Westpac Banking Corp Increases Position in International Paper Co. (IP)
Westpac Banking Corp increased its position in shares of International Paper Co. (NYSE:IP) by 15.0% during the second quarter, Holdings Channel reports. The institutional investor owned 195,829 shares of the company’s stock after buying an additional 25,537 shares during the period. Westpac Banking Corp’s holdings in International Paper were worth $7,365,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Legal & General Group Plc raised its position in International Paper by 2.9% in the first quarter. Legal & General Group Plc now owns 1,974,481 shares of the company’s stock worth $81,027,000 after buying an additional 55,797 shares during the period. Loomis Sayles & Co. L P increased its stake in shares of International Paper by 68.6% in the first quarter. Loomis Sayles & Co. L P now owns 22,757 shares of the company’s stock worth $934,000 after buying an additional 9,263 shares in the last quarter. Williams Jones & Associates LLC purchased a new stake in shares of International Paper during the first quarter worth about $607,000. Geode Capital Management LLC increased its stake in shares of International Paper by 1.3% in the first quarter. Geode Capital Management LLC now owns 3,272,491 shares of the company’s stock worth $134,028,000 after buying an additional 42,981 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in shares of International Paper by 9.6% in the first quarter. Envestnet Asset Management Inc. now owns 305,613 shares of the company’s stock worth $12,542,000 after buying an additional 26,770 shares in the last quarter. 81.88% of the stock is currently owned by hedge funds and other institutional investors.
International Paper Co. (NYSE:IP) traded up 1.34% during midday trading on Monday, hitting $49.85. 274,747 shares of the stock traded hands. International Paper Co. has a one year low of $32.50 and a one year high of $49.85. The company has a market cap of $20.50 billion, a PE ratio of 27.00 and a beta of 1.59. The company’s 50-day moving average is $47.21 and its 200-day moving average is $43.13.
International Paper (NYSE:IP) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.08. The business had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.32 billion. International Paper had a net margin of 3.58% and a return on equity of 35.41%. The company’s quarterly revenue was down 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.97 earnings per share. Equities research analysts expect that International Paper Co. will post $3.50 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Monday, August 15th were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.58%. The ex-dividend date of this dividend was Thursday, August 11th. International Paper’s payout ratio is 94.12%.
IP has been the subject of a number of recent analyst reports. Wells Fargo & Co. restated a “buy” rating on shares of International Paper in a report on Monday, June 20th. Vetr downgraded shares of International Paper from a “strong-buy” rating to a “buy” rating and set a $46.81 price target for the company. in a report on Monday, June 20th. Zacks Investment Research upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a report on Tuesday, July 5th. Jefferies Group raised their price target on shares of International Paper from $47.00 to $49.00 and gave the stock a “hold” rating in a report on Friday, July 29th. Finally, Credit Suisse Group AG restated a “hold” rating and set a $47.00 price target on shares of International Paper in a report on Monday, August 1st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $46.14.
In related news, insider Thomas G. Kadien sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $47.86, for a total transaction of $478,600.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Carol L. Roberts sold 12,256 shares of the company’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $46.20, for a total transaction of $566,227.20. The disclosure for this sale can be found here. Corporate insiders own 0.64% of the company’s stock.
International Paper Company Profile
International Paper Company (International Paper) 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 operates in three segments: Industrial Packaging, Printing Papers and Consumer Packaging.
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