Zions Bancorporation acquired a new position in shares of International Paper Co (NYSE:IP) in the 3rd quarter, Holdings Channel reports. The fund acquired 4,359 shares of the basic materials company’s stock, valued at approximately $214,000.
Other hedge funds have also recently modified their holdings of the company. Qube Research & Technologies Ltd acquired a new position in International Paper during the second quarter worth $106,000. Squar Milner Financial Services LLC acquired a new position in International Paper during the second quarter worth $125,000. Meeder Asset Management Inc. acquired a new position in International Paper during the third quarter worth $133,000. Flagship Harbor Advisors LLC acquired a new position in International Paper during the second quarter worth $139,000. Finally, Diamant Asset Management Inc. acquired a new position in International Paper during the third quarter worth $140,000. 82.24% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently issued reports on IP. ValuEngine raised International Paper from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 24th. BMO Capital Markets cut International Paper from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $66.00 to $51.00 in a report on Tuesday, October 9th. Zacks Investment Research cut International Paper from a “buy” rating to a “hold” rating in a report on Friday, September 21st. Barclays reduced their price objective on International Paper from $55.00 to $52.00 and set an “underweight” rating for the company in a report on Monday, July 30th. Finally, Argus reduced their price objective on International Paper from $70.00 to $55.00 and set a “buy” rating for the company in a report on Monday, October 29th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. International Paper currently has an average rating of “Hold” and a consensus price target of $58.64.
International Paper (NYSE:IP) last released its quarterly earnings results on Thursday, October 25th. The basic materials company reported $1.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.09. International Paper had a return on equity of 29.42% and a net margin of 13.68%. The company had revenue of $5.90 billion during the quarter, compared to analysts’ expectations of $5.90 billion. As a group, research analysts predict that International Paper Co will post 5.31 earnings per share for the current fiscal year.
The business also recently declared 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 4.29%. This is a boost from International Paper’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Wednesday, November 14th. International Paper’s payout ratio is 54.44%.
International Paper announced that its Board of Directors has approved a share buyback 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 buy up to 2.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
In other news, insider Timothy S. Nicholls sold 17,000 shares of International Paper 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 completion of the sale, the insider now owns 108,538 shares of the company’s stock, valued at $5,701,501.14. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jeanmichel Ribieras sold 10,000 shares of International Paper stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $54.20, for a total value of $542,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,725 shares of company stock valued at $1,691,814. Insiders own 0.32% of the company’s stock.
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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