Covenant Asset Management LLC grew its position in International Paper Company (NYSE:IP) by 43.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 5,545 shares of the basic materials company’s stock after purchasing an additional 1,670 shares during the quarter. Covenant Asset Management LLC’s holdings in International Paper were worth $321,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. FMR LLC lifted its stake in shares of International Paper by 9.9% during the 2nd quarter. FMR LLC now owns 359,574 shares of the basic materials company’s stock worth $20,356,000 after purchasing an additional 32,461 shares during the last quarter. Oppenheimer & Co. Inc. lifted its stake in shares of International Paper by 16.7% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 59,568 shares of the basic materials company’s stock worth $3,385,000 after purchasing an additional 8,505 shares during the last quarter. BlackRock Inc. lifted its stake in shares of International Paper by 4.4% during the 2nd quarter. BlackRock Inc. now owns 38,831,623 shares of the basic materials company’s stock worth $2,198,257,000 after purchasing an additional 1,648,915 shares during the last quarter. Fox Run Management L.L.C. lifted its stake in shares of International Paper by 22.1% during the 3rd quarter. Fox Run Management L.L.C. now owns 17,100 shares of the basic materials company’s stock worth $972,000 after purchasing an additional 3,100 shares during the last quarter. Finally, Mutual of America Capital Management LLC lifted its stake in shares of International Paper by 19.3% during the 3rd quarter. Mutual of America Capital Management LLC now owns 136,023 shares of the basic materials company’s stock worth $7,729,000 after purchasing an additional 22,029 shares during the last quarter. Institutional investors and hedge funds own 81.85% of the company’s stock.

A number of equities research analysts recently weighed in on the company. Stephens set a $66.00 price objective on International Paper and gave the stock a “hold” rating in a research note on Wednesday. Zacks Investment Research cut International Paper from a “hold” rating to a “sell” rating in a research note on Tuesday, September 26th. KeyCorp restated a “hold” rating on shares of International Paper in a research note on Tuesday, January 2nd. Barclays upped their price objective on International Paper from $50.00 to $52.00 and gave the stock an “underweight” rating in a research note on Monday, October 30th. Finally, BMO Capital Markets restated a “buy” rating and set a $62.00 price objective on shares of International Paper in a research note on Friday, November 24th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. International Paper has an average rating of “Hold” and an average target price of $63.25.

Shares of International Paper Company (NYSE:IP) traded up $0.61 during trading hours on Friday, reaching $62.23. The company had a trading volume of 1,238,500 shares, compared to its average volume of 2,216,038. International Paper Company has a 12 month low of $49.60 and a 12 month high of $62.44. The firm has a market cap of $25,640.00, a price-to-earnings ratio of 28.68, a P/E/G ratio of 1.45 and a beta of 1.47. The company has a quick ratio of 0.97, a current ratio of 1.48 and a debt-to-equity ratio of 2.31.

International Paper (NYSE:IP) last announced its earnings results on Wednesday, October 25th. The basic materials company reported $1.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.04 by $0.04. International Paper had a return on equity of 27.56% and a net margin of 4.00%. The company had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the company posted $0.91 EPS. The firm’s quarterly revenue was up 12.3% compared to the same quarter last year. equities analysts predict that International Paper Company will post 3.51 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 21st will be given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend is Tuesday, February 20th. International Paper’s dividend payout ratio is currently 87.56%.

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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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Institutional Ownership by Quarter for International Paper (NYSE:IP)

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