Biltmore Wealth Management LLC acquired a new position in shares of International Paper Company (NYSE:IP) during the second quarter, Holdings Channel reports. The firm acquired 8,266 shares of the basic materials company’s stock, valued at approximately $468,000. International Paper makes up about 0.5% of Biltmore Wealth Management LLC’s investment portfolio, making the stock its 25th largest position.

Several other hedge funds and other institutional investors also recently bought and sold shares of IP. James Investment Research Inc. raised its position in International Paper by 11.5% in the first quarter. James Investment Research Inc. now owns 245,411 shares of the basic materials company’s stock worth $12,462,000 after buying an additional 25,264 shares in the last quarter. State of Alaska Department of Revenue raised its position in International Paper by 22.2% in the first quarter. State of Alaska Department of Revenue now owns 40,570 shares of the basic materials company’s stock worth $2,059,000 after buying an additional 7,380 shares in the last quarter. Commonwealth Financial Services LLC raised its position in International Paper by 2.4% in the first quarter. Commonwealth Financial Services LLC now owns 7,966 shares of the basic materials company’s stock worth $403,000 after buying an additional 187 shares in the last quarter. Bollard Group LLC raised its position in International Paper by 0.9% in the first quarter. Bollard Group LLC now owns 9,861 shares of the basic materials company’s stock worth $501,000 after buying an additional 88 shares in the last quarter. Finally, DnB Asset Management AS raised its position in International Paper by 19.0% in the first quarter. DnB Asset Management AS now owns 43,197 shares of the basic materials company’s stock worth $2,194,000 after buying an additional 6,900 shares in the last quarter. Institutional investors and hedge funds own 83.04% of the company’s stock.

International Paper Company (IP) opened at 52.21 on Friday. The company has a market cap of $21.56 billion, a P/E ratio of 26.52 and a beta of 1.46. International Paper Company has a one year low of $43.55 and a one year high of $58.95. The company has a 50-day moving average of $56.11 and a 200 day moving average of $53.69.

International Paper (NYSE:IP) last posted its 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. The company had revenue of $5.77 billion during the quarter, compared to analysts’ expectations of $5.72 billion. International Paper had a net margin of 3.73% and a return on equity of 27.09%. International Paper’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.92 EPS. Equities research analysts predict that International Paper Company will post $3.47 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 15th will be paid a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date is Friday, August 11th. International Paper’s dividend payout ratio is presently 93.91%.

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Several research analysts have issued reports on the stock. ValuEngine lowered shares of International Paper from a “buy” rating to a “hold” rating in a research report on Monday, July 17th. Zacks Investment Research lowered shares of International Paper from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. Jefferies Group LLC restated a “buy” rating and issued a $66.00 price target (up previously from $65.00) on shares of International Paper in a research report on Friday, July 14th. KeyCorp restated a “hold” rating on shares of International Paper in a research report on Thursday, July 27th. Finally, Vertical Research restated a “buy” rating on shares of International Paper in a research report on Friday, July 28th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. International Paper currently has a consensus rating of “Hold” and an average price target 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. 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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Institutional Ownership by Quarter for International Paper (NYSE:IP)

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