Atalanta Sosnoff Capital LLC Cuts Position in International Paper Company (NYSE:IP)
Atalanta Sosnoff Capital LLC lowered its stake in shares of International Paper Company (NYSE:IP) by 5.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 74,078 shares of the basic materials company’s stock after selling 3,953 shares during the period. Atalanta Sosnoff Capital LLC’s holdings in International Paper were worth $4,194,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in IP. Searle & CO. bought a new position in shares of International Paper during the fourth quarter valued at approximately $780,000. JPMorgan Chase & Co. increased its position in shares of International Paper by 2.2% in the first quarter. JPMorgan Chase & Co. now owns 438,814 shares of the basic materials company’s stock valued at $22,282,000 after buying an additional 9,553 shares during the period. UBS Asset Management Americas Inc. increased its stake in shares of International Paper by 3.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,066,651 shares of the basic materials company’s stock valued at $56,598,000 after buying an additional 31,894 shares during the last quarter. Macquarie Group Ltd. increased its stake 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 valued at $7,216,000 after buying an additional 125,703 shares during the last quarter. Finally, Sound Shore Management Inc. CT increased its stake in shares of International Paper by 16.5% in the first quarter. Sound Shore Management Inc. CT now owns 3,370,525 shares of the basic materials company’s stock valued at $171,155,000 after buying an additional 477,084 shares during the last quarter. Institutional investors own 83.04% of the company’s stock.
International Paper Company (IP) opened at 53.41 on Thursday. The firm’s 50 day moving average price is $56.23 and its 200-day moving average price is $53.70. The company has a market capitalization of $22.05 billion, a PE ratio of 27.13 and a beta of 1.46. International Paper Company has a one year low of $43.55 and a one year high of $58.95.
International Paper (NYSE:IP) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.65 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.01. International Paper had a return on equity of 27.09% and a net margin of 3.73%. The company had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.72 billion. During the same period last year, the company earned $0.92 earnings per share. The firm’s revenue was up 8.5% compared to the same quarter last year. Equities analysts forecast that International Paper Company will post $3.47 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 15th will be given a dividend of $0.4625 per share. The ex-dividend date is Friday, August 11th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.46%. International Paper’s dividend payout ratio (DPR) is 93.91%.
IP has been the topic of several research analyst reports. Jefferies Group LLC restated a “buy” rating and issued a $63.00 price objective on shares of International Paper in a research note on Wednesday, April 12th. Royal Bank Of Canada upgraded shares of International Paper from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $50.00 to $56.00 in a research note on Wednesday, April 19th. Citigroup Inc. restated a “neutral” rating on shares of International Paper in a research note on Saturday, April 22nd. Deutsche Bank AG raised their price objective on shares of International Paper from $50.00 to $54.00 and gave the stock a “hold” rating in a research note on Tuesday, April 25th. Finally, Barclays PLC raised their price objective on shares of International Paper from $45.00 to $48.00 and gave the stock an “underweight” rating in a research note on Monday, May 1st. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $57.89.
In other news, insider Gregory T. Wanta sold 1,044 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $55.22, for a total transaction of $57,649.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.64% of the stock is owned by company insiders.
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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