International Paper (NYSE:IP) had its price objective reduced by Barclays from $45.00 to $44.00 in a report released on Monday. They currently have an underweight rating on the basic materials company’s stock.
Several other research analysts have also recently weighed in on the company. ValuEngine cut International Paper from a sell rating to a strong sell rating in a research note on Wednesday, October 3rd. Zacks Investment Research downgraded shares of International Paper from a buy rating to a hold rating in a research note on Friday, September 21st. Stephens set a $57.00 price objective on shares of International Paper and gave the company a hold rating in a research note on Tuesday, September 11th. Goldman Sachs Group downgraded shares of International Paper from a buy rating to a neutral rating and set a $53.00 price objective for the company. in a research note on Wednesday, October 10th. Finally, Wells Fargo & Co upped their price objective on shares of International Paper from $62.00 to $70.00 and gave the company an outperform rating in a research note on Monday, July 9th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. International Paper presently has an average rating of Hold and an average target price of $58.64.
NYSE:IP traded down $0.16 during trading hours on Monday, reaching $45.20. 290,618 shares of the company traded hands, compared to its average volume of 5,385,492. The stock has a market capitalization of $18.55 billion, a price-to-earnings ratio of 12.95, a PEG ratio of 0.89 and a beta of 1.54. International Paper has a 1 year low of $39.60 and a 1 year high of $66.94. The company has a current ratio of 1.59, a quick ratio of 1.13 and a debt-to-equity ratio of 1.45.
International Paper announced that its Board of Directors has approved a share repurchase plan on Tuesday, October 9th that allows the company to repurchase $430.00 million in shares. This repurchase authorization allows the basic materials company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.
The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 4.42%. This is a boost from International Paper’s previous quarterly dividend of $0.48. The ex-dividend date is Wednesday, November 14th. International Paper’s dividend payout ratio is presently 54.44%.
In other news, SVP Sharon R. Ryan sold 15,000 shares of the company’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John V. Sims sold 4,725 shares of the company’s stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $54.35, for a total transaction of $256,803.75. The disclosure for this sale can be found here. Insiders sold 46,725 shares of company stock valued at $2,484,864 over the last ninety days. Corporate insiders own 0.32% of the company’s stock.
Large investors have recently made changes to their positions in the company. Qube Research & Technologies Ltd purchased a new stake in shares of International Paper in the second quarter valued at about $106,000. Squar Milner Financial Services LLC purchased a new position in International Paper during the second quarter worth about $125,000. Flagship Harbor Advisors LLC purchased a new position in International Paper during the second quarter worth about $139,000. Diamant Asset Management Inc. purchased a new position in International Paper during the third quarter worth about $140,000. Finally, Vigilant Capital Management LLC raised its holdings in International Paper by 375.1% during the second quarter. Vigilant Capital Management LLC now owns 3,088 shares of the basic materials company’s stock worth $161,000 after purchasing an additional 2,438 shares in the last quarter. 81.85% of the stock is owned by institutional investors and hedge funds.
About International Paper
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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