3,925 Shares in International Paper Company (IP) Acquired by Wealthsource Partners LLC
Wealthsource Partners LLC bought a new position in International Paper Company (NYSE:IP) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 3,925 shares of the basic materials company’s stock, valued at approximately $222,000.
Several other institutional investors have also recently modified their holdings of IP. BlackRock Inc. grew its holdings in shares of International Paper by 3,397.1% in the first quarter. BlackRock Inc. now owns 37,182,708 shares of the basic materials company’s stock worth $1,888,138,000 after purchasing an additional 36,119,474 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of International Paper by 29.5% in the first quarter. Wellington Management Group LLP now owns 36,352,239 shares of the basic materials company’s stock worth $1,845,965,000 after purchasing an additional 8,273,552 shares during the last quarter. Iridian Asset Management LLC CT grew its holdings in shares of International Paper by 42.6% in the second quarter. Iridian Asset Management LLC CT now owns 5,342,050 shares of the basic materials company’s stock worth $302,413,000 after purchasing an additional 1,596,230 shares during the last quarter. Miller Howard Investments Inc. NY bought a new position in shares of International Paper in the second quarter worth approximately $82,229,000. Finally, Point72 Asset Management L.P. bought a new position in shares of International Paper in the first quarter worth approximately $63,845,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.
Several brokerages have recently issued reports on IP. ValuEngine cut shares of International Paper from a “buy” rating to a “hold” rating in a report on Monday, July 17th. Zacks Investment Research cut shares of International Paper from a “buy” rating to a “hold” rating in a report on Friday, July 14th. Jefferies Group LLC restated a “buy” rating and issued a $66.00 target price (up previously from $65.00) on shares of International Paper in a report on Friday, July 14th. Vertical Research restated a “buy” rating on shares of International Paper in a report on Friday, July 28th. Finally, KeyCorp restated a “hold” rating on shares of International Paper in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $60.27.
In other news, insider Gregory T. Wanta sold 1,044 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $55.22, for a total transaction of $57,649.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.63% of the stock is currently owned by corporate insiders.
Shares of International Paper Company (NYSE:IP) traded up 0.38% during trading on Friday, reaching $57.45. The company’s stock had a trading volume of 1,307,947 shares. International Paper Company has a one year low of $43.55 and a one year high of $58.95. The stock has a market cap of $23.72 billion, a price-to-earnings ratio of 29.18 and a beta of 1.46. The company has a 50-day moving average price of $56.23 and a 200-day moving average price of $54.59.
International Paper (NYSE:IP) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. International Paper had a return on equity of 27.09% and a net margin of 3.73%. The business had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.72 billion. During the same quarter in the prior year, the company earned $0.92 EPS. The business’s revenue was up 8.5% compared to the same quarter last year. On average, equities research analysts forecast that International Paper Company will post $3.46 earnings per share for the current fiscal year.
The company 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 is an increase from International Paper’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.31%. International Paper’s dividend payout ratio is presently 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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