40,500 Shares in International Paper Co (IP) Acquired by Seven Eight Capital LP
Seven Eight Capital LP bought a new position in shares of International Paper Co (NYSE:IP) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 40,500 shares of the basic materials company’s stock, valued at approximately $1,991,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Grassi Investment Management lifted its position in International Paper by 0.9% during the second quarter. Grassi Investment Management now owns 105,807 shares of the basic materials company’s stock worth $5,510,000 after buying an additional 962 shares during the period. Pitcairn Co. lifted its position in International Paper by 8.4% during the second quarter. Pitcairn Co. now owns 12,761 shares of the basic materials company’s stock worth $665,000 after buying an additional 993 shares during the period. Townsend & Associates Inc lifted its position in International Paper by 8.7% during the second quarter. Townsend & Associates Inc now owns 12,407 shares of the basic materials company’s stock worth $646,000 after buying an additional 997 shares during the period. State Treasurer State of Michigan lifted its position in International Paper by 0.8% during the second quarter. State Treasurer State of Michigan now owns 122,573 shares of the basic materials company’s stock worth $6,384,000 after buying an additional 1,000 shares during the period. Finally, Independent Advisor Alliance lifted its position in International Paper by 9.2% during the second quarter. Independent Advisor Alliance now owns 12,113 shares of the basic materials company’s stock worth $626,000 after buying an additional 1,022 shares during the period. Hedge funds and other institutional investors own 81.81% of the company’s stock.
International Paper stock opened at $40.93 on Tuesday. The stock has a market capitalization of $17.27 billion, a PE ratio of 9.43, a PEG ratio of 0.87 and a beta of 1.54. The company has a current ratio of 1.57, a quick ratio of 1.13 and a debt-to-equity ratio of 1.57. International Paper Co has a 12 month low of $40.81 and a 12 month high of $66.94.
International Paper announced that its board has initiated a share 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 stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The business also recently announced 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. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.89%. This is a positive change from International Paper’s previous quarterly dividend of $0.48. International Paper’s dividend payout ratio (DPR) is 54.44%.
In other news, insider Timothy S. Nicholls sold 17,000 shares of the stock in a transaction dated 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 in the company, valued at $5,701,501.14. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP John V. Sims sold 4,725 shares of the stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $54.35, for a total value of $256,803.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,725 shares of company stock valued at $2,484,864. Insiders own 0.32% of the company’s stock.
A number of equities analysts have recently commented on the company. Goldman Sachs Group downgraded International Paper from a “buy” rating to a “neutral” rating and set a $53.00 price objective on the stock. in a report on Wednesday, October 10th. Zacks Investment Research upgraded International Paper from a “hold” rating to a “buy” rating and set a $59.00 price objective on the stock in a report on Wednesday, August 1st. ValuEngine downgraded International Paper from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 3rd. Citigroup cut their price objective on International Paper from $67.00 to $51.00 and set a “buy” rating on the stock in a report on Thursday, October 11th. Finally, Stephens set a $57.00 price objective on International Paper and gave the stock a “hold” rating in a report on Tuesday, September 11th. Three 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’s stock. The company presently has an average 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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