock valued at $2,484,864. Insiders own 0.32% of the company’s stock.
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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