Oppenheimer & Co. Inc. cut its stake in International Paper Company (NYSE:IP) by 17.4% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 41,970 shares of the basic materials company’s stock after selling 8,813 shares during the period. Oppenheimer & Co. Inc.’s holdings in International Paper were worth $2,131,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Chevy Chase Trust Holdings Inc. boosted its stake in shares of International Paper by 3.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 355,123 shares of the basic materials company’s stock valued at $18,033,000 after buying an additional 10,901 shares during the period. Park National Corp OH boosted its position in shares of International Paper by 7.0% in the first quarter. Park National Corp OH now owns 5,849 shares of the basic materials company’s stock worth $297,000 after buying an additional 383 shares during the last quarter. TrueNorth Inc. acquired a new position in shares of International Paper during the fourth quarter worth about $689,000. Macquarie Group Ltd. boosted its position in shares of International Paper by 1,220.4% in the fourth quarter. Macquarie Group Ltd. now owns 136,003 shares of the basic materials company’s stock worth $7,216,000 after buying an additional 125,703 shares during the last quarter. Finally, Searle & CO. acquired a new position in shares of International Paper during the fourth quarter worth about $780,000. Hedge funds and other institutional investors own 83.08% of the company’s stock.
Shares of International Paper Company (NYSE:IP) traded down 4.78% on Friday, reaching $54.74. 6,280,646 shares of the company’s stock were exchanged. International Paper Company has a 12 month low of $43.55 and a 12 month high of $58.95. The company has a market capitalization of $23.05 billion, a P/E ratio of 27.80 and a beta of 1.48. The firm’s 50 day moving average price is $56.61 and its 200-day moving average price is $53.65.
International Paper (NYSE:IP) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.65 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.01. The firm had revenue of $5.77 billion for the quarter, compared to analyst estimates of $5.72 billion. International Paper had a return on equity of 27.09% and a net margin of 3.73%. The business’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.92 EPS. On average, equities analysts anticipate that International Paper Company will post $3.60 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 15th will be given a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a dividend yield of 3.38%. The ex-dividend date is Friday, August 11th. International Paper’s dividend payout ratio (DPR) is 93.91%.
IP has been the subject of a number of research reports. Jefferies Group LLC restated a “buy” rating and set a $65.00 target price (up previously from $63.00) on shares of International Paper in a research report on Saturday, April 29th. Goldman Sachs Group, Inc. (The) upgraded shares of International Paper from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $60.00 to $64.00 in a research report on Thursday, July 13th. Zacks Investment Research upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a research report on Tuesday, July 11th. BidaskClub upgraded shares of International Paper from a “hold” rating to a “buy” rating in a research report on Friday, June 16th. Finally, Vertical Research reiterated a “buy” rating on shares of International Paper in a report on Friday. Three analysts have rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. International Paper currently has a consensus rating of “Hold” and an average price target of $56.90.
About International Paper
International Paper Company is a paper and packaging company with primary markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia, Africa and the Middle East. The Company’s segments include Industrial Packaging, Global Cellulose Fibers, Printing Papers and Consumer Packaging.
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