Sumitomo Mitsui Trust Holdings Inc. Lowers Position in International Paper Co. (IP)
Sumitomo Mitsui Trust Holdings Inc. reduced its stake in shares of International Paper Co. (NYSE:IP) by 30.4% during the second quarter, according to its most recent filing with the SEC. The firm owned 1,231,395 shares of the company’s stock after selling 536,594 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.31% of International Paper worth $52,187,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the stock. Alps Advisors Inc. boosted its stake in shares of International Paper by 11.2% in the second quarter. Alps Advisors Inc. now owns 608,955 shares of the company’s stock worth $25,808,000 after buying an additional 61,508 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of International Paper by 2.9% in the first quarter. Legal & General Group Plc now owns 1,974,481 shares of the company’s stock worth $81,027,000 after buying an additional 55,797 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of International Paper by 1.3% in the first quarter. Geode Capital Management LLC now owns 3,272,491 shares of the company’s stock worth $134,028,000 after buying an additional 42,981 shares in the last quarter. Loomis Sayles & Co. L P boosted its stake in shares of International Paper by 68.6% in the first quarter. Loomis Sayles & Co. L P now owns 22,757 shares of the company’s stock worth $934,000 after buying an additional 9,263 shares in the last quarter. Finally, Williams Jones & Associates LLC bought a new stake in shares of International Paper during the first quarter worth about $607,000. Hedge funds and other institutional investors own 81.71% of the company’s stock.
Shares of International Paper Co. (NYSE:IP) traded up 1.01% during mid-day trading on Monday, hitting $47.20. The company had a trading volume of 2,397,500 shares. The company’s 50-day moving average is $47.91 and its 200 day moving average is $44.37. The company has a market capitalization of $19.41 billion, a PE ratio of 25.57 and a beta of 1.55. International Paper Co. has a one year low of $32.50 and a one year high of $49.90.
International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.92 EPS for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.08. The business had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.32 billion. International Paper had a return on equity of 35.41% and a net margin of 3.58%. International Paper’s quarterly revenue was down 6.9% compared to the same quarter last year. During the same period last year, the company posted $0.97 earnings per share. On average, equities research analysts forecast that International Paper Co. will post $3.49 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Tuesday, November 15th will be issued a dividend of $0.4625 per share. This is a positive change from International Paper’s previous quarterly dividend of $0.44. This represents a $1.85 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date of this dividend is Thursday, November 10th. International Paper’s dividend payout ratio (DPR) is 94.12%.
A number of equities research analysts have recently issued reports on IP shares. Vetr cut International Paper from a “strong-buy” rating to a “buy” rating and set a $46.81 price objective on the stock. in a research note on Monday, June 20th. Wells Fargo & Co. reissued a “buy” rating on shares of International Paper in a report on Monday, June 20th. Zacks Investment Research raised International Paper from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a report on Tuesday, July 5th. Jefferies Group boosted their target price on International Paper from $47.00 to $49.00 and gave the stock a “hold” rating in a report on Friday, July 29th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $42.00 target price on shares of International Paper in a report on Friday, July 29th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, two have issued a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $47.71.
In other International Paper news, insider William P. Hoel sold 20,000 shares of the firm’s stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $48.12, for a total value of $962,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Carol L. Roberts sold 12,256 shares of the firm’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $46.20, for a total value of $566,227.20. The disclosure for this sale can be found here. Corporate insiders own 0.64% of the company’s stock.
International Paper Company Profile
International Paper Company (International Paper) 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 operates in three segments: Industrial Packaging, Printing Papers and Consumer Packaging.
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