Veritable L.P. Boosts Position in International Paper Company (IP)
Veritable L.P. lifted its position in shares of International Paper Company (NYSE:IP) by 0.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,704 shares of the basic materials company’s stock after acquiring an additional 58 shares during the period. Veritable L.P.’s holdings in International Paper were worth $832,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. increased its position in International Paper by 4.4% in the second quarter. BlackRock Inc. now owns 38,831,623 shares of the basic materials company’s stock worth $2,198,257,000 after buying an additional 1,648,915 shares during the period. Wellington Management Group LLP increased its position in International Paper by 29.5% in the first quarter. Wellington Management Group LLP now owns 36,352,239 shares of the basic materials company’s stock worth $1,845,965,000 after buying an additional 8,273,552 shares during the period. Vanguard Group Inc. increased its position in International Paper by 0.6% in the second quarter. Vanguard Group Inc. now owns 29,065,508 shares of the basic materials company’s stock worth $1,645,398,000 after buying an additional 184,066 shares during the period. Bank of New York Mellon Corp increased its position in International Paper by 13.1% in the second quarter. Bank of New York Mellon Corp now owns 7,226,283 shares of the basic materials company’s stock worth $409,080,000 after buying an additional 836,888 shares during the period. Finally, Clearbridge Investments LLC increased its position in International Paper by 3.8% in the first quarter. Clearbridge Investments LLC now owns 6,372,069 shares of the basic materials company’s stock worth $323,574,000 after buying an additional 230,750 shares during the period. 83.07% of the stock is currently owned by institutional investors and hedge funds.
IP has been the topic of several analyst reports. Zacks Investment Research raised International Paper from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research report on Tuesday, July 11th. Vertical Research reaffirmed a “buy” rating on shares of International Paper in a research report on Friday, July 28th. KeyCorp reaffirmed a “hold” rating on shares of International Paper in a research report on Thursday, July 27th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $66.00 target price on shares of International Paper in a research report on Friday, August 18th. Finally, Goldman Sachs Group, Inc. (The) raised International Paper from a “neutral” rating to a “buy” rating and increased their target price for the stock from $60.00 to $64.00 in a research report on Thursday, July 13th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. International Paper currently has an average rating of “Hold” and an average target price of $60.07.
In other news, insider Gregory T. Wanta sold 1,044 shares of the business’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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.63% of the company’s stock.
International Paper Company (IP) opened at 56.82 on Friday. International Paper Company has a one year low of $43.55 and a one year high of $58.95. The stock’s 50 day moving average price is $54.48 and its 200-day moving average price is $53.84. The firm has a market capitalization of $23.46 billion, a price-to-earnings ratio of 28.86 and a beta of 1.46.
International Paper (NYSE:IP) last released its 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. The company had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.72 billion. International Paper had a return on equity of 27.09% and a net margin of 3.73%. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.92 earnings per share. On average, equities research analysts anticipate that International Paper Company will post $3.45 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Tuesday, August 15th were given a dividend of $0.4625 per share. The ex-dividend date was Friday, August 11th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.26%. International Paper’s payout ratio is currently 93.91%.
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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