Hourglass Capital LLC Reduces Position in International Paper Company (IP)
Hourglass Capital LLC cut its position in shares of International Paper Company (NYSE:IP) by 9.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,025 shares of the basic materials company’s stock after selling 500 shares during the period. Hourglass Capital LLC’s holdings in International Paper were worth $284,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in IP. DnB Asset Management AS boosted its position in shares of International Paper by 19.0% in the first quarter. DnB Asset Management AS now owns 43,197 shares of the basic materials company’s stock worth $2,194,000 after buying an additional 6,900 shares during the period. Bollard Group LLC boosted its position in shares of International Paper by 0.9% in the first quarter. Bollard Group LLC now owns 9,861 shares of the basic materials company’s stock worth $501,000 after buying an additional 88 shares during the period. Commonwealth Financial Services LLC boosted its position in shares of International Paper by 2.4% in the first quarter. Commonwealth Financial Services LLC now owns 7,966 shares of the basic materials company’s stock worth $403,000 after buying an additional 187 shares during the period. State of Alaska Department of Revenue boosted its position in shares of International Paper by 22.2% in the first quarter. State of Alaska Department of Revenue now owns 40,570 shares of the basic materials company’s stock worth $2,059,000 after buying an additional 7,380 shares during the period. Finally, James Investment Research Inc. boosted its position in shares of International Paper by 11.5% in the first quarter. James Investment Research Inc. now owns 245,411 shares of the basic materials company’s stock worth $12,462,000 after buying an additional 25,264 shares during the period. Hedge funds and other institutional investors own 83.68% of the company’s stock.
Shares of International Paper Company (NYSE IP) traded up 0.65% during mid-day trading on Friday, hitting $54.29. 2,141,772 shares of the stock traded hands. The stock has a 50-day moving average of $55.67 and a 200 day moving average of $53.56. International Paper Company has a one year low of $43.55 and a one year high of $58.95. The stock has a market cap of $22.42 billion, a PE ratio of 27.57 and a beta of 1.46.
International Paper (NYSE:IP) last released its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. International Paper had a net margin of 3.73% and a return on equity of 27.09%. The business had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.72 billion. During the same quarter last year, the company earned $0.92 earnings per share. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. Equities analysts predict that International Paper Company will post $3.47 EPS for the current fiscal year.
The business also recently declared 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. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date is Friday, August 11th. International Paper’s payout ratio is currently 93.91%.
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A number of brokerages recently issued reports on IP. Citigroup Inc. reiterated a “neutral” rating on shares of International Paper in a research note on Saturday, April 22nd. Deutsche Bank AG lifted their price target 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. Jefferies Group LLC reiterated a “buy” rating and issued a $65.00 price target (up previously from $63.00) on shares of International Paper in a research note on Saturday, April 29th. Barclays PLC lifted their price target 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. Finally, BidaskClub upgraded shares of International Paper from a “hold” rating to a “buy” rating in a research note on Friday, June 16th. Three analysts have rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. International Paper has a consensus rating of “Hold” and an average target price of $58.14.
In related news, insider Gregory T. Wanta sold 1,044 shares of the firm’s stock in a transaction on 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 legal filing with the SEC, which can be accessed through the SEC website. 0.64% of the stock is currently owned by company insiders.
International Paper Company Profile
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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