International Paper Company (IP) Shares Bought by Sound Shore Management Inc. CT
Sound Shore Management Inc. CT raised its position in shares of International Paper Company (NYSE:IP) by 16.5% during the first quarter, according to its most recent filing with the SEC. The fund owned 3,370,525 shares of the basic materials company’s stock after buying an additional 477,084 shares during the period. International Paper Company comprises approximately 2.8% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 17th largest position. Sound Shore Management Inc. CT owned about 0.82% of International Paper Company worth $171,155,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of International Paper Company during the fourth quarter valued at approximately $196,164,000. Bank of New York Mellon Corp raised its position in shares of International Paper Company by 62.9% in the first quarter. Bank of New York Mellon Corp now owns 6,389,395 shares of the basic materials company’s stock valued at $324,455,000 after buying an additional 2,466,074 shares during the period. Ameriprise Financial Inc. raised its position in shares of International Paper Company by 64.2% in the first quarter. Ameriprise Financial Inc. now owns 5,369,840 shares of the basic materials company’s stock valued at $271,771,000 after buying an additional 2,098,824 shares during the period. Iridian Asset Management LLC CT acquired a new position in shares of International Paper Company during the fourth quarter valued at about $79,688,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in shares of International Paper Company during the fourth quarter valued at about $78,386,000. Hedge funds and other institutional investors own 84.41% of the company’s stock.
Shares of International Paper Company (NYSE:IP) traded up 0.36% on Thursday, reaching $56.09. The company’s stock had a trading volume of 658,556 shares. International Paper Company has a one year low of $39.24 and a one year high of $58.86. The firm has a 50-day moving average price of $53.30 and a 200 day moving average price of $52.75. The firm has a market capitalization of $23.16 billion, a PE ratio of 29.98 and a beta of 1.44.
International Paper Company (NYSE:IP) last released its quarterly earnings results on Thursday, April 27th. The basic materials company reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.04. The firm had revenue of $5.51 billion for the quarter, compared to analyst estimates of $5.44 billion. International Paper Company had a net margin of 3.63% and a return on equity of 30.44%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.80 EPS. On average, analysts anticipate that International Paper Company will post $3.63 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Friday, May 26th will be given a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date is Wednesday, May 24th. International Paper Company’s payout ratio is 98.40%.
A number of equities analysts have recently weighed in on the company. Deutsche Bank AG upped their target price on International Paper Company from $50.00 to $54.00 and gave the stock a “hold” rating in a research report on Tuesday, April 25th. Citigroup Inc. reissued a “neutral” rating on shares of International Paper Company in a research report on Saturday, April 22nd. Jefferies Group LLC restated a “buy” rating and issued a $63.00 price objective on shares of International Paper Company in a research note on Wednesday, April 12th. Royal Bank Of Canada upgraded International Paper Company from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $50.00 to $56.00 in a research note on Wednesday, April 19th. Finally, Barclays PLC increased their price target on International Paper Company from $45.00 to $48.00 and gave the stock an “underweight” rating in a research note on Monday, May 1st. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $55.44.
About International Paper Company
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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