International Paper Company (IP) Shares Bought by Zurich Insurance Group Ltd FI
Zurich Insurance Group Ltd FI increased its stake in shares of International Paper Company (NYSE:IP) by 148.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 71,827 shares of the basic materials company’s stock after acquiring an additional 42,889 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in International Paper were worth $4,066,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Oppenheimer & Co. Inc. increased its holdings in shares of International Paper by 21.7% during the second quarter. Oppenheimer & Co. Inc. now owns 51,063 shares of the basic materials company’s stock valued at $2,891,000 after acquiring an additional 9,093 shares in the last quarter. Burney Co. raised its position in shares of International Paper by 4.5% during the second quarter. Burney Co. now owns 101,543 shares of the basic materials company’s stock worth $5,654,000 after purchasing an additional 4,374 shares during the period. Homrich & Berg acquired a new position in shares of International Paper during the second quarter worth approximately $337,000. JPMorgan Chase & Co. raised its position in shares of International Paper by 2.2% during the first quarter. JPMorgan Chase & Co. now owns 438,814 shares of the basic materials company’s stock worth $22,282,000 after purchasing an additional 9,553 shares during the period. Finally, Private Trust Co. NA raised its position in shares of International Paper by 10.4% during the second quarter. Private Trust Co. NA now owns 5,245 shares of the basic materials company’s stock worth $296,000 after purchasing an additional 492 shares during the period. 83.07% of the stock is currently owned by institutional investors and hedge funds.
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 value of $57,649.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.63% of the stock is currently owned by company insiders.
Shares of International Paper Company (NYSE IP) traded down 0.5575% during midday trading on Tuesday, reaching $57.0601. 218,374 shares of the company’s stock were exchanged. International Paper Company has a 12-month low of $43.55 and a 12-month high of $58.95. The firm has a 50-day moving average of $55.24 and a 200-day moving average of $54.20. The stock has a market capitalization of $23.56 billion, a P/E ratio of 28.9792 and a beta of 1.46.
International Paper (NYSE:IP) last announced its quarterly earnings data 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 analyst estimates of $5.72 billion. International Paper had a net margin of 3.73% and a return on equity of 27.09%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.92 EPS. Analysts anticipate that International Paper Company will post $3.45 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Tuesday, August 15th were paid a dividend of $0.4625 per share. The ex-dividend date was Friday, August 11th. This represents a $1.85 annualized dividend and a yield of 3.22%. International Paper’s dividend payout ratio is 93.91%.
A number of equities analysts recently issued reports on the company. BidaskClub upgraded International Paper from a “hold” rating to a “buy” rating in a report on Friday, June 16th. DA Davidson upgraded shares of International Paper from a “neutral” rating to a “buy” rating and boosted their price target for the company from $53.75 to $62.00 in a research note on Monday, August 14th. Jefferies Group LLC restated a “buy” rating and set a $66.00 price target (up previously from $65.00) on shares of International Paper in a research note on Friday, July 14th. Goldman Sachs Group, Inc. (The) upgraded shares of International Paper from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $60.00 to $64.00 in a report on Thursday, July 13th. Finally, Zacks Investment Research upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a report on Tuesday, July 11th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, seven have assigned 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 $60.07.
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International Paper 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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