International Paper Co (IP) Stake Lifted by HL Financial Services LLC
HL Financial Services LLC lifted its position in shares of International Paper Co (NYSE:IP) by 19.4% during the 3rd quarter, Holdings Channel reports. The firm owned 37,750 shares of the basic materials company’s stock after purchasing an additional 6,136 shares during the quarter. HL Financial Services LLC’s holdings in International Paper were worth $1,855,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently added to or reduced their stakes in the company. Qube Research & Technologies Ltd bought a new stake in shares of International Paper during the 2nd quarter worth about $106,000. Squar Milner Financial Services LLC bought a new stake in shares of International Paper during the 2nd quarter worth about $125,000. Meeder Asset Management Inc. bought a new stake in shares of International Paper during the 3rd quarter worth about $133,000. Flagship Harbor Advisors LLC bought a new stake in shares of International Paper during the 2nd quarter worth about $139,000. Finally, Diamant Asset Management Inc. bought a new stake in shares of International Paper during the 3rd quarter worth about $140,000. Institutional investors own 82.24% of the company’s stock.
In other International Paper news, insider Timothy S. Nicholls sold 17,000 shares of the business’s stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $52.53, for a total value of $893,010.00. Following the completion of the sale, the insider now owns 108,538 shares of the company’s stock, valued at approximately $5,701,501.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John V. Sims sold 4,725 shares of the business’s stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $54.35, for a total transaction of $256,803.75. The disclosure for this sale can be found here. Insiders sold a total of 31,725 shares of company stock valued at $1,691,814 in the last three months. Insiders own 0.32% of the company’s stock.
International Paper (NYSE:IP) last posted its quarterly earnings data on Thursday, October 25th. The basic materials company reported $1.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.47 by $0.09. The firm had revenue of $5.90 billion during the quarter, compared to the consensus estimate of $5.90 billion. International Paper had a net margin of 13.68% and a return on equity of 29.75%. On average, research analysts forecast that International Paper Co will post 5.31 EPS for the current fiscal year.
International Paper announced that its Board of Directors has authorized a share buyback program on Tuesday, October 9th that permits the company to buyback $430.00 million in shares. This buyback authorization permits the basic materials company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Thursday, November 15th will be issued a $0.50 dividend. The ex-dividend date is Wednesday, November 14th. This represents a $2.00 dividend on an annualized basis and a yield of 4.33%. This is an increase from International Paper’s previous quarterly dividend of $0.48. International Paper’s payout ratio is currently 54.44%.
IP has been the subject of several research analyst reports. Citigroup reaffirmed a “buy” rating and set a $65.00 target price (down previously from $71.00) on shares of International Paper in a report on Monday, July 23rd. Royal Bank of Canada reaffirmed a “buy” rating and set a $55.00 target price on shares of International Paper in a report on Tuesday, October 23rd. Zacks Investment Research raised shares of International Paper from a “hold” rating to a “buy” rating and set a $59.00 target price for the company in a report on Wednesday, August 1st. Argus reduced their target price on shares of International Paper from $70.00 to $55.00 and set a “buy” rating for the company in a report on Monday, October 29th. Finally, Stephens set a $57.00 target price on shares of International Paper and gave the stock a “hold” rating in a report on Tuesday, September 11th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. International Paper has an average rating of “Hold” and an average price target of $58.64.
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International Paper Profile
International Paper Company operates as a paper and packaging company primarily in North America, Europe, Latin America, North Africa, India, and Russia. It operates through three segments: Industrial Packaging, Global Cellulose Fibers, and Printing Papers. The Industrial Packaging segment manufactures containerboards, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.
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