International Paper Co (IP) Position Trimmed by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its holdings in shares of International Paper Co (NYSE:IP) by 21.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 198,451 shares of the basic materials company’s stock after selling 54,077 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in International Paper were worth $9,754,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of IP. Acadian Asset Management LLC acquired a new position in shares of International Paper during the second quarter worth $238,000. Eqis Capital Management Inc. acquired a new position in shares of International Paper during the second quarter worth $428,000. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of International Paper by 6.4% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 131,834 shares of the basic materials company’s stock worth $6,866,000 after purchasing an additional 7,977 shares during the period. First Trust Advisors LP lifted its holdings in shares of International Paper by 130.8% during the second quarter. First Trust Advisors LP now owns 640,036 shares of the basic materials company’s stock worth $33,333,000 after purchasing an additional 362,690 shares during the period. Finally, Kornitzer Capital Management Inc. KS acquired a new position in shares of International Paper during the second quarter worth $2,714,000. Hedge funds and other institutional investors own 81.00% of the company’s stock.
In other International Paper news, insider Jeanmichel Ribieras sold 10,000 shares of International Paper stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $54.20, for a total value of $542,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John V. Sims sold 4,725 shares of International Paper stock in a transaction on 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. 0.32% of the stock is owned by insiders.
International Paper (NYSE:IP) last released its earnings results on Thursday, October 25th. The basic materials company reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.09. The business had revenue of $5.90 billion for the quarter, compared to analyst estimates of $5.90 billion. International Paper had a net margin of 13.68% and a return on equity of 29.75%. Equities analysts anticipate that International Paper Co will post 5.31 earnings per share for the current fiscal year.
International Paper announced that its board has authorized a stock repurchase plan on Tuesday, October 9th that authorizes the company to repurchase $430.00 million in shares. This repurchase authorization authorizes the basic materials company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Thursday, November 15th will be issued a $0.50 dividend. This is a positive change from International Paper’s previous quarterly dividend of $0.48. The ex-dividend date is Wednesday, November 14th. This represents a $2.00 annualized dividend and a yield of 4.43%. International Paper’s payout ratio is presently 57.31%.
IP has been the topic of a number of recent research reports. Stephens set a $57.00 price target on shares of International Paper and gave the stock a “hold” rating in a report on Tuesday, September 11th. Zacks Investment Research lowered shares of International Paper from a “buy” rating to a “hold” rating in a report on Friday, September 21st. ValuEngine lowered shares of International Paper from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 3rd. BMO Capital Markets lowered shares of International Paper from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $66.00 to $51.00 in a report on Tuesday, October 9th. Finally, Goldman Sachs Group lowered shares of International Paper from a “buy” rating to a “neutral” rating and set a $53.00 price target on the stock. in a report on Wednesday, October 10th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $58.21.
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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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