Dubuque Bank & Trust Co. increased its holdings in International Paper Co (NYSE:IP) by 6.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 90,029 shares of the basic materials company’s stock after acquiring an additional 5,223 shares during the quarter. Dubuque Bank & Trust Co.’s holdings in International Paper were worth $4,425,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in IP. Miller Howard Investments Inc. NY bought a new position in International Paper in the second quarter worth about $53,831,000. Levin Capital Strategies L.P. raised its holdings in International Paper by 66.4% in the second quarter. Levin Capital Strategies L.P. now owns 1,867,499 shares of the basic materials company’s stock worth $97,259,000 after purchasing an additional 745,170 shares in the last quarter. Conning Inc. raised its holdings in International Paper by 4,805.7% in the third quarter. Conning Inc. now owns 733,935 shares of the basic materials company’s stock worth $36,073,000 after purchasing an additional 718,974 shares in the last quarter. First Trust Advisors LP raised its holdings in International Paper by 130.8% in the second quarter. First Trust Advisors LP now owns 640,036 shares of the basic materials company’s stock worth $33,333,000 after purchasing an additional 362,690 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in International Paper by 16.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,921,940 shares of the basic materials company’s stock worth $100,100,000 after purchasing an additional 269,329 shares in the last quarter. 81.85% of the stock is owned by institutional investors.
In related news, SVP Sharon R. Ryan sold 15,000 shares of the stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $52.87, for a total value of $793,050.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jeanmichel Ribieras sold 10,000 shares of the 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,725 shares of company stock worth $2,484,864. Corporate insiders own 0.32% of the company’s stock.
International Paper (NYSE:IP) last posted its quarterly earnings data on Thursday, October 25th. The basic materials company reported $1.56 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.47 by $0.09. International Paper had a net margin of 13.68% and a return on equity of 29.42%. The firm had revenue of $5.90 billion for the quarter, compared to the consensus estimate of $5.90 billion. On average, analysts anticipate that International Paper Co will post 5.28 earnings per share for the current fiscal year.
International Paper declared that its Board of Directors has authorized a stock buyback program 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 programs are generally 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 dividend of $0.50 per share. The ex-dividend date is Wednesday, November 14th. This represents a $2.00 annualized dividend and a dividend yield of 4.41%. This is an increase from International Paper’s previous quarterly dividend of $0.48. International Paper’s dividend payout ratio is 54.44%.
A number of brokerages have commented on IP. BMO Capital Markets reduced their target price on shares of International Paper from $70.00 to $66.00 and set an “outperform” rating for the company in a report on Friday, July 27th. Argus reduced their target price on shares of International Paper from $70.00 to $55.00 and set a “buy” rating for the company in a report on Monday. Barclays reduced their target price on shares of International Paper from $55.00 to $52.00 and set an “underweight” rating for the company in a report on Monday, July 30th. Wells Fargo & Co boosted their target price on shares of International Paper from $62.00 to $70.00 and gave the stock an “outperform” rating in a report on Monday, July 9th. Finally, Stephens reiterated a “hold” rating and issued a $57.00 target price on shares of International Paper in a report on Thursday, July 5th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. International Paper presently has an average rating of “Hold” and an average target price of $58.64.
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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