Salem Capital Management Inc. Sells 1,160 Shares of International Paper Co. (IP)
Salem Capital Management Inc. decreased its stake in International Paper Co. (NYSE:IP) by 0.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 139,805 shares of the company’s stock after selling 1,160 shares during the period. International Paper accounts for approximately 3.7% of Salem Capital Management Inc.’s holdings, making the stock its 10th largest position. Salem Capital Management Inc.’s holdings in International Paper were worth $6,708,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. Trust Co acquired a new stake in shares of International Paper during the first quarter valued at approximately $205,000. Chevy Chase Trust Holdings Inc. boosted its stake in shares of International Paper by 1.1% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 351,849 shares of the company’s stock valued at $14,911,000 after buying an additional 3,949 shares during the period. Exxonmobil Investment Management Inc. TX boosted its stake in shares of International Paper by 6.3% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 106,432 shares of the company’s stock valued at $4,511,000 after buying an additional 6,325 shares during the period. DNB Asset Management AS boosted its stake in shares of International Paper by 2.7% in the second quarter. DNB Asset Management AS now owns 30,297 shares of the company’s stock valued at $1,284,000 after buying an additional 800 shares during the period. Finally, Park National Corp OH boosted its stake in shares of International Paper by 4.5% in the second quarter. Park National Corp OH now owns 5,780 shares of the company’s stock valued at $245,000 after buying an additional 250 shares during the period. 81.87% of the stock is owned by institutional investors and hedge funds.
International Paper Co. (NYSE:IP) traded down 0.29% during trading on Monday, hitting $48.31. The stock had a trading volume of 2,503,897 shares. International Paper Co. has a 12-month low of $32.50 and a 12-month high of $49.90. The company has a market capitalization of $19.87 billion, a price-to-earnings ratio of 23.27 and a beta of 1.52. The stock has a 50 day moving average price of $46.29 and a 200 day moving average price of $45.13.
International Paper (NYSE:IP) last announced its earnings results on Thursday, October 27th. The company reported $0.91 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.93 by $0.02. The company earned $5.30 billion during the quarter, compared to analyst estimates of $5.36 billion. International Paper had a return on equity of 35.28% and a net margin of 4.09%. International Paper’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.97 earnings per share. Equities research analysts forecast that International Paper Co. will post $3.34 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Tuesday, November 15th will be paid a $0.4625 dividend. The ex-dividend date is Thursday, November 10th. 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 3.83%. International Paper’s dividend payout ratio is presently 88.52%.
Several analysts have recently commented on IP shares. Vetr raised International Paper from a “buy” rating to a “strong-buy” rating and set a $51.66 target price for the company in a research report on Tuesday, October 11th. Zacks Investment Research upgraded International Paper from a “hold” rating to a “strong-buy” rating and set a $55.00 price objective for the company in a report on Monday, October 3rd. Citigroup Inc. increased their price objective on International Paper from $49.00 to $53.00 and gave the stock a “neutral” rating in a report on Wednesday, August 31st. Deutsche Bank AG set a $50.00 price objective on International Paper and gave the stock a “hold” rating in a report on Friday, September 23rd. Finally, increased their price objective on International Paper from $45.00 to $53.00 and gave the stock an “underperform” rating in a report on Tuesday, September 6th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $47.83.
In other news, insider Thomas G. Kadien sold 10,000 shares of the stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $47.86, for a total transaction of $478,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider William P. Hoel sold 20,000 shares of the stock in a transaction dated Tuesday, September 13th. The stock was sold at an average price of $48.12, for a total transaction of $962,400.00. The disclosure for this sale can be found here. 0.64% of the stock is currently owned by corporate insiders.
About International Paper
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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