International Paper Company (IP) Position Boosted by United Bank VA
United Bank VA increased its position in shares of International Paper Company (NYSE:IP) by 6.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 75,702 shares of the basic materials company’s stock after purchasing an additional 4,511 shares during the period. International Paper makes up 4.2% of United Bank VA’s portfolio, making the stock its 6th largest holding. United Bank VA’s holdings in International Paper were worth $4,286,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Vantage Financial Partners Ltd. Inc. purchased a new position in shares of International Paper during the 2nd quarter worth about $424,000. IHT Wealth Management LLC boosted its stake in shares of International Paper by 26.8% during the 2nd quarter. IHT Wealth Management LLC now owns 1,310 shares of the basic materials company’s stock worth $650,000 after purchasing an additional 277 shares during the period. FNY Partners Fund LP boosted its stake in shares of International Paper by 166.7% during the 1st quarter. FNY Partners Fund LP now owns 2,000 shares of the basic materials company’s stock worth $101,000 after purchasing an additional 1,250 shares during the period. Quadrant Capital Group LLC boosted its stake in shares of International Paper by 2.4% during the 2nd quarter. Quadrant Capital Group LLC now owns 2,043 shares of the basic materials company’s stock worth $107,000 after purchasing an additional 47 shares during the period. Finally, Ffcm LLC boosted its stake in shares of International Paper by 148.0% during the 2nd quarter. Ffcm LLC now owns 2,081 shares of the basic materials company’s stock worth $119,000 after purchasing an additional 1,242 shares during the period. 83.00% of the stock is owned by hedge funds and other institutional investors.
IP has been the subject of a number of recent analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and set a $66.00 price target on shares of International Paper in a research note on Friday, August 18th. BMO Capital Markets reiterated a “buy” rating on shares of International Paper in a report on Thursday, August 17th. DA Davidson upgraded shares of International Paper from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $53.75 to $62.00 in a report on Monday, August 14th. Goldman Sachs Group, Inc. (The) upgraded shares of International Paper from a “neutral” rating to a “buy” rating and lifted their price objective for the company 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 for the company in a report on Tuesday, July 11th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $60.27.
In other news, insider Gregory T. Wanta sold 1,044 shares of the stock in a transaction dated Tuesday, August 1st. The shares were 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 is available at this link. 0.63% of the stock is currently owned by corporate insiders.
International Paper Company (NYSE:IP) traded down 0.10% during midday trading on Monday, hitting $57.39. 422,635 shares of the stock traded hands. International Paper Company has a 12-month low of $43.55 and a 12-month high of $58.95. The firm has a market cap of $23.70 billion, a P/E ratio of 29.15 and a beta of 1.46. The company’s 50-day moving average is $56.23 and its 200 day moving average is $54.61.
International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.65 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.01. The business had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.72 billion. International Paper had a net margin of 3.73% and a return on equity of 27.09%. The business’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.92 earnings per share. On average, analysts anticipate that International Paper Company will post $3.46 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th will be given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend is Tuesday, November 14th. This is a boost from International Paper’s previous quarterly dividend of $0.46. International Paper’s dividend 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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