Arizona State Retirement System Has $7.53 Million Position in International Paper Company (NYSE:IP)
Arizona State Retirement System cut its stake in shares of International Paper Company (NYSE:IP) by 1.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 132,950 shares of the basic materials company’s stock after selling 1,400 shares during the period. Arizona State Retirement System’s holdings in International Paper were worth $7,526,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. increased its stake in shares of International Paper by 2.2% in the first quarter. JPMorgan Chase & Co. now owns 438,814 shares of the basic materials company’s stock valued at $22,282,000 after buying an additional 9,553 shares during the last quarter. Macquarie Group Ltd. increased its stake in International Paper by 1,220.4% in the fourth quarter. Macquarie Group Ltd. now owns 136,003 shares of the basic materials company’s stock worth $7,216,000 after buying an additional 125,703 shares in the last quarter. Private Trust Co. NA increased its stake in International Paper by 10.4% in the second quarter. Private Trust Co. NA now owns 5,245 shares of the basic materials company’s stock worth $296,000 after buying an additional 492 shares in the last quarter. Sound Shore Management Inc. CT increased its stake in International Paper by 16.5% in the first quarter. Sound Shore Management Inc. CT now owns 3,370,525 shares of the basic materials company’s stock worth $171,155,000 after buying an additional 477,084 shares in the last quarter. Finally, City Holding Co. increased its stake in International Paper by 2.5% in the second quarter. City Holding Co. now owns 4,100 shares of the basic materials company’s stock worth $232,000 after buying an additional 100 shares in the last quarter. 83.04% of the stock is currently owned by institutional investors and hedge funds.
International Paper Company (NYSE:IP) opened at 52.59 on Friday. The firm’s 50-day moving average is $56.00 and its 200-day moving average is $53.67. The firm has a market cap of $21.72 billion, a PE ratio of 26.71 and a beta of 1.46. International Paper Company has a 12 month low of $43.55 and a 12 month high of $58.95.
International Paper (NYSE:IP) last announced its earnings results on Thursday, July 27th. The basic materials company reported $0.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.01. The firm had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.72 billion. International Paper had a net margin of 3.73% and a return on equity of 27.09%. International Paper’s revenue was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.92 EPS. Equities analysts expect that International Paper Company will post $3.47 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 15th will be given a dividend of $0.4625 per share. The ex-dividend date is Friday, August 11th. This represents a $1.85 annualized dividend and a dividend yield of 3.52%. International Paper’s dividend payout ratio (DPR) is 93.91%.
A number of analysts recently commented on IP shares. Jefferies Group LLC reissued a “buy” rating and set a $65.00 price objective (up previously from $63.00) on shares of International Paper in a report on Saturday, April 29th. Goldman Sachs Group, Inc. (The) raised shares of International Paper from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $60.00 to $64.00 in a report on Thursday, July 13th. Zacks Investment Research raised shares of International Paper from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a report on Tuesday, July 11th. BidaskClub raised shares of International Paper from a “hold” rating to a “buy” rating in a report on Friday, June 16th. Finally, Vertical Research reissued a “buy” rating on shares of International Paper in a report on Friday, July 28th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $57.89.
In other news, insider Gregory T. Wanta sold 1,044 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $55.22, for a total transaction of $57,649.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.64% of the company’s stock.
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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