Richard Bernstein Advisors LLC Holds Position in International Paper Company (IP)
Richard Bernstein Advisors LLC continued to hold its stake in shares of International Paper Company (NYSE:IP) during the second quarter, according to its most recent filing with the SEC. The fund owned 57,409 shares of the basic materials company’s stock at the end of the second quarter. Richard Bernstein Advisors LLC’s holdings in International Paper were worth $3,250,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of IP. DnB Asset Management AS raised its stake in 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 valued at $2,194,000 after buying an additional 6,900 shares during the last quarter. Commonwealth Financial Services LLC raised its stake in 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 valued at $403,000 after buying an additional 187 shares during the last quarter. State of Alaska Department of Revenue raised its stake in 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 valued at $2,059,000 after buying an additional 7,380 shares during the last quarter. James Investment Research Inc. raised its stake in 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 valued at $12,462,000 after buying an additional 25,264 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. raised its stake in International Paper by 164.4% in the first quarter. Candriam Luxembourg S.C.A. now owns 147,808 shares of the basic materials company’s stock valued at $7,506,000 after buying an additional 91,909 shares during the last quarter. 83.68% of the stock is currently owned by institutional investors and hedge funds.
International Paper Company (NYSE:IP) opened at 54.29 on Monday. International Paper Company has a 12 month low of $43.55 and a 12 month high of $58.95. The company has a market cap of $22.42 billion, a P/E ratio of 27.57 and a beta of 1.46. The firm has a 50-day moving average price of $55.67 and a 200 day moving average price of $53.56.
International Paper (NYSE:IP) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.65 earnings per share for the quarter, beating 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 business had revenue of $5.77 billion during the quarter, compared to analysts’ expectations of $5.72 billion. During the same period in the previous year, the firm posted $0.92 earnings per share. The company’s revenue was up 8.5% on a year-over-year basis. Equities research analysts predict that International Paper Company will post $3.47 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 15th will be paid a $0.4625 dividend. The ex-dividend date of this dividend is Friday, August 11th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.41%. International Paper’s payout ratio is presently 93.91%.
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IP has been the topic of several recent research reports. Barclays PLC increased their price target on International Paper from $45.00 to $48.00 and gave the company an “underweight” rating in a report on Monday, May 1st. Deutsche Bank AG increased their price target on International Paper from $50.00 to $54.00 and gave the company a “hold” rating in a report on Tuesday, April 25th. Zacks Investment Research upgraded International Paper from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Tuesday, July 11th. Jefferies Group LLC restated a “buy” rating and set a $65.00 price target (up previously from $63.00) on shares of International Paper in a report on Saturday, April 29th. Finally, DA Davidson upgraded International Paper from a “neutral” rating to a “buy” rating and increased their price target for the company from $53.75 to $62.00 in a report on Monday, August 14th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $58.89.
In other news, insider Gregory T. Wanta sold 1,044 shares of International Paper stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $55.22, for a total value of $57,649.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.64% of the company’s stock.
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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