British Columbia Investment Management Corp Lowers Position in International Paper Co. (IP)
British Columbia Investment Management Corp reduced its stake in shares of International Paper Co. (NYSE:IP) by 27.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 181,324 shares of the company’s stock after selling 67,539 shares during the period. British Columbia Investment Management Corp’s holdings in International Paper were worth $8,700,000 as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of IP. SevenBridge Financial Group LLC bought a new stake in shares of International Paper during the second quarter valued at about $141,000. Johnson Financial Group Inc. increased its stake in shares of International Paper by 2,458.9% in the second quarter. Johnson Financial Group Inc. now owns 4,606 shares of the company’s stock valued at $195,000 after buying an additional 4,426 shares in the last quarter. Bender Robert & Associates bought a new stake in shares of International Paper during the second quarter valued at about $202,000. Trust Co bought a new stake in shares of International Paper during the first quarter valued at about $205,000. Finally, Palladium Partners LLC bought a new stake in shares of International Paper during the second quarter valued at about $205,000. 80.64% of the stock is currently owned by institutional investors.
International Paper Co. (NYSE:IP) traded up 0.647% during midday trading on Tuesday, hitting $49.005. The stock had a trading volume of 884,153 shares. The stock has a market cap of $20.15 billion, a P/E ratio of 23.605 and a beta of 1.52. International Paper Co. has a 12-month low of $32.50 and a 12-month high of $49.90. The company’s 50-day moving average price is $46.51 and its 200 day moving average price is $45.44.
International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, October 27th. The company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by $0.02. International Paper had a net margin of 4.09% and a return on equity of 35.28%. The business had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.36 billion. The business’s quarterly revenue was down 7.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.97 EPS. On average, equities research analysts predict that International Paper Co. will post $3.34 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Tuesday, November 15th will be given a dividend of $0.4625 per share. This is a boost from International Paper’s previous quarterly dividend of $0.44. The ex-dividend date is Thursday, November 10th. This represents a $1.85 dividend on an annualized basis and a yield of 3.80%. International Paper’s dividend payout ratio (DPR) is presently 88.52%.
Several analysts have recently issued reports on the company. Goldman Sachs Group Inc. assumed coverage on International Paper in a research report on Thursday, September 22nd. They issued a “neutral” rating and a $49.00 price objective on the stock. Citigroup Inc. increased their target price on International Paper from $47.00 to $49.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 2nd. Credit Suisse Group AG reiterated a “hold” rating and set a $47.00 target price on shares of International Paper in a research report on Monday, August 1st. Vetr upgraded International Paper from a “sell” rating to a “buy” rating and set a $51.66 target price on the stock in a research report on Thursday, September 22nd. Finally, Jefferies Group reiterated a “hold” rating and set a $51.00 target price on shares of International Paper in a research report on Thursday, October 20th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $47.83.
In related news, insider Thomas G. Kadien sold 10,000 shares of International Paper stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $47.86, for a total transaction of $478,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William P. Hoel sold 20,000 shares of International Paper stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $48.12, for a total value of $962,400.00. 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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